Property developer GuocoLand Ltd said it currently has no plans to launch a real estate investment trust (REIT). GuocoLand, led by Malaysian tycoon Quek Leng Chan, made the statement in response to an article in the Business Times newspaper which said the developer was planning to start two REITs that would hold assets of between S$6 billion and S$8 billion in Singapore, China, Malaysia and Vietnam. The...
Developer News
CapitaLand said that its China unit sold, over the Christmas weekend, more than half of the units in a high-end residential project recently launched for sale in Beijing. A tower comprising of 220 units at the Beaufort condominium was released for sale on Christmas day. "To date, about 60 per cent of the units have been sold," CapitaLand, which counts on China for about a fifth of its sales, said in a...
UOL Group (UOL), the property firm controlled by United Overseas Bank chairman Wee Cho Yaw, has raised further its interest in United Industrial Corp (UIC). On Friday, wholly-owned subsidiary UOL Equity Investments bought 50,000 shares in UIC in the open market for S$2.40 each, raising UOL's interest in UIC to 42.024 per cent. The purchase comes two days after UOL boosted its stake in UIC to 42 per cent...
Property firm City Developments (CDL) says it is looking at up to seven property projects in China. And its wholly-owned Chinese subsidiary CDL China believes that these projects have a strong chance of coming to fruition. Analysts say that China's recent property cooling measures may actually lower the barrier for foreign developers to enter the market. Many are confident that China's property market...
The Chinese division of Singapore-listed City Developments Limited (CDL) has acquired its first development site in Chongqing, China, for 232 million yuan (about S$45 million). CDL China, which was formed in August this year, was awarded the residential site at a government land auction last Wednesday. CDL said the plot has a site area of more than 27,000 square metres, and is located on a historical...
Mainboard-listed Thakral Corporation has set a new strategy for its real estate business and said it will partner with developers as a financial investor. In a filing to the Singapore Exchange, the firm said that as a capital investor, it is looking to invest in affordable mid-sized residential developments located within inner cities in Australia and the Asia Pacific. Thakral said the new strategy will...
Integrated property developer Soilbuild has received approval from a majority of its shareholders for the firm to be taken private and be delisted from the Singapore Exchange. At the close of its exit offer on December 10, it received valid acceptances amounting to 523.2 million shares representing 99.43 per cent of all shares. As the offeror has received more than 90 per cent of acceptances from its...
Developers Sim Lian Land and Sim Lian Development have topped a tender for a 99-year-lease residential site at Punggol Central and Punggol Walk. The Urban Redevelopment Authority (URA) closed on Tuesday, the tender for the site, after receiving a total of seven bids.Sim Lian's bid translates to about S$406 per square foot. The next highest bid of S$361.7 million dollars came from Qingdao...
Keppel Land expects to book a larger profit of about S$394 million from its Marina Bay divestment, following a positive advance ruling from the tax authorities. In a filing on the Singapore Exchange, the developer said that the Inland Revenue Authority of Singapore has confirmed it would treat the divestment as capital gain, which is not taxable. This means that Keppel's profit from the divestment will...
Larger and more collective sales are in the pipeline as home owners attempt to cash in on the hot property market - but experts say the actual number of successful sales might disappoint. Hawaii Tower along Meyer Road along with former HUDC estate Pine Grove are among those in the latest batch to have secured the necessary 80 per cent approval from residents. Also more than 53 per cent support has been...