Keppel Land is set to redevelop Tower 2 of its Barclays House complex in Jakarta's central business district, the property giant announced yesterday. Indonesia's booming economy has led to increased demand for office space and Mr Ang Wee Gee, executive director and chief executive officer (international) of Keppel Land International Limited, said: "Our new office tower will meet the demand of tenants...
Developer News
Developers are widely expected to delay their new launches, now that buying sentiment is likely to be hit by the market-cooling measures. The Government announced new rules on Monday that strongly discouraged speculation on homes. Some analysts said that the changes could dent sales, especially for new launches in the mass-market segment. DMG and Partners property analyst Brandon Lee said the measures...
Property developer Roxy-Pacific said yesterday that its unit, Mequity, bought Toh Tuck Apartments in an en bloc deal for $33.9 million. The freehold site, located at Toh Tuck Road, is the first collective sale in District 21 - which comprises Upper Bukit Timah and Clementi - this year. The site has an area of 40,449 square feet, a plot ratio of 1.4 and can be built up to five storeys. A development...
Mainboard-listed United Industrial Corporation (UIC) plans to redevelop the UIC Building at 5 Shenton Way. The company has paid an estimated development charge of S$160.1 million to the Urban Redevelopment Authority for the proposed redevelopment. This is based on a 60 per cent residential and 40 per cent commercial mix with a gross floor area of 926,589 square feet (86,083 square metres). UIC said the...
Real estate developer GuocoLand said on Friday that it would launch a 1-for-3 rights issue to raise about $532.5 million to strengthen its capital base and fund expansion. The company will sell 296 million shares at $1.80 apiece, a discount of approximately 15.9 per cent from the shares' closing price of $2.14 on Thursday, the last trading day before the announcement. "The company is raising capital as...
Shares of residential property developer MCL Land jumped 25.6 per cent to close at $2.45 on Friday, a day after parent company Hongkong Land said it planned to delist the counter from the Singapore Exchange. Dealers said the rise in share price was expected as investors moved in to narrow the gap between its last traded price and the offer price of $2.45 by Hongkong Land to take the firm private. Around...
Property group GuocoLand said it has recorded profits of S$134.3 million for the full year ended June. This overturns a loss of S$70.2 million in the previous financial year. Meanwhile the company posted its group revenue of S$732.7 million for the same period. This is a 43 per cent increase on-year. The company said the increase was mainly due to recognition of profit from strong sales in...
Hongkong Land on Thursday said it wants to acquire all the remaining shares that it does not already own in MCL Land and delist it from the Singapore Exchange. The exit offer is at a total cost of S$205 million, or S$2.45 per share. HongKong Land currently owns 77.4 per cent of MCL Land through its subsidiary, HKL MCL. The company said it will fund the proposed acquisition from existing cash...
Property developer and builder Sim Lian Group has recorded a full-year profit before income tax of $129.4 million in FY2010, 141% higher than the $53.6 million recorded in FY2009. Revenue from property development division contributed $582.1 million to the group’s revenue in FY2010 compared to $394.9 million in FY2009, an increase of 47.4%. The increase in revenue from property development division was...
Developers wary of looming market uncertainties: Wing Tai boss DEVELOPERS are fast-tracking mass market properties in order to take profits sooner rather than later, a leading local developer said yesterday. These firms fear looming property market uncertainty, said Wing Tai Holdings chairman Cheng Wai Keung. With government cooling measures taking hold, developers believe it is better to take a bet on...