China-based Debao Property Development has launched its initial public offering in hopes of raising about S$48 million. It is offering 138 million shares at S$0.43 each. Only 1.5 million shares have been set aside for the public, while the rest will be placed out. Debao said it plans to use the net proceeds to fund existing property development and buy new sites and investment properties. The offer...
Developer News
CAPITALAND president and CEO Liew Mun Leong's total remuneration last year was $5.8 million, down 22 per cent from $7.42 million in 2008. This was despite his bonus rising 29 per cent to $3.83 million from $2.98 million. This bonus is largely from an economic value added (EVA) incentive plan. EVA measures the net operating profit after tax less cost of capital employed. According to CapitaLand's 2009...
Mainboard-listed property investment firm Japan Land has issued a profit warning, saying that it expects to post a financial loss for the nine months ended February 28. The company is set to announce its third-quarter unaudited financial results on April 14. Japan Land said that the losses stem from the company not registering project arrangement fees and project management fees for the current financial...
Mapletree Investments has acquired an industrial property IXINAL Monzen-Nakacho Building in Tokyo from Itochu Corp, Japan. The property is a five-storey light industrial building that is home to a corporate headquarters, information systems development and operations cum data centre. Mapletree did not disclose the amount it paid for the building. Completed in September 2009, this freehold property is...
MR SIMON Cheong, president of the Real Estate Developers' Association of Singapore (Redas), raised government hackles this week when he questioned the need for government intervention to halt the rise of private home prices. He had asked if the state should be so concerned with the prices of private home prices, when the segment serves only 16.5 per cent of the population. The Government recently...
Hong Leong Group has inked a deal to sell Marina House at Shenton Way for $148 million, BT understands. The buyer is believed to be a group led by niche property developer and investor Melvin Poh. Members of his consortium are said to include Victor Soh of Fortune Development. Market watchers suggest that Mr Poh, who also led the purchase of three ageing CBD office blocks last year with an eye to...
The government yesterday defended its policy of managing price movements in the private housing market and also stood by its method of supplying developers with state land sites. It was responding to Wednesday's speech by the president of the Real Estate Developers' Association of Singapore (Redas), Simon Cheong, who said that the government should allow the private property market here to operate as a...
CLAIMS that the Government is partly to blame for Singapore's short supply of land and high property prices have been firmly rebutted by the Ministry of National Development (MND) yesterday. President of the Real Estate Developers' Association of Singapore (Redas), Mr Simon Cheong, questioned on Wednesday the need for government intervention to halt the rise of private home prices, adding that it should...
The Ministry of National Development (MND) has defended its Reserve Price system for state land tenders, and disagrees that it has constrained market forces in Singapore. It issued a statement to rebut what the Real Estate Developers' Association of Singapore (REDAS) President, Simon Cheong had said on Wednesday. Cheong cited two sites, Tampines and Ten Mile Junction, saying they were released for sale...
Engineering and real estate facilities management group TEE International is jointly developing a property at Cairnhill Circle. Working with its partners TG Development and TG Capital Management, TEE plans to build an upper-middle range residential condominium for sale. TG Capital Management will carry out developmental services for this site. TEE and TG have also agreed to become co-developers. TEE...