Move is milestone in S’pore’s push to develop alternative mode of investment City Developments (CDL) is raising $1 billion in Islamic debt through a pioneering notes programme as a means to diversify its sources of financing. This will be Singapore’s first Islamic Sukuk-Ijarah unsecured financing arrangement by a company, marking a milestone in the Republic’s push to develop Islamic finance as an...
Developer News
Frasers Centrepoint has completed its acquisition of an 18-per-cent stake in Allco Reit and all of Allco Singapore, which manages the property trust. Allco Reit will now be renamed Frasers Commercial Trust following the $180-million deal. Frasers Centrepoint has now dropped plans to list its own separate commercial property trust. Instead, it will offer its current portfolio of commercial assets, worth...
Upping the swank factor While almost everybody else in China was glued to news about the Olympics, Singapore-based Frasers Hospitality yesterday opened its swankiest digs to date in the country, the 357-unit Fraser Suites CBD in Beijing, which cost US$135 million ($190 million). Singapore President S R Nathan, in the Chinese capital at the invitation of that country’s government to watch the Games,...
Heeton Holdings on Friday said its net profit for the six months ended June 30 plummeted 94 per cent to S$4.2 million due in part to losses from associated companies and higher operating expenses. The company reported a 40 per cent improvement in revenues to S$27 million, which it attributed to higher turnover from its property development segment and the sales of residential projects. Despite the weaker...
Singapore developer CapitaLand is seeing strong response for its high-end luxury residential units at Raffles City Bahrain. When completed in 2010, the Raffles City Bahrain integrated development will include three residential towers, landscaped sky villas, and high-end retail outlets. CapitaLand said that about 80 per cent of the units in one of the residential towers have been booked within three weeks...
Luxury-end private residences in Singapore are facing price pressures, and one developer hopes to get around that by having a famous brand-name designer work on its project. Heeton Realty - a joint venture between Singapore developer Heeton Holdings and JP Morgan - is counting on the collaboration with a company co-founded by well-known French designer, Philippe Starck, to draw in the buyers. It is...
DESPITE its ups and downs, property appears to be the main investment path for those with surplus cash who want to diversify from their existing businesses. So it was with stockbrokers Han Seng Juan and David Loh Kim Kang when they founded Centurion Properties a couple of years ago. They’re the “David and Han Team” or “The Dream Team”, as they are popularly known in the stockbroking world, due...
Niche property developer Soilbuild has put in the top bid of over S$13.6 million for an industrial site at Woodlands Industrial Park. This works out to S$30 per square foot per plot ratio. The site has a 60-year lease and can potentially yield a gross floor area of about 452,000 square feet of factory space. Consultants Colliers International said the top bid is in line with price expectations for sites...
Pritzker Prize-winning architect to design new $3-billion development WHEN 31-year-old Farrer Court is demolished over the coming months, its replacement will be a “curvaceous” condominium that is set to dominate the skyline of District 10 and clock several firsts. Giving the media a sneak peek yesterday, a CapitaLand-led consortium gave hints of how it planned to transform the site of Singapore’s...
CapitaLand intends to build an estimated 1,500 mid to high-end homes in prime District 10 on a site that currently houses the Farrer Court estate. The developer and its partners bought the site off Farrer Road in a collective sale last June for some S$1.34 billion. Revealing plans for the project on Thursday, CapitaLand said the new development will have seven blocks of 36-storeys each, with mainly two,...