CapitaLand's Australian unit, AustraLand, has bought a 1.8 hectare fully serviced land parcel at the Northshore Hamilton site, fronting the Brisbane River in Queensland, Australia. The purchase price will be a combination of an upfront payment of US$11.1 million and a share of revenues through the life of the project. The acquisition price is conditional upon various approvals which are expected to be...
Developer News
SOILBUILD Group Holdings submitted the highest bid for an industrial site at Yishun Avenue 6 in a government tender, the Urban Redevelopment Authority (URA) said yesterday. There were five bids for the 1.43 hectare plot, which was offered for sale on a 60-year lease. Soilbuild's $29.29 million bid, which works out to $76 per square foot per plot ratio (psf ppr), was 4 per cent higher than the second...
THE sizzling property market is prompting even the developers themselves to snap up units in their new projects, especially high-end properties. Singapore Exchange filings show that at least four listed developers have sold units in their residential developments to relatives or 'interested parties'. An interested party can be a director, a chief executive, a controlling shareholder or one of their...
EL Development has inked a deal to buy the freehold Diamond Tower at Jalan Rajah in the Balestier area for $49.6 million through a collective sale. The price works out to a unit land price of about $652 per square foot of potential gross floor area inclusive of an estimated $300,000 development charge payable to the state. Diamond Tower has a land area of about 27,323 sq ft and is zoned for residential...
CULFORD Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million, said Credo Real Estate, which handled the sale. The amount falls along the higher end of the freehold property's asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950-$1,000 psf. Credo said that the site received four offers, all...
CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng received 'above $7.5 million and up to $7.75 million' for the financial year ended Dec 31, 2009, unchanged from FY2008. CDL posted a net profit of $593 million last year, up 2.1 per cent from the preceding year. In FY2007 - when CDL posted record net earnings of $725 million - Mr Kwek's remuneration was 'above $7.75 million and up to $8...
Fragrance Properties has bought the Culford Garden estate at Siglap for S$39 million in a collective sale. The price translates to a land rate of about S$574 per square foot per plot ratio at a Gross Plot Ratio of 1.54. The 24-unit Culford Garden has a land area of 44,094 square feet and is zoned for residential development with an allowable height of up to five stories. Each owner could get an average...
It plans to launch more waterfront homes in S'pore KEPPEL Land is upbeat about the prospects for residential property in Singapore and other key markets it operates in, it says in its latest annual report. In 2009, the developer sold 384 homes in Singapore and about 3,100 overseas. Keppel Land now intends to push out more waterfront homes in Singapore. After Caribbean at Keppel Bay and Reflections at...
DEVELOPERS have bid aggressively for a 60-year leasehold industrial site at Yishun Avenue 6 (Parcel 1). Seven parties had expressed interest by the time the tender closed yesterday. OKH Management put in a top bid of $27.2 million, or $71 per square foot per plot ratio (psf ppr). The is 2.4 times the trigger price of $11.5 million, or $30 psf ppr, that an unnamed developer had committed to pay in...
Developer OKH Management has placed the top bid of S$27.2 million for the industrial site at Yishun Avenue 6. This is slightly more than double the minimum bid of S$11.5 million committed by an unnamed developed on March 8 this year. The top bid of S$27.2 million translates to about S$71 per square foot per plot ratio. The breakeven cost for this development is estimated to be between S$250 per square...