Two Singapore-listed developers are offering a buyback scheme for a new condominium project in Bangkok. Under the deal, buyers who are not satisfied with their units at The Surawong can sell them back to the developers at 95 per cent of the purchase price. Developers Tee International and Hup Soon Global are launching the project in Singapore on Friday. The Surawong comprises 52 freehold units, ranging...
Developer News
CapitaLand said its S$1.84 billion rights issue was 1.22 times oversubscribed. Southeast Asia's largest property developer first announced the fundraising exercise last month. It offered one rights share for every two existing shares at S$1.30 each. CapitaLand said its major shareholder Temasek Holdings took up its entire 40 per cent allotment of the rights shares. The rights shares are expected to be...
Mapletree Industrial Trust (MIT) is deferring cash distributions to investors for at least two years because of stricter covenants by banks. The trust revealed this on Friday in a bid to address tenants' demands for a reduction in rents. MIT said its interest costs have doubled to S$23 million with the current credit crunch. It revealed that its shareholders have provided an additional S$140 million in...
Property developer CapitaLand said its S$1.84 billion rights issue has been oversubscribed. It cited indicative figures available at the close of the offer on Thursday. CapitaLand said the final number is subject to validation of acceptances and excess applications received by the Central Depository and CapitaLand's share registrar. CapitaLand had offered one share for every two existing shares at S$1.30...
Despite the recent pickup in activity in the residential property market, developers may start offering even greater incentives to attract buyers. Analysts say it is still too early to say for sure that the market has hit bottom, and developers may have to do more if conditions weaken. A new project, Double Bay Residences, has been launched for sale, and like several recent offerings, the developer is...
Current situation provides company with cheaper way of exploiting synergies DID United Overseas Land (UOL) really "fail" in its attempt to take over United Industrial Corporation (UIC)? Most market observers suspect that UOL was never really that serious with its general offer to buy over shares it did not already own. Instead, they felt the offer was more of a technical one. After all, it was mandatory...
Some developers are getting so “kiasu” (afraid to lose out) that they are getting the original buyers of homes to indemnify them should a sub-purchaser fail to pay. However, the Controller of Housing has told at least one developer, Keppel Land, that this is wrong. The issue was raised when the buyer of an apartment at Park Infinia at Wee Nam Road, just off Keng Lee Road, tried to sell the unit bought...
The offer by United Overseas Land (UOL) for property group United Industrial Corporation (UIC) had lapsed. UIC shareholders refused to accept the S$1.20-per-share offer that was tabled by UOL. While it failed to achieve the required level of acceptances for an unconditional offer, UOL's direct and deemed interest in UIC had risen from about 30 per cent to 45 per cent, after purchases on the open...
Singapore homebuyers can expect more private residential properties to be launched in the coming months and at lower prices. Analysts said that's because developers are now torn between accepting either weaker profits or high costs of holding on to land. Brisk sales seen in recent property launches like the Caspian can be credited to lower prices being offered by developers. Units there were sold at...
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago. The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas. Some market watchers had been hoping for...