CapitaLand’s offer to buy the remaining shares of its 67-per-cent unit, The Ascott Group, at $1.73 apiece represents a decent exit price for minority owners of the luxury residences operator, according to CIMB, who said the price “is a fair valuation from a historical perspective, but attractive in the current environment of heightened risk aversion”. Stock markets worldwide have been rocked in...
Developer News
Boosted by sale of stake in One Raffles Quay, the firm posts a seven-fold surge in Q4 profits to $572 million Keppel Land kicked off the current quarterly earnings for the property sector on a positive note with a strong set of results, but analysts said the sharp gains may not be repeated in the current year as businesses could face weaker business conditions. The seven-fold surge in net profit to $572...
Tecity has raised its general offer for Straits Trading to S$6.50 a share following a counter bid from the Lee family. The revised offer values the company at S$2.1 billion. It is 14 per cent higher than Tecity's original offer price of S$5.70 and 31 per cent above the last traded price of Straits Trading before the general offer. The latest offer by Tecity, controlled by the family of the late Tan Chin...
Fraser and Neave (F&N) has sold a unit of its Soleil @ Sinaran residential development for $2.66 million to the relatives of its chairman Lee Hsien Yang (picture). Mrs Lim Chong Yah, who is Mr Lee's mother-in-law, and Ms Lin Xueling, his sister-in-law, bought the unit, located in the Novena area, during the public launch of the project, F&N said in a filing with the Singapore Exchange. The project...
Property developer Wing Tai has reported a 25 percent rise in half-time earnings to S$105 million. Draycott8 This is due mainly to higher contributions from the sale of its condominium projects. Revenue fell 52 percent to S$211 million. In the second quarter, earnings fell 19 percent to S$44 million, following a 59 percent fall in the topline figure to S$111 million. Wing Tai did not give a guidance...
A bidding war appears to be looming for diversified Straits Trading Company. The Lee family that controls OCBC Bank is making a counter-offer for shares in Straits Trading Company that it does not already own. The Lees, who already own 34 percent of Straits Trading, are offering to pay S$5.76 cash a share. This values Straits Trading at S$1.88 billion. The latest offer is higher than the one by rival,...
Property developer Evergro has reported full-year earnings that are sharply lower than the previous year. It booked a profit of S$196,000 compared to the S$7.5 million in 2006. Evergro says there was no divestment gain this time, after it recorded returns from selling a property company in the previous financial year. Also dampening the financial numbers were higher administrative and other expenses,...
CapitaLand is investing over S$1 billion in 15 malls across India through two joint ventures with Indian companies. The venture will be fully funded by the CapitaRetail India Development Fund, which is 45 per cent owned by CapitaLand. CapitaLand said it plans to duplicate its China strategy in India, which is to focus first on the gateway cities, including Mumbai, New Delhi and Bangalore, and then...
Tucked away on Page 60 of Fraser and Neave’s 200-page annual report and stated in a matter of fact of way is the announcement that one of the most talked about corporate agreements with a high-profile company chieftain has been dissolved. In just one paragraph in that report, which was released to the media on Tuesday, the public-listed heavyweight said non-executive chairman Lee Hsien Yang’s $1...
A tie-up between Ho Bee and Malaysia’s IOI Properties has clinched the last prime condominium site on Sentosa for S$1.1 billion. The price for the Pinnacle Collection works out to S$1,822 per square foot per plot ratio. Ho Bee will have a 35 percent stake while the remaining interest will be held by IOI. The 99-year leasehold site covers 232,000 square feet and has a plot ratio of 2.6. The...