CapitaLand has said it will acquire enbloc property Marine Point for S$100.68 million. The latest acquisition brings CapitaLand's pipeline of homes in Singapore to 2,600 units altogether. Marine Point, located in the Marine Parade neighbourhood, will be acquired at S$1,056 per square foot per plot ratio. This is inclusive of a development charge of S$12.8 million, said CapitaLand in a...
Developer News
Keppel Land achieved a record net profit of S$1.05 billion last year, up 273 per cent from the previous year, despite lower turnover. The stellar performance was mainly due to the S$363.8 million gain from the sale of its one-third interest in Marina Bay Financial Centre Phase 1, as well as fair value gains on investment properties, the company said. Excluding fair value gain on investment properties or...
CapitaLand's Australian subsidiary, Australand, said its industrial and residential properties in Queensland have been affected by the floods. CapitaLand announced in a filing with the Singapore Exchange that the situation for its Australian assets remains uncertain as the clean-up continues, and the full impact is yet to be determined. Australand's industrial assets at 44 Cambridge Street and 99...
UOL Group has acquired Lion City Hotel, a freehold property at the junction of Tanjong Katong Road and Geylang Road, for S$313 million. The property, which has a site area of 147,910 square feet, is also near the existing Paya Lebar MRT interchange. UOL says that its wholly-owned subsidiaries UOL Residential Development and UOL Property Investments have successfully tendered for the site. The company...
Share prices of major developers like CapitaLand and City Developments took a beating on Friday, a day after the government announced a fourth set of measures within two years to cool the property market. City Developments share price dropped 4.6% to S$12.16 while that of CapitaLand lost 3.4% to S$3.71. The property-cooling measures, effective on Friday, include a sharp increase in the Seller's Stamp...
The outlook of developers for the real estate sector became rosier in the fourth quarter of 2010, with a large percentage of them expecting higher prices for new residential launches. Preliminary findings from the Real Estate Sentiment Index (RESI) showed an improved sentiment from Q3, when the industry was still dealing with the effects of the property cooling measures announced by the government on...
Oxley Holdings is set to unveil two new residential developments: Loft@Holland and Vibes@Kovan. Loft@Holland is a 42-unit apartment building located at 151 Holland Road. It consists of 37 one-bedroom units, with sizes ranging from 323 sq ft to 484 sq ft, and four units of two-bedroom penthouses, ranging from 980 sq ft to 1,141 sq ft. The development has a basement car park, swimming pool and a gym. Its...
Faber-Rhine Properties, a unit of property giant City Developments (CDL), has acquired the 50 per cent stake owned by its venture partner AIG Marina Investment in Glengary for about S$9 million. Glengary is the developer of "The Sail @ Marina Bay", which was successfully launched in 2004. CDL said that the consideration was arrived at on a willing-buyer willing-seller basis, and it was settled in cash...
CapitaLand said that it is set to develop its second Raffles City integrated development in Shanghai. It is the seventh Raffles City project in China. Raffles City Changning, as the development has been named, will be located in Shanghai's Changning District, near the Hongqiao Transportation Hub, according to the announcement. The integrated development will consist of a Grade A office tower and a...
Keppel Land has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province in China, for S$202 million. The lakefront residential development will be Keppel Land China's first property development in Nantong. Keppel plans to target the high income segment for the development, which will comprise about 1,000 homes. The first phase is expected to be launched in the first half of...