Singapore-based company Popular Holdings, through Popular Land Investment, has secured an en bloc sales deal to acquire Permai Court, a freehold residential site at Kampong Bahru, for approximately S$20.25 million. This works out to about S$982 psf ppr, taking into consideration an estimated S$2.5 million development charge (DC) and premiums for the adjoining site. Permai Court, which is the first...
Developer News
The head of CapitaLand's residential unit said government cooling measures will not slow underlying demand for residential property in Singapore. Wong Heang Fine, CEO of CapitaLand Residential Singapore, said prices are likely to keep rising this year, although the pace of increase may moderate. He said continuing low interest rates and high liquidity will support demand. Chong Lit Cheong, CEO of...
Singapore-listed property and lifestyle group Wing Tai Holdings reported yesterday a full-year net profit of S$314.2 million, up 95 per cent from a year earlier, largely due to fair value gains recognised on properties and higher contribution from associated and joint venture companies. The company recorded a S$74.6 million in fair value gains from investment properties in the fiscal year ended June,...
Private property developer Pontiac Land has returned with the launch of two new luxury developments in Singapore, according to reports. Ardmore Residence (former Pin Tjoe Court) located in Ardmore Park is designed by the Amsterdam-based UNStudio. The development will comprise 58 units with a built-up area of about 3,300 sq ft each.u Hana, the second Pontiac Land project, is located at the corner of...
The Urban Redevelopment Authority (URA) has awarded a site tender at Upper Serangoon Road / Pheng Geck Avenue to Clerodendrum Land, a subsidiary of Tuan Sing Holdings. The 99-year residential site went for S$185,168,000 on 15 August. The 8,663 square metre site has a maximum gross floor area of 30,323 square metres. The land parcel was launched for tender on 21 June and closed on 11 August. Source :...
CapitaLand has announced it has acquired an additional 50 per cent interest in Innov Tower, Shanghai, for approximately S$56 million. CapitaLand said it exercised its right of first refusal to acquire from CITIC Trust Co Ltd, its 50 per cent interest in Caike Property (Shanghai) Co Ltd in which CapitaLand has an existing 50 per cent interest. Innov Tower is the sole asset of Caike, a company incorporated...
CapitaLand has acquired a residential site in Hangzhou for S$213.27 million (RMB1,113.98 million) in government land tender. This translates to about S$2,662.35 per square metre per plot ratio. The 32,040-square-metre residential site is located in Hangzhou's Gongshu District and has an approved gross floor area of 80,105 square metres. CapitaLand said it plans to build an estimated 700 units of mid- to...
Property firm UOL Group has reported a 16 per cent increase in its net profit to $202 million for its second quarter ended June. This is on the back of strong revenue which jumped 40 per cent to $455.9 million from $326.7 million in the same period last year, the company's news release said. Property development, property investments and dividend contribution all registered good income and has helped...
Singapore property developer CapitaLand has increased its stake in Raffles City Shenzhen site by 14.7 per cent for S$99.3 million. The move is part of the firm's move to strengthen its presence in China, a stock exchange filing said. The deal was completed via a wholly-owned subsidiary, CapitaLand LF (Cayman) Holdings. The shares were purchased from CapitaLand AIF Limited and Gainfield Holdings, which...
Construction and property group Chip Eng Seng reported on Thursday a year-on-year decrease of 14.2 per cent in its net profit for its second quarter to S$17.7 million. This is down from S$20.7 million recorded during the same period last year. The group also registered a 31.1 per cent decline in its second quarter revenue to SS$86 million compared to S$125 million a year ago. Its property development...