A unit of City Developments Ltd has acquired Thailand Shareholder Investments for US$157.6 million (S$202.9 million). Vinemont Investments, an indirectly owned unit of City Developments, bought the company from Real Estate Capital Asia Partners, the Dow Jones news agency reported. Thailand Shareholder Investments has shopping mall interests in retail and hotel properties in Bangkok and Phuket island in...
Developer News
The head of CapitaLand Group says second-tier cities in China hold a great deal of potential for property development. Chief executive Liew Mun Leong told Channel NewsAsia he is on the lookout for value properties in China to grow the Singapore-based company, despite Chinese government measures to cool investment. He pointed to a 30 percent growth last year in tenant sales in second-tier Chinese cities...
A consortium led by CapitaLand is pumping in 21 billion yuan (S$4.3 billion) into developing a prime site in Chongqing, China. It has signed a cooperation agreement with the Chongqing government. Under the deal, the CapitaLand-led consortium will develop the site in the heart of Chongqing's Yuzhong District into a landmark mixed development. The development, located on a prime site in Chaotianmen, will...
As 2012’s first tender for a 99-year leasehold private condo site (at Mount Vernon Road) under the Government Land Sales (GLS) Programme closes today, the cautious bidding seen for Punggol Place, 2011’s last state tender, is expected to continue, according to a Business Times report. Although the Punggol tender drew 13 bids, major property developers were mostly absent. The top bid of about S$354 psf...
CDL China Ltd, a wholly-owned subsidiary and the China division of Singapore's City Developments Limited (CDL), has acquired its third site in the past 13 months. The land is located in the southwestern city of Chongqing and has a gross floor area of approximately 1.2 million square feet. CDL said it is zoned for residential and commercial purposes. The company plans to build 900 residential units and a...
Property developers are likely to offer incentives to draw in buyers and boost sales amid tighter regulations by the Government and a slowdown in the economy, according to analysts. Singapore imposed unexpectedly last week a second round of cooling measures this year, a move described by analysts as harsh. The most recent measures impose an additional stamp duty on property purchases by foreigners and on...
Amid the sluggish outlook for industrial metals, at least one producer is hedging its bets. Straits Trading - whose tin producing unit contributes 85 percent of its revenue - has been diversifying into property and hospitality services. Executive Chairman Chew Gek Khim spoke exclusively to Channel NewsAsia. By 2015, Chew Gek Khim hopes Straits Trading will be Asia's answer to Berkshire Hathaway, the...
Sun Hung Kai Properties forecast that sales for the next fiscal year will hit HK$32 billion (S$5.3 billion), an executive from the company said Thursday. Hong Kong's largest developer by market capitalisation predicted that sales in the city alone would hit HK$26.8 billion next fiscal year, which runs through June 2012. The company also called for a revision of Hong Kong's special stamp duty, imposed a...
The Real Estate Developers Association of Singapore (REDAS) has expressed its disappointment over the lack of consultation, following the government's announcement of the latest property cooling measures. It said the measures came as a surprise, as the current market outlook is uncertain. REDAS said the good take-up rate in the primary market is driven by the increased number of new launches and unique...
A property consortium led by CapitaLand, CapitaMalls Asia and Temasek unit Singbridge Holdings has won the tender for a mixed development site in Chongqing, China. CapitaLand said it hopes to develop the property like ION Orchard, Raffles City or Clarke Quay. The Chao Tian Men site will be developed into a shopping mall and will also have eight towers. The towers will have a hotel, residential units,...