IT LOOKS like being a business for all seasons. The global economic and financial turmoil has yet to have a major impact on Frasers Hospitality, the serviced apartments arm of Frasers Centrepoint, itself the property division of mainboard listed Fraser & Neave. The firm is certainly playing in the big league; its newest property in China - Fraser Suites Top Glory in Pudong - was formally opened...
Developer News
YTL CORP, Malaysia's biggest builder, will spend $285 million for control of Macquarie Prime Real Estate Investment Trust (Reit), owner of stakes in two Singapore malls - Wisma Atria and Ngee Ann City. YTL, which is based in Kuala Lumpur, will buy 26 per cent of Macquarie Prime at 82 cents each from Macquarie Bank, it said yesterday in a statement. The company will also acquire 50 per cent of Prime Reit...
Malaysia's infrastructure developer YTL Corp is buying a 26 per cent stake in Singapore's Macquarie Prime REIT (MP REIT). It will also buy a 50 per cent stake in Prime REIT Management Holdings from Macquarie Bank. Prime REIT Management is the manager of Macquarie Prime REIT. The deals are worth a total of S$285 million. Under the agreement, YTL will buy over 247 million units of MP REIT at 82 cents...
CAPITALAND, Singapore's largest real-estate developer by assets, will hold back on investments until the global credit crisis shows signs of bottoming, said chief executive officer Liew Mun Leong. CapitaLand is evaluating opportunities to invest about $4 billion of cash and will wait for signs that the rout in financial markets is nearing an end, Mr Liew said. The developer has invested about half of the...
Keppel Land has turned in a 23.2 per cent drop in earnings for the first nine months of 2008. Net income came in at S$159 million. Revenue for the same period fell by almost 38 per cent on-year to S$645 million. Keppel Land said the global economic crisis has hurt residential sales in China, Vietnam, India and Indonesia in the third quarter of 2008. It also saw lower earnings from its property services...
CapitaLand residential projects in Bahrain and Abu Dhabi have attracted S$1 billion in sales since June 2008. The projects were taken up by a mix of individual and corporate parties. CapitaLand has two major projects in the Gulf Cooperation Council region – Rihan Heights, which is part of the landmark Arzanah integrated development in Abu Dhabi, and its first Raffles City integrated development in...
The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Kallang Road and Jellicoe Road to Citywide Land. The company submitted the sole bid for the site at S$51 million. The site has an area of 4,219.2 square metres and a maximum permissible gross floor area of 18,986 square metres. URA said the site is conveniently located at the fringe of the city and situated above...
The next six months look set to be bumpy for the private residential property sector, with market watchers predicting prices to head south by about 10 per cent. And real estate agents and developers are likely to get creative in driving sales and keeping costs down. Builder and developer United Engineers will focus on infrastructural projects elsewhere in the region, while the Singapore property market...
Sim Lian Land has been awarded the tender for an industrial site at Ubi Avenue 4. The company submitted a bid of S$26.3 million for the 60-year lease site. The site has an area of 11,491.5 square metres and a maximum permissible gross plot ratio of 2.5. It can be developed into a range of clean and light industrial uses. Source : Channel NewsAsia - 3 Oct...
Low costs and promising markets pave the way for expansion in Asia, Europe Property crisis or not, Frasers Hospitality is dead-set on rapid expansion, planning within the next 15 months to double the number of service apartments it owns and operates. The company, an offshoot of food and beverage mainboard-listed blue chip Fraser & Neave, is looking to set up its own procurement unit for central...