The tenuous alliance between Indonesia's Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise (OUE) has come to an end - at a price of almost $1 billion. Yesterday, the Riadys' Lippo Group paid some $957 million to acquire all of Mr Krishnan's stake - and greater control - in the mainboard-listed property group. With the deal, Lippo's direct and indirect interests in OUE rose to...
Developer News
SINGAPORE Land group general manager Vito Koh Leong Huat will leave his post from end-May to pursue his personal interests. Mr Koh, who has been with SingLand for more than five years, is in charge of the group's residential business. His responsibilities include identifying business development and real estate opportunities, sourcing and securing residential sites in Singapore, overseeing the...
Lippo, through its investment unit, Golden Concord Asia, has raised its stake in Overseas Union Enterprise (OUE) in a deal worth S$957 million. The acquired stake was previously held by a Malaysian conglomerate with interests in telecommunications, media, power and gaming. Upon the completion of the transaction, Lippo will hold a 88.5 per cent stake in OUE. OUE is a property and hospitality player in...
THE on-again, off-again redevelopment of the prime Specialists' Shopping Centre and Hotel Phoenix site in Orchard Road is back on the agenda after a two-year break. OCBC Bank announced yesterday that it is in talks with construction and property group United Engineers Limited (UEL) to build a hotel and mall on the land. But the original player lined up for the project - the Straits Trading Company - is...
International property firm Lend Lease is hoping to expand its footprint in Asia. The company said its three-month old mall, 313@Somerset in Singapore, has done better than expected, and the firm is eyeing more investment opportunities in the city state over the next 12 months. 2010 started off on a high note for 313@Somerset, one of three new malls along Orchard Road. The other two malls are...
The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development. The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square...
CITY Developments (CDL) is aiming to start building its landmark $2.5 billion South Beach project in Beach Road next year, said its boss Kwek Leng Beng yesterday. Mr Kwek gave an update on the project - shelved in late 2008, owing to high construction costs, then slated for a start this year - as he unveiled a far- better-than-expected 77 per cent surge in fourth quarter net profits for CDL. He brushed...
Mainboard-listed Chinese property developer Yanlord Land has booked a 16 per cent drop in fourth quarter net profit to S$118.4 million. This came on the back of a 48 per cent fall in revenue to S$214 million. Yanlord said the decline in fourth quarter revenue was due to a decrease in gross floor area delivered. For all of 2009, net profit rose 44 per cent to S$325.3 million. Yanlord is proposing a...
Singapore's City Developments on Thursday said it expects to remain profitable this year, and does not expect to see much impact from recent government measures to cool the property market. The developer booked a 2 per cent increase in full-year earnings to S$593 million or US$420 million. That is its second highest on record. Revenue last year hit an all-time high of almost S$3.3 billion. The...
Mainboard-listed luxury resorts operator Banyan Tree is back in the black in the fourth quarter. Banyan Tree booked a net profit of S$2.97 million - a sharp reversal from the S$6.9 million loss in the same period a year ago. For the whole of 2009, net profit came in at S$3 million. This was a 57 per cent drop on-year. Banyan Tree said the fall was due to a strong first half in 2008. Its bottomline was...