The Real Estate Developers' Association of Singapore (REDAS) has underscored the importance of stable property prices for the country. REDAS President Simon Cheong, was giving a speech at his association's 51st anniversary dinner. He said along with other Asian economies, Singapore is resorting to tightening measures to deal with the threat of an overheating property sector. Prices will be impacted as...
Developer News
Southeast Asia's largest property developer CapitaLand said on Friday it had sold units at a property in downtown Singapore for a total of S$218 million. Its indirect subsidiary Adelphi Property Pte. Ltd has sold 86 office units and 77 retail units to Guthrie Pte. Ltd. and its joint venture partner Sun Venture Property Pte. Ltd. The property is a 999-year leasehold, 10-storey mixed-use building...
Overseas Union Enterprise (OUE) on Friday said its upcoming commercial project at 50 Collyer Quay has to date achieved close to 60 per cent occupancy. Some of its key tenants include Merrill Lynch International Bank, Allen & Overy LLP and Citrix Systems Singapore. The developer also said that it has decided to name the premium Grade A office tower located in the Marina Bay area as "OUE Bayfront". Its...
Land prices stabilising as they have reached their peak: Analysts The time is ripe for real estate developers to build up their land banks as land prices are stabilising, according to analysts. According to Nomura's latest Singapore property report, the recent tender for the 13,000-sq-m Upper Serangoon View site attracted "very tight" bids. The top bid, put in jointly by Frasers Centrepoint, Far East...
Property developer CapitaLand on Wednesday said it has entered into a joint venture with Mitsubishi Estate Asia and GIC Real Estate to invest in residential projects in Vietnam. CapitaLand will invest US$100 million for a 50 per cent stake. Each of the other two partners are investing US$50 million for a 25 per cent stake. The joint venture will use the committed capital for acquisitions and development...
Mainboard-listed Hongkong Land said its exit offer to shareholders of takeover target MCL Land is now 'unconditional'. This follows the passing of a resolution at MCL's extraordinary general meeting on Tuesday to approve the proposed voluntary delisting of MCL Land from the Singapore Exchange. For stockholders who have already accepted the exit offer of S$2.45 per stock unit, payment will be made by...
Jeweller and property developer Aspial said on Friday it was buying some properties in the vicinity of Lorong Chuan. Through its subsidiary, World Class Land, the firm is buying several plots, together with the premises at 101 and 103 Cardiff Grove for some S$31.63 million. The land was on Thursday offered for sale by tender. Aspial said it intended to develop a 180-unit condominium at the newly...
Singapore-listed developer GuocoLand has won the tender for a “white” site located above Tanjong Pagar MRT Station, offering the highest bid of $1.708 billion or $1,006 psf ppr among the six bidders. GuocoLand, owned by Malaysian tycoon Quek Leng Chan, plans to develop the tallest residences in Singapore, with up to 78 storeys, in a $3 billion mixed development project. The company is required to set...
Fragrance Properties, the property development unit of Fragrance Group, is acquiring a site at Upper Paya Lebar Road for S$28 million. Known as MK23 Lot 03331T, the site currently houses a block of old apartments. The freehold site is zoned for residential development. It has a total land area of 3,173.6 square metres and has a maximum gross plot ratio of 1.4. The land can yield a maximum permissable...
Now that the recent measures introduced by the Government to curb property speculation are finally beginning to bite, property developers here should start taking a more pro-active role in attracting foreign buyers. Sales of new residential developments appear to be slowing down, while response to government land sales are expected to be tepid. For instance, the highest price for a 220,000 sq ft site in...