Mainboard-listed property and hospitality player Overseas Union Enterprise has secured a S$425 million-term loan facility from OCBC bank. OUE, through its subsidiary Cove Development, will use the loan to finance the development and cost of construction of a property at Leonie Hill Road. In addition, OCBC has also made available to Cove an interest rate swap facility for a notional amount up to S$375...
Developer News
Mainboard-listed CentraLand, through its subsidiary Henan Hezhi Company, has entered into an agreement to acquire 80 per cent of Zhengzhou Longma. CentraLand paid 360 million yuan or about S$74 million for the stake. Zhengzhou Longma owns two parcels of land out of the four parcels that make up Tianrong Fashion City. CentraLand intends to redevelop Tianrong Fashion City and its surrounding land into a...
Mainboard-listed Fragrance Group has launched an integrated residential and commercial development along Changi Road. The development, called Suites & Icon @ Changi, is a freehold integrated five-storey building. The residential component of the development houses 44 units of apartments with sizes ranging from 409 to 1,152 square feet. The commercial component on the other hand, will comprise...
Singapore conglomerate Hong Leong Group has said the next part of its regional growth plans will involve budget hotel projects. It is looking to avoid the high costs of entry in saturated markets like Shanghai. However, Hong Leong said while it welcomes the cooling measures in China to avoid a bubble, their full effect on the market is yet to be seen. China's cities are expanding and pushing up land...
Yanlord Land Group and Ho Bee Investment have acquired six prime residential development sites for 504.6 million yuan or S$102.9 million in Hebei's Tangshan Nanhu Eco-City in China. This works out to an average purchase price of 1,302 yuan or S$265.6 per square metres. The purchase was made through their new joint venture company Yanlord Ho Bee Investments. In a statement, Yanlord Ho Bee said the sites...
Construction firm Chip Eng Seng said Wednesday that its wholly-owned subsidiary, CEL Development will set up a special purpose vehicle (SPV) to facilitate the development of an executive condominium (EC) in Punggol. This is in view of the fact that CEL and its partner, Choicehomes Investments, have emerged as the top bidder in a tender for the site. Both sides put in a joint bid of $223.74 million for...
The Urban Redevelopment Authority has awarded the tender for the residential site at Upper Serangoon Road and Pheng Geck Avenue to Qingdao Construction. The company submitted the highest bid of S$113.7 million, or about S$588 per square foot of gross floor area. The tender was launched in April this year and closed two weeks ago. A total of 15 bids was received for the site. Other developers who...
Mainboard-listed property and hotel company Overseas Union Enterprise has scrapped plans for a convertible bond issue, citing current market conditions. Last month, OUE had proposed to issue up to S$200 million dollars of notes due in 2015. The notes would have been convertible into new ordinary shares. In a stock exchange filing Tuesday, OUE said its controlling shareholder, Indonesia's Lippo Group,...
Pender Court, a 48-unit development at the foot of Mount Faber, has become the eighth successful en bloc sale in Singapore this year. The property was sold to Hoi Hup Realty for S$95 million. That translates to about $1,007 per square foot per plot ratio. Credo Real Estate launched a tender for the site that closed in May. The collective sale is subject to approval from the Strata Titles Board. With...
Early this week, a developer gave itself a pat on the back for delivering good returns on its maiden residential project. Considering that almost every established developer made record profits in their recent history, was it such an achievement? If ever there was a period which could be described as a golden era for developers, the years from 2007 to the present day - with the exception of 2008 - must be...