Attractive profit from sale of Millennium Seoul Hilton SINGAPORE’S Hong Leong Group is selling the Millennium Seoul Hilton to Korean property developer Kangho AMC for nearly $700 million, reaping an attractive profit of about $465 million in the process. :The 685-room hotel is in one of Seoul’s choicest districts. Hong Leong’s hotel arm, Millennium and Copthorne (M&C), bought it for the...
Developer News
Foreign developers are upbeat about Singapore's property market, and despite signs of a slowdown, they see opportunities for growth. Although the government may be releasing fewer sites for sale under the Confirmed List, one of the largest property developers in Hong Kong is viewing the latest government land sales list with great interest. Cheung Kong Holdings is interested in the white site at Jurong...
Frasers Centrepoint Trust has put in the top bid of nearly S$88 million for a residential site at Woodleigh Close. The price works out to S$270 per square foot per plot ratio. The next highest bid came from Hoi Hup Realty at about S$83 million. The lowest bid of S$74 million was put in by Sim Lian Land. The Urban Redevelopment Authority received six bids in total when the tender closed on Tuesday. The...
CapitaLand and CITIC Trust, China's largest trust company, have launched the first renminbi-denominated real estate private equity fund in China. The 500 million renminbi fund will invest in business parks in China. It will be jointly managed by CITIC Trust and CapitaLand. CapitaLand has 50 per cent sponsor stake, while local Chinese investors - comprising corporate investors and high net worth...
Keppel Land has bought a 10 hectare site in Shenyang's Shenbei New District for about S$31 million. This parcel is located next to another site which Keppel bought in August 2007. The combined area of some 34 hectares will house an integrated township development, with a mix of mid- and high-rise apartment blocks. The new township is surrounded by residential, commercial, high technology industrial...
JTC will conduct a strategic review exercise in light of challenges from an increasingly globalised economic environment. According to JTC’s Chairman, Cedric Foo, this involves looking into maximising Singapore’s land use and boosting the industrial property market. JTC will also continue to undertake large-scale projects essential to Singapore’s growth. The theme at JTC’s 40th anniversary...
Only two bids were received in the tender for a residential site at Simei Road, which is being launched under HDB's Design, Build and Sell Scheme. Property developer Sim Lian Land put in the top bid of S$52 million. The price works out to S$1,472 per square metre of gross floor area. AMK Development put in the lower bid of S$37.2 million or S$1,055 per square metre of gross floor area. The parcel spans...
Niche property developer Soilbuild Group has won the tender to build, own and operate a stack-up factory in the Tuas area. The award for the 5-hectare site at Tanjong Kling Industrial Estate was given out by JTC Corporation. This is the first time that a stack-up factory development has been awarded to a private developer. JTC said Soilbuild clinched the contract because its concept included enhanced...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...
The Urban Redevelopment Authority (URA) has closed the tender for a 53,200-square metre residential site at Choa Chu Kang Drive. The highest offer for the site was for S$116 million, which translates to S$203 per square foot. The offer was submitted by Tian Hock Properties. Li Hiaw Ho, executive director of CBRE Research said given the top bid of S$203 per square foot and an estimated breakeven cost of...