FOR the second year running, CapitaLand has paid a portion of staff bonuses in the form of shopping vouchers. About 700 managerial staff in Singapore will receive a total of $1 million worth of vouchers redeemable at CapitaMalls Asia (CMA) malls here. The value of the vouchers each staff member gets ranges from $750 to $10,000, depending on the size of the bonus. CapitaLand came up with this scheme last...
Developer News
THE property market may still be sizzling, but at least one property developer here is offering a carrot which has not been seen in more than a year to entice buyers and boost sales. The incentive - stamp duty absorption - is usually deployed by nervous developers during market downturns, but is now on offer at the 360-unit Concourse Skyline on Beach Road. The deal, which can save homebuyers about 3per...
Mainboard-listed books retailer Popular Holdings said on Friday that its third quarter profit rose by 47.5 per cent to S$7.85 million. The increase came on the back of a 6.6 per cent improvement in turnover to S$147.2 million and a 70 per cent fall in its other operating expenses. For the third quarter ended in January, Popular said the biggest contributor to its result was its property development...
Mainboard-listed property developer Keppel Land on Friday said it has terminated its Vietnamese joint venture agreements with An Phu Corporation. It said the contracts were terminated because conditions were not fulfilled, without elaborating. Under the agreements signed in 2007, Keppel Land was to have developed condominiums in Ho Chi Minh City with An Phu. Keppel Land said the termination of the...
LIPPO Group has positioned itself in a pretty sweet spot by buying out ex-partner Ananda Krishnan's stake in Overseas Union Enterprise (OUE), and upping its hold on the property company to 88.52 per cent. With the deal, it has just enough interest to effectively dictate OUE's direction - and also all the time it needs to decide whether to delist the latter, or turn it into a stockmarket darling. For now,...
Property developer CapitaLand said the present property boom in China cannot be labelled as a bubble. It is of the view that current market conditions are driven mainly by physical demand. While it notes there is some degree of speculative demand in the Tier 1 cities, CapitaLand said there is no subprime danger in China, unlike in the US. It added that it is comforting to note that the Chinese government...
CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area. The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf). The Vision comprises 281 apartments and 14...
Ties with Lippo had crumbled; TV issue may still go through Indonesian courts THE sale of a 44 per cent interest in Overseas Union Enterprise (OUE) for $957 million will bring closure to a five-year partnership between two South-east Asian tycoons that went sour. But it is unlikely to catalyse the resolution of any business differences that remain. On Tuesday, Indonesian James Riady's Lippo group doubled...
Group will continue to develop, manage prime landmark properties in region It will be business as usual for Overseas Union Enterprise (OUE), even as Indonesia's Lippo Group takes sole control of the property firm. 'There will be no change to OUE's strategy,' Lippo told BT yesterday. 'Leveraging on its hospitality experience, OUE will continue to develop and manage landmark properties in prime locations...
INDONESIA'S Lippo Group, controlled by the Riady family, is buying Malaysian tycoon Ananda Krishnan's key stake in Singapore-listed Overseas Union Enterprise (OUE) in a deal worth $957 million. Since 2006, the two parties have jointly controlled OUE, whose prized assets include the Mandarin Orchard hotel. However, Lippo and Mr Ananda are said to have suffered strained relations in recent times in various...