Singapore developer Capitaland plans to launch its first value housing project in China in the next few weeks. This will be the company's maiden foray into the middle-income mass housing market and it is expected to be the next driver of growth for the property firm in China. When CapitaLand China released its first high-end homes in Hangzhou for sale last month, some 100 units were snapped up in two...
Developer News
Property developers sentiment showed moderate improvement in the third quarter compared to the previous quarter. This is according to the REDAS-NUS Real Estate Sentiment Index (RESI) Survey for the third quarter of this year. The Composite Sentiment Index, the indicator for overall real estate market sentiment in Singapore, stood at 4.9 in Q3 compared to 4.7 in Q2. The current sentiment index stood at...
CapitaLand said yesterday its third-quarter net profit rose 85 per cent due to higher operating income and one-time gains from asset sales, mainly in its key Singapore and China markets. South-east Asia's largest property developer by market value also reiterated its confidence in those two countries, pledging new investments there while playing down the impact from slowing economic growth and recent...
Property group CapitaLand has set up a housing private equity fund that will invest in value housing developments in China. The company said in a statement that the CapitaLand China Value Housing Fund (CCVHF) was successfully closed at US$215 million (S$264 million). CapitaLand's wholly-owned unit, CapitaValue Homes, has a 58.6 per cent stake in the fund, totalling up to S$155 million. Meanwhile, other...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at New Upper Changi Road to Sherwood Development Pte Ltd, a unit of Keppel Land. The company submitted the highest bid in the tender at about S$434.5 million for the 3.18-hectare site. Experts said the breakeven cost is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be...
CapitaLand, through its subsidiary CapitaValue Homes Limited, has acquired its second residential site in Pudong, Shanghai for RMB166.29 million (approximately S$33.26 million). The 36,920 sq m land parcel will be developed into some 700 value homes and offer 15,000 sq m of commercial space. Located in the town of Wanxiang in Lingang New City, the site was purchased through a government tender by...
Singapore's Fraser and Neave has received an unsolicited cash offer from an unidentified party for its serviced-residence and hospitality business. The conglomerate said the S$1.4 billion (US$1.1 billion) offer is unrelated to any director or substantial shareholder of F&N. Last month, TCC Assets, which is linked to Thai Beverage, offered S$8.88 a share for the entire F&N business, valuing the...
Singapore's property giant CapitaLand Group has appointed a new president and chief executive officer (CEO). Mr Lim Ming Yan will take over from Mr Liew Mun Leong on 1 January 2013 and will also be appointed as director of CapitaLand. Mr Lim, 49, is currently CapitaLand's chief operating officer (COO), a position he has held since 6 May 2011. He is also the deputy chairman of CapitaLand China executive...
Property giant City Developments Limited (CDL) unveiled its new luxury hotel W Singapore - Sentosa Cove on Tuesday. Experts said the hotel, which claims to be Singapore's greenest new hotel, offers, will reinforce CDL's corporate sustainability efforts. The developer of W Singapore - Sentosa Cove said this is the first new hotel in Singapore to be awarded the Green Mark Platinum Award. The Platinum...
Singapore-listed property developer Overseas Union Enterprise (OUE) said it has been approached by some potential buyers for its Mandarin Orchard Singapore hotel and the adjoining Mandarin Gallery mall. In a filing on the Singapore Exchange on Wednesday, OUE said it has offered an unnamed potential buyer exclusivity to conduct preliminary due diligence on the two properties. The developer added that it...