SC Global Developments is acquiring a resort development site in Bali for US$32.5 million (S$40.69 million) via a wholly-owned subsidiary called Tanah Investments Pte Ltd (TIPL). TIPL will acquire shares in two companies, Lotusvale Ltd and Tannerson Ltd, to form an entity, PT Tanah Green Investments (PTTGI), which will undertake the acquisition of the site. SC Global said the price tag was based on a...
Developer News
Fragrance Group and World Class Land (WCL), the property development subsidiary of Aspial Corporation announced the incorporation of a special purpose company -- Bayfront Ventures -- on Tuesday. This is in conjunction with the proposed acquisition of Keypoint for S$360 million from British and Malayan Trustees, the trustee of Frasers Commercial Trust. Keypoint is a 25-storey commercial development...
The pace of China's economic growth has eased markedly but investment interest in the country, especially in second-tier cities such as Chengdu, by investors from Singapore appears to have waned little. Take Frasers Hospitality, the serviced apartment arm of conglomerate, Fraser & Neave, for instance. It is already looking for a second and perhaps even a third property following the official opening...
The Urban Redevelopment Authority (URA) has announced changes to the Housing Developers Rules (HDR) that will take effect from 18 May 2012. The changes will enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home. Among the changes, developers will have to provide more information on the housing project and property to a home-buyer...
Developers are rushing to launch new projects to take advantage of the strong demand seen in the primary home sales market, according to a report by The Business Times. “Developers know this trend cannot be sustained, especially when you have HDB launching (so many units),” said Ku Swee Yong, Chief Executive of International Property Advisor (IPA). In March alone, a slew of developments were...
With the prices of high-end properties moderating, some developers are looking to lease unsold units of new developments for better returns. Keppel Land said it will tap on the strong leasing demand for luxury water front residences and lease 154 units of its high-end condominium - Reflections at Keppel Bay. These will be set aside as corporate residences and rents will range between S$8,000 to S$9,000...
Even as property markets have cooled in China, Singapore property developer CapitaLand is forging ahead with its big ambitions there. Speaking on the sidelines of a talk organised by the NUS Business School on Thursday, CapitaLand's president and CEO, Liew Mun Leong, said China remains under-urbanised, and there are lots of opportunities to expand its residential and shopping malls there. China's booming...
A new study shows that about 30 per cent of HDB households in Punggol have a monthly income of S$9,000 or more. This is four percentage points higher than the national average compared with other HDB estates. And property developers believe this shows Punggol has potential for private residential development. Pasir Ris has the highest number with 35 per cent of HDB households with monthly incomes above...
Fragrance Group has announced that it is looking to spin off its hotel business with an eventual listing on the mainboard of the Singapore Exchange. In a statement on Thursday, the company said the time frame for the listing will depend on shareholders approval and prevailing market conditions. It added that in connection with the proposed listing, the Group has formed an investment holding company,...
Property company Orchard Parade Holdings Limited has announced the appointment of Lucas Chow as the chief executive officer and managing director with effect from March 15, 2012. The company also announced the appointment of Vincent Yik as chief financial officer. It said the newly created executive positions reflect the progression in the organisational development of Orchard Parade and its business...