MORE projects are expected to be put up for collective sale this year as the property market continues to hot up. This should bode well for developers keen to beef up their land banks, but they are not rushing into the en bloc market just yet, experts say. 'The problem in the en bloc market is the gap between what sellers want and what developers are prepared to pay,' said Ms Chua Chor Hoon, DTZ's head...
Developer News
FOUR property firms and an architect have joined hands to buy a prime office building in the Central Business District (CBD) and convert it into apartments. They paid $148 million for Marina House at 70 Shenton Way, according to a press release from one of the companies yesterday. Roxy-Pacific Holdings said it has formed a consortium with Macly Capital, Pinnacle Assets, Fission Holdings and architect...
UNITED Engineers (UE) has acquired an industrial property that it will use as its headquarters in Ang Mo Kio Street 64 for $25.18 million. It will be centralising most of its business operations - including its headquarters currently located in UE Square in the River Valley area - at the new property by the end of the year. The group will then rent out its prime headquarters space at UE Square, which...
ROXY-PACIFIC Holdings has taken a 20 per cent stake in the consortium started by Melvin Poh of Fission Group which recently signed a deal to buy Marina House at Shenton Way for $148 million. BT reported the sale of Marina House late last month. Besides Roxy-Pacific and Fission Holdings, the other three shareholders in the consortium are Macly Capital, Pinnacle Assets and Chee Hsian Sing. Mr Chee, an...
UNITED Engineers (UE) has bought two industrial buildings at Ang Mo Kio for about $25 million, as part of plans to grow its portfolio in build-to-suit properties. Motorola owned the two buildings - Motorola Innovation Centre and Motorola Excellence Centre. They will collectively be known as UE BizHub Central after the ownership change. The two complexes have a total gross floor area (GFA) of 378,426 sq...
Construction firm United Engineers has acquired an industrial property in Ang Mo Kio for about S$25 million. The property to be renamed UE BizHub Central comprises two buildings. It has a seven-storey and a four-storey building linked by a skybridge with a total gross floor area of about 378,000 square feet. United Engineers plans to further modernise and expand the property's gross floor area to up to...
Main-board listed Roxy-Pacific Holdings and its partners have acquired the Marina House at Shenton Way for S$148 million. The deal was done through its wholly-owned subsidiary RL Properties, which has formed a consortium with four other companies, with an equal shareholdings of 20 per cent each. They include Macly Capital, Pinnacle Assets, Fission Holdings and Mr Chee Hsian Sing. Marina House, owned by...
Many caught by surprise by strong home sales; trend likely to continue this year Major developers, caught by surprise by strong home sales in the past year, are now faced with fast depleting landbanks. Research compiled by property firm DTZ shows that out of 16 major developers in Singapore, half had less than 1,000 residential units left in their landbank as of end-February this year. Another five...
CIMB Bank Bhd, Singapore, has given a revolving credit facility to Mapletree India China Fund Ltd (MIC Fund) for up to US$100 million over a period of three years. The MIC Fund, which is a dual-country total return fund focusing on property development in China and India, is managed by Mapletree Investments Pte Ltd. 'We have witnessed our deposits base grow exponentially since the launch of our retail...
CAPITALAND president and chief executive Liew Mun Leong said at a forum yesterday that there is no widespread asset bubble in China, because outside certain major cities, people's mortgage payments have not become unaffordable relative to their incomes. Mr Liew told students at the National University of Singapore Business School that there are 'speculative forces' in major cities like Beijing, Shanghai,...