Shares of CapitaLand took a hit on Tuesday – giving up 5 percent following news it was making a move to gain total control of the Ascott Group. The developer is offering S$1.73 a share for all the remaining shares of the serviced residence operator that it did not already own. That is 43 percent higher than Ascott’s last closing price, leading some analysts to suggest that the offer might have been...
Developer News
United Overseas Land and its partner Peak Century have put in the top bid of S$236 million for a residential site at Simei Street 4. The price works out to about S$296 per square foot per plot ratio. The Urban Redevelopment Authority tender attracted three bids. The second highest bid of some S$231 million came from Frasers Centrepoint Properties. NTUC’s Choicehomes trailed in at third place with its...
Mainboard-listed construction firm Chip Eng Seng is expanding its footprint in Vietnam with two residential projects in Ho Chi Minh City.The projects are expected to cost a total of S$180 million and will be undertaken with local partners. One is a condominium development comprising three 18-storey blocks, yielding a total of 780 units. This will be built on a 23,000 square metre site. Chip Eng Seng will...
A growing middle class seeking property in Vietnam will keep Singapore property developers there busy, even as its government plans a tax on capital gains. Last month, the national assembly of the socialist country passed new regulations to tax capital gains - 20 per cent on stock trade gains, and 25 per cent on property profits - from January 2009. “With regard to the recent proposal of introducing a...
A new record price has been set for a 6,600-square-metre residential site on Sentosa. The Green Collection, Sentosa Cove’s only strata landed housing development, has fetched a bid of more than S$78 million or S$1,099 per square foot per plot ratio. Boutique developer Elevation Developments submitted the highest of eight bids received at the close of an Expressions of Interest for the site last...
CapitaLand has sold its entire 50 percent stake in Chevron House for over S$366 million. When the deal is done, the property developer will book a gain of S$151 million on the investment. Chevron House is an office building in the banking and financial district of Raffles Place. It was formerly known as Caltex House. CapitaLand has been taking advantage of the buoyant office property market to divest...
CapitaLand has acquired the remaining 50 percent stake in Eureka Office Fund for S$590.6 million. The fund owns the commercial building known as 1 George Street and 163 strata-titled units in The Adelphi. It also owns a 20 percent interest in Temasek Tower. CapitaLand says the transaction is not expected to have any material impact on its net tangible assets or earnings per share for this financial...
Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010. The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and...
CapitaLand has acquired Silver Tower on Orchard Road in a collective sale for S$161m. It plans to build a luxurious 20-storey condominium with 100 apartments on the freehold site.CapitaLand's purchase works out to S$1,107 per square foot per plot ratio.This includes an estimated development charge of S$16.5m. Silver Tower sits on a 57,200 square feet area with a gross plot ratio of 2.8. There are...