Developer News

CDL launches another attempt to buy Millennium & Copthorne Hotels for S$3.9b

Singapore-listed real estate firm City Developments Ltd (CDL) announced on Friday (Jun 7) another attempt to buy Britain's Millennium & Copthorne (M&C) Hotels, this time for £2.23 billion (S$3.9 billion). The offer represents a premium of about 37 per cent to M&C's closing price of 500 pence on Thursday. Currently, CDL owns approximately 65.2 per cent of M&C. This offer is final and will not be...

Liang Court deal shows quirk in CapLand strategy

Last Friday's completion of the acquisition of Liang Court mall along River Valley Road by CapitaLand and City Developments Ltd (CDL) brings together two property groups that have adopted somewhat different business strategies in the past. With their S$400 million purchase of the mall from an entity linked to PGIM Real Estate, control of the overall Liang Court mixed-development complex has narrowed...

Oxley inks deal to sell Chevron House for S$1.03b

Property developer Oxley Holdings announced on Tuesday morning that it has signed a deal to sell Chevron House for up to S$1.025 billion, just 16 months after acquiring the prime office building in Raffles Place for S$660 million in December 2017. Oxley said that on April 29, it entered into a sale and purchase agreement with Golden Compass (BVI) for the latter to buy the entire interest in its wholly...

CapitaLand sells self-storage business StorHub for S$179.5m

CapitaLand has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer. Of the total aggregate, S$167.5 million is in outstanding shareholder loans owed by the group of companies to StorHub Group Pte Ltd and has been assigned to the buyer, who will pay in stages. StorHub Group Pte Ltd will continue to be...

Kingsford Huray gets no-sale licence for Normanton Park project

Kingsford Huray Development has been hit with a no-sale licence for its project at the former Normanton Park site, prohibiting it from selling units before the Temporary Occupation Permit (TOP) is obtained. In June, Kingsford Huray was granted approval for a 1,882-unit project on the site, comprising 1,863 apartments and 19 strata terrace houses. But the Controller of Housing (COH) issued a no-sale...

50:50 cash and share mix for Ascendas-Singbridge most prudent: CapitaLand CEO

CapitaLand paying for Ascendas-Singbridge with a 50:50 mix of cash and shares avoids over-gearing the company or issuing stock at too steep of a discount, said CapitaLand's president and group CEO Lee Chee Koon. CapitaLand is buying Ascendas-Singbridge from Temasek Holdings in a deal worth S$11 billion, which includes debt owed by Ascendas-Singbridge and a S$6 billion consideration to parent company...

REDAS’ new chief calls on government to refine property curbs, engage more with stakeholders

The Real Estate Developers' Association of Singapore's (REDAS) new president Chia Ngiang Hong on Tuesday suggested ways property curbs on the private housing market could be more targeted, and called for more dialogue between the government and stakeholders in policymaking. Mr Chia, who is also the group general manager of City Developments Limited, was speaking at the industry association's spring...

Developers re-issuing options amid cooling market, launch bonanza

Developers reported that they sold 602 private housing units in December - but the figure has turned out to be distorted because options for two-thirds of them were not exercised by the expiry date. Lapsed options or "returned units" may be gaining pace following the July cooling measures and new launches begin to pile up, some market players say. Typically, the holder of an option-to-purchase (OTP)...

CapitaLand’s S$11b buy is big, but will it be beautiful?

It will be big, but would it be beautiful? CapitaLand's S$11 billion proposed acquisition of from Temasek Holdings will place it among the top 10 real estate investment managers globally. It would not just elevate its global profile significantly but also result in a sizeable expansion and diversification. Assets under management (AUM) will hit S$116 billion across more than 30 countries from the...

Tuan Sing divests units in Century Warehouse property

Tuan Sing Holdings announced on Monday that it has accepted a tender bid of S$48.5 million for all of its majority-owned Century Warehouse property. The property is an eight-storey freehold-industrial warehouse with a basement car park. It comprises 35 strata units with a total strata area of 56,539 square feet located in Pasir Panjang Road. Tuan Sing’s subsidiary, Asiaview Properties, owns 31 of...

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