The property arm of Keppel Group in China has secured a 7.2-hectare site in Shanghai's Jiading District for S$241 million to develop around 1,000 high-rise apartments. The acquisition of the site at Nanxiang Town marks Keppel Land China's fifth residential development in Shanghai, a news release said. The deal was completed through two subsidiaries of the Keppel Land Group, namely Merryfield Investment...
Developer News
While the West End has been the traditional haunt of luxury-residential developers in London, soaring property prices have pushed companies such as Singapore-based KOP Properties to look east for more lucrative opportunities. New development has been creeping along the Thames, towards the City, with large-scale residential and mixed-use projects like the Shard and NEO Bankside, bringing high-end space to...
The Urban Redevelopment Authority (URA) has accepted a joint tender for the Jurong Gateway site at a tender price of nearly S$969 million from CapitaMall Trust, CapitaMalls Asia and CapitaLand. The 99-year leasehold site is likely to be developed into a mixed retail and office space. It has a land area of approximately 18,159 square metres, with a maximum permissible total gross floor area of 88,980...
Southeast Asia's largest property developer CapitaLand has submitted the highest bid of S$968.99 million for a vast "white site" property in the Jurong Lake district. The Urban Redevelopment Authority (URA) closed the tender for the site, after receiving five bids in total. The top bid also translates to about S$1,012 per square foot per plot ratio. The next highest bid of S$917 million came from the...
Brookvale Investments has launched a friendly takeover of mainboard-listed Allgreen Properties by offering S$1.60 per share for the developer. The cash offer values Allgreen at S$2.54 billion, which is a premium of 39.1 per cent over the stock's closing price of S$1.15 on Friday. In a filing with the Singapore Exchange, Allgreen also said the offer price is about 20.3 per cent higher than the highest...
The Urban Redevelopment Authority (URA) is encouraging developers of shoebox units to increase the size of their units, up from 28 sq m to 35 sq m, according to a report in The Business Times. Many analysts said that promoting bigger shoebox units may likely help to cool the property market since the micro apartments have been blamed for fuelling increases in psf prices at property launches. A...
Aspial Corporation has submitted an offer through its subsidiary World Class Land to purchase Chong Kim Apartment at 8 Bassein Road for S$41.1 million. The apartment was offered for sale by tender on May 12. Aspial says the offer has been accepted. The freehold Chong Kim Apartment has a land area of 1,426.9 square metres and is zoned for residential use. It has a plot ratio of 2.8 and can be developed...
Roxy-Pacific Holdings is acquiring a strata-development site at 80 Changi Road for S$53.2 million. The freehold site has a land area of 2,455.7 square metres and will hold a proposed commercial development with a plot ratio of 3.0 The acquisition will be fully funded through Roxy-Pacific Holdings' internal funds and bank borrowings. It says the acquisition is not expected to have any material impact on...
Property company UOL Group says its first quarter net profit rose by 133 percent on-year to hit $230 million for the three months ended March 31st. Its revenue for the quarter increased by 103 percent to $725 million. UOL says its results for 2010 were restated due to the adoption of new accounting policies effective from 1 January this year. Excluding the effects of this adoption, attributable net...
The Urban Redevelopment Authority on Thursday awarded a residential site at the junction of Jalan Loyang Besar and Pasir Ris Drive 4 to MCL Land, which submitted the top bid of S$246.1 million at the close of tender on Tuesday. There were only three bids submitted, with observers saying this was because developers were concerned over potential competition from projects at nearby sites, including those at...