Mapletree Investments has acquired a major retail and commercial complex in Hong Kong for HK$18.8 billion or about S$2.9 billion. Mapletree, a wholly-owned property arm of investment company Temasek Holdings, said it is buying Festival Walk - located in Kowloon Tong on the Kowloon peninsula - from Swire Properties. Festival Walk has a seven-storey shopping mall and a Grade-A office tower with a gross...
Developer News
City Developments Limited China, a wholly-owned subsidiary of City Developments Limited has successfully acquired a 4.5-hectare site in Suzhou, China with a permissible gross floor area (GFA) of approximately 3.2 million square feet. CDL China will construct 750 high-end residential apartments, an office tower, a retail mall and a luxury hotel on the site located in the heart of Suzhou Industrial Park...
Renowned architect Moshe Safdie has been appointed by CapitaLand Residential Singapore as the lead designer for its condominium at Bishan Central. For the approximately 540-units development, Moshe Safdie has introduced a strong and distinctive stepping form that provides for private garden spaces for a large number of the units. There will be two 38-storey towers linked by three bridging "sky gardens",...
Singapore-listed Chinese property developer Pan Hong said yesterday the initial public offering (IPO) of its Jiangxi-based unit, Sino Harbour, in Hong Kong would raise HK$330 million (S$51.4 million), after the 300 million shares were priced at HK$1.10 each, the bottom end of the indicative range. Sino Harbour plans to fortify its position in various cities in China's Jiangxi province and expand the...
Slower home sales last quarter and a change in reporting standards have contributed to a 65 per cent plunge in Keppel Land's second quarter net profit. Its half year net profit also suffered, dropping 34 per cent to about S$133.8 million. Keppel Land's net profit for the second quarter ended June 30 was S$50.5 million. This is compared to S$143.8 million in the same year-ago period. Revenue for the...
Developer CapitaLand has announced that its wholly owned subsidiary, Ascott Investment Ltd, has sold Ascott Beijing to Splendid Wealth Group, a wholly-owned subsidiary of the Ascott Serviced Residence (China) Fund, for S$205.8 million. The property comprises 310 apartment units and is located within Beijing’s prime district. CapitaLand has a 36.1 percent stake in the fund, which is a private equity...
CapitaLand, the manager of a mixed-development project in the Ophir-Rochor area, is considering the possibility of purchasing some components of the project. “We are in the midst of discussing with both Khazanah and Temasek arising from this involvement by us what our take-away (can potentially be). Do we have the right to purchase some of the buildings, the call option for some of those things? It’s...
Far East Organization (FEO) will likely raise at least S$500 million through the listing of some of its hotel and serviced residence assets in a real estate investment trust (Reit) next year, according to sources with direct knowledge of the deal. Singapore’s Reit market has been attracting listings at a time when investors are looking for stable yields in the midst of market volatility and...
There is a possibility of a glut of new office space in the near future, and this will put pressure on rental reversion. However, this has not stopped Japan's Mitsubishi Estate Asia (MEA) from acquiring a 10 per cent stake in the redevelopment of Market Street Car Park. Together with CapitaLand and CapitaCommercial Trust (CCT), the Japanese real estate company will transform the car park into a Grade A...
Property group CapitaLand on Wednesday said that it has formed a subsidiary, Storhub Songjiang (Shanghai) Co., Ltd, incorporated in the People's Republic of China, as part of its ongoing business development. The principal activity of the subsidiary is property holding and its registered capital is about S$9.36 million. StorHub Songjiang (Shanghai) Co., is a wholly-owned subsidiary of StorHub Holding...