Keppel Land has bought a site in northeast China for S$180 million. The purchase was made through its wholly-owned subsidiary Da Di Investment. The 30-hectare site is in Shenyang - the capital city of Liaoning province. Keppel Land plans to build a township on the site, which will comprise about 6,000 homes and some commercial developments. The project will be targeted at the upper-middle market. The...
Developer News
Businessman Andy Ong was looking to buy a second home for investment along River Valley Road where he lives. The 45-year-old was excited when he saw that Adria condominium's showflat, which was within walking distance of his home, was ready for viewing. But he was in for a surprise. 'When I got there, I found out that the actual project site is in the Thomson Road area,' he says. 'Even though the...
Singapore property developer CapitaLand has set ambitious targets for its China operations, as it marks 15 years of doing business on the mainland. It wants to double the number of its shopping malls and housing developments in China in the next five years. It is also looking to expand its service apartments business. CapitaLand is celebrating 15 years in China with a bang. It said China will continue to...
Property developer and construction firm Low Keng Huat on Friday said its third-quarter net profit rose 28 per cent on-year to S$16.6 million. Revenue for the three months ended October 31 almost quadrupled to S$205 million, thanks mainly to significant increases in its construction revenue. Its third-quarter construction revenue had jumped more than four-fold year-on-year, due to completions of two...
Mainboard-listed Soilbuild Group has been appointed by Kolette, a subsidiary of CSC Holdings, to manage and market a S$51.7-million business space development project in Tuas. The development will consist of 70 single, double and three-storey high terrace factory units, ranging from 3,000 to 6,000 square feet each. Under the agreement with Kolette, Soilbuild will receive a portion of these units for...
Mapletree Investments has signed a Memorandum of Understanding (MOU) on a joint venture with Japan's ITOCHU Corporation to undertake "Build-to-Suit" development projects for logistics tenants in Japan. The companies agreed to extend their collaboration on investment and development of logistics, retail, industrial and commercial real estate projects in Japan, Singapore and the rest of Asia. The extension...
Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year. The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio. CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the...
Mainboard-listed property investment firm, Japan Land, said on Thursday that it remains committed to observing the requirements of the listing manual of the Singapore Exchange. The firm gave the assurance following news that one of its independent directors, lawyer and MP for Tampines GRC Sin Boon Ann resigned from the board. Mr Sin had quit as he was not satisfied with the firm’s control of its...
Singapore's CapitaLand will raise US$1.8 billion ($2.47 billion) through the IPO of its shopping malls unit, playing it safe on the pricing after some Asian IPOs faltered recently due to valuation concerns. CapitaMalls Asia's IPO has been priced at $2.12 a share, according to an issue prospectus, below the midpoint of an indicative range of $1.98-$2.39 a share. The conservative pricing is aimed at...
CapitaLand raised $2.47 billion selling shares in its CapitaMalls Asia unit in Singapore’s biggest initial public offering in at least a decade, said a person familiar with the matter. Southeast Asia’s largest real estate developer sold 1.165 billion shares in CapitaMalls at $2.12 each, the person said, asking not to be identified before a company announcement. The shares were previously offered at...