PROPERTY developer Roxy-Pacific Holdings has agreed to acquire five adjoining two-storey shophouses on Upper Bukit Timah Road for S$17 million in total, it said in a Singapore Exchange filing on Tuesday. It said the shophouses made up a freehold residential site with an estimated total land area of 10,256 square feet and an existing plot ratio of 2.5 under Singapore's 2014 land use master plan. The...
Developer News
CAPITALAND on Monday said it has sold its 100 per cent stake in Nassim Hill Realty (NHR) to an unrelated private company, Kheng Leong, for S$411.6 million. Included in the sale are also 45 unsold units in The Nassim, a luxury freehold boutique condominium project in Nassim Hill which has sold only 10 units since 2015. CapitaLand said it is doing this to avoid paying extension charges which would kick...
IN a property market where heavyweights such as CapitaLand and City Developments are in the limelight, a relatively small company like Chip Eng Seng Corporation appears to have escaped the attention of most analysts. Although earnings in recent years have varied - from as low as S$57.2 million in 2015 to as high as S$280.7 million in 2014 - the group has been quietly putting its chess pieces in play and...
Despite seeing a challenging outlook ahead for the private residential market, many developers are still keen to replenish their land bank, albeit in a selective fashion. Sim Lian Group, which sold the most number of residential units among developers this year, is actively looking at both the government land sales (GLS) programme and enbloc properties to replenish its land bank, its executive director...
OXLEY Holdings will invest A$32 million (S$33 million) for a 40 per cent stake in an Australian property and construction company. Announcing this in a filing to Singapore Exchange before market opened on Tuesday, the mainboard-listed real estate developer said it intends to purchase a 40 per cent stake in Pindan Group, a four-decade-old privately owned property and construction company based in Western...
CAPITALAND will open eight malls in Asia in 2017 with almost one million square metres of gross floor area, the property developer announced on Thursday. Through wholly-owned CapitaLand Mall Asia, CapitaLand will open six malls in China, one in Malaysia and one in India. The first mall will open in the second quarter of 2017, and the last one in the fourth quarter. "As at Sept 30, 2016, 76 per cent...
REAL estate developer Wheelock Properties posted a net profit of S$28.3 million for its third quarter ended Sept 30, 2016, up one and a half times from S$11.3 million a year ago. Revenue was up 82 per cent to S$152.6 million. Higher revenue was due to sales in Ardmore Three and The Panorama. This was partially offset by lower unit sales in Scotts Square and lower dividend and interest income from the...
THE Straits Trading Company swung back into the black with a third-quarter net profit of S$16.8 million, compared with a loss of S$7 million in the previous year, the group said in a Singapore Exchange filing on Friday. Revenue for the three months ended Sept 30, 2016, fell 18 per cent to S$113.4 million from the preceding year. Earnings per share were 4.1 Singapore cents, a reversal from a loss per...
MALAYSIAN plantation and real-estate tycoon Lee Shin Cheng has surprised the market with a bullish top bid of nearly S$2.57 billion or S$1,689 per square foot per plot ratio (psf ppr) for a white site in Central Boulevard. The bid from IOI Properties Group is the highest in absolute dollar quantum as well as by psf ppr for a Government Land Sale (GLS) site in Singapore. The tender drew seven bids. IOI's...
GUOCOLAND, controlled by Malaysian tycoon Quek Leng Chan, recently completed Guoco Tower - the office component of its integrated mixed-development project, Tanjong Pagar Centre, on a 99-year leasehold site above Tanjong Pagar MRT Station. The mainboard-listed property group has announced that 80 per cent of the 890,000 sq ft net lettable area of office space has been committed, that is either leased or...