FAR East Organization has signed a deal to buy 31 Parbury Avenue off Upper East Coast Road for $55 million - a price that works out to $898 per sq ft of land area. A two-storey bungalow stands on the sprawling 61,240 sq ft freehold site, which can be redeveloped into eight luxury bungalows or a strata landed-housing scheme comprising either 14 bungalows or 28 semi-detached houses or 37 terrace houses,...
Developer News
Freehold residential property Cavenagh Mansions has been sold to SDB Asia for S$42.4 million. Property consultancy Knight Frank said this translates to a land price of S$1,025 per square foot per plot ratio on the potential saleable area of 41,608 square feet. SDB Asia is a wholly-owned subsidiary of Selangor Dredging Berhad (SDB). SDB is a property development and management group listed on the main...
CapitaLand's Australian unit, Australand, said on Thursday that it has established a 1.3 billion Australian dollar unsecured debt facility. This replaces existing secured facilities totalling A$1.15 billion. The new facility comprises three tranches: A$325 million expiring in June 2012, A$650 million expiring in June 2013 and A$325 million expiring in June 2014. Australand said the new facility reduces...
Mainboard-listed BBR Holdings plans to acquire a plot of freehold land at Simon Lane, near Serangoon Gardens, for S$86 million. BBR said it aims to develop a low-rise condominium project on the over 9,000 square metre site which currently houses Goodrich Park Condominium. Under the URA 2008 Master Plan, the site is zoned for residential development with an allowable height of up to 5 storeys and a Gross...
CapitaLand's wholly-owned serviced residence business unit, The Ascott, has secured contracts to manage two more serviced residence properties in Xi'an and Shenzhen, China. This follows Ascott's recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April. The latest additions - Somerset Gaoxin, Xi'an and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013...
Developer CapitaLand said on Monday that Mr Wong Heang Fine has assumed the chief executive officer position at CapitaLand Residential Singapore. Mr Wong's appointment follows the departure of Ms Patricia Chia, who is leaving the company to spend time with her family. In a statement, CapitaLand said Mr Wong will concurrently continue in his present role of developing CapitaLand's business in the Gulf...
Market players believe more home hunters and investors are going up-market. To tap opportunities in this segment, developer Far East Organization has launched a series of luxurious apartments under a brand called Inessence. Industry figures show that some 240 ultra high-end homes were sold in the first half of this year, and observers said there is more upside ahead. Living it up at Boulevard Vue will...
The Urban Redevelopment Authority (URA) has awarded the tender for the white site at Jurong Gateway Road to Lend Lease Retail Investments 3 and Lend Lease Commercial Investments. The company submitted the highest bid of S$748.9 million for the site. The site can be developed for commercial, residential or hotel use. It has a site area of 19,124.5 square metres, and a maximum gross floor area of 107,098...
Conglomerate Fraser and Neave says its Frasers Hospitality unit has established a significant presence in Malaysia, with the grand opening of its maiden property, Fraser Place Kuala Lumpur yesterday. The project is the first of two serviced residences to open in the heart of the city. Fraser Place Kuala Lumpur is located in the prestigious 'Golden Triangle' and within walking distance of the iconic...
Mainboard-listed conglomerate Fraser and Neave says one of its units has bought a piece of land in Sydney for S$97.8 million. The wholly-owned subsidiary, Frasers Centrepoint, acquired a 13.7 hectare site from the Royal Rehabilitation Centre Sydney. Besides building a 2.3-hectare open space for community use, the approved Concept Plan for the site allows for the development of homes. Almost 800...