CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million. It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties. CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405...
Developer News
A joint venture comprising Heeton Holdings, KSH Holdings and Zap Piling has acquired a site at Whitley Road for S$31 million. The 21,900 square feet site is zoned for two-storey mixed landed residential units. The District 11 site - which is freehold - is currently occupied by a single-storey bungalow and leased out to a kindergarten. According to a statement released by the group, the site has the...
Keppel Land is expanding its commercial property business in Indonesia with a new office tower in Jakarta. After more than 20 years in Jakarta, Keppel Land has broke ground for a new office tower right next to its 18 storey development - The International Financial Centre. International Financial Centre was completed in 1985. The new International Financial Centre Tower 2 will feature green features....
CapitaLand President and Chief Executive Officer Liew Mun Leong will retire in a year's time when he turns 67, South-east Asia's biggest listed developer said yesterday. Mr Liew became chief executive of CapitaLand in 2000 after the company was created through the merger of Government-owned Pidemco Land and DBS Land. CapitaLand said a board succession committee would review the internal and external...
Singapore-listed Orchard Parade Holdings Limited (OPHL), the hotel and property arm of Far East Organization (FEO), is seeking shareholders' approval to divest three hospitality assets into a real estate investment trust (REIT) to be listed on the SGX. In a statement, OPHL said this is part of a corporate restructuring exercise to allow the company explore opportunities in the hospitality management and...
Property developer Far East Organization sold 2,200 new homes in Singapore during the first five months of the year. This includes suburban projects such as The Hillier in the northwest and Watertown in the northeast. According to a media report, projects by Far East helped lead the rebound in home sales this year, with Watertown in Punggol accounting for over 50 percent of the 1,872 units sold in...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Boon Lay Way (Jurong Gateway) to MCL Land Limited. MCL Land Limited submitted the highest bid in the tender for the site at S$369.388 million (S$7,589.64 per square meter of GFA). The next highest was by EL Development Pte Ltd at $369.1 million. The 11,588 m2 site was offered for sale on a 99-year lease. The...
Hongkong Land Holdings Limited today announced that its wholly-owned subsidiary, The Hongkong Land Company, Limited, has priced US$500 million of 10-year Notes that are to be issued through its wholly-owned subsidiary, The Hongkong Land Finance (Cayman Islands) Company Limited. The Hongkong and Shanghai Banking Corporation Limited, Mitsubishi UFJ Securities International plc and Standard Chartered Bank...
Martin No.38 - a warehouse themed development by SC Global Developments - was awarded both the prestigious ‘Building of the Year Award’ and the top Design Award within the residential category (apartments and condominiums) at the Singapore Institute of Architects (SIA) Architectural Design Awards 2012. The SIA ‘Building of the Year’ award is the highest accolade conferred by the Institute, awarded...
Property developer UOL Group has announced that revenue was 59 percent down at S$297.7 million in the first quarter ended 31 March 2012, attributed to a 75 percent revenue drop in its property development segment to S$153.2 million. Net attributable profit for the quarter also fell 63 percent to S$84 million, from S$230 million over the same period last year. This was mainly due to a 52 percent fall in...