The law which governs foreign ownership of landed residential property here will be amended to make it costlier for foreign developers to speculate. The Bill to amend the Residential Property Act (RPA) also aims to increase the penalties imposed on foreigners who flout the rules. The Act which was first introduced in 1973, mandates that 'foreign' housing developers (developers with overseas shareholders...
Developer News
Mr Ching Chiat Kwong, the man who made shoebox apartment living a new lifestyle, is now thinking big. The policeman turned entrepreneur is planning to build similar apartments abroad, especially in China and neighbouring countries like Vietnam. For Mr Ching, the developer of about a dozen projects with apartments as tiny as 258 sq ft at Suites@Guillemard, small is beautiful. But to go abroad he needs...
Keppel Land has acquired two prime residential sites in China for a total of S$376 million. The two sites are in Chengdu, Sichuan province, and were acquired through its wholly-owned subsidiary Keppel Land China. The first acquisition is a 5.1 hectare area located near Dongdajie, which is Chengdu's financial district. The other is for two separate sites with a combined land area of 25 hectares. This is...
Mainboard-listed developer Guocoland on Friday said its net profit rose 9 per cent on-year to S$13.4 million in the first quarter ended September 30. This is compared to S$12.4 million for the same period last year. Revenue for the three months ended September grew 15 per cent to S$109.9 million. This is largely due to progress in the construction of development projects such as Goodwood Residence,...
Keppel Land is collaborating with luxury Italian interior and furniture design company Saporiti Italia to furnish Reflections @ Keppel Bay, which is slated for completion in 2012. The premier waterfront residences development features 1,129 luxurious waterfront units along a 750m shoreline, all with prominent views of Mount Faber, a golf course, lush parks and the bay. Currently, 97 percent of the 800...
The once sleepy Tanjong Pagar district looks set for another boost that could turn the area into one of the most prized downtown residential districts. The Keppel group yesterday unveiled a billion-dollar asset reshuffle that will see it put up a massive residential development at its flagship buildings - Keppel Towers and GE Tower - in the heart of the area, whose skyline already boasts the Icon Loft...
Property developer Keppel Land plans to sell one-third stake of its Phase One of Marina Bay Financial Centre (MBFC) to K-REIT Asia for about S$1.4 billion. This is part of an asset swap agreement with K-REIT, a real estate investment trust. Under the deal, K-REIT will in turn sell Keppel Towers and GE Tower (KTGE) to Keppel Land for S$573 million. The one-third stake of Marina Bay Financial Centre Phase...
Mainboard-listed property investment firm Japan Land said on Tuesday that its first quarter net loss has widened. For the three months ended August, the firm lost S$4.6 million compared to a net loss of S$3.7 million in the same period last year. The loss came despite a 23.1 per cent increase in revenue over the period to S$1.3 million. The better revenue was due mainly to the provision of advisory and...
Alpha Investment Partners (AIP), the wholly-owned real-estate fund management arm of Keppel Land, has made a structured investment of US$210 million ($274.9 million) in Seoul Square, Korea, under its US$1.2 billion Macro Trends Fund (AAMTF). Located in the heart of the City Hall area, the 23-storey Seoul Square has a total rentable area of 1,429,509 sf of prime Grade A office space. The building has been...
Developer MCC Land is launching its first residential project, The Canopy Executive Condominium, at Yishun from October 9 to 13. The 99-year leasehold 406-unit project will offer a full range of condominium facilities. Sizes for the Executive Condominium range from about 872 square feet to 1,410 square feet for two to four bedrooms. The project will also have 22 penthouses sized between 2,088 and 2,239...