Frasers Hospitality, the serviced apartment arm of listed Fraser and Neave, broke ground yesterday for its second property in Jakarta. Frasers will manage 210 ultra-deluxe apartments in the property, Frasers Suites Kuningan, at Ciptutra World 2. Located in the heart of Jakarta's golden triangle, it comprises twin towers of 45 storeys each. The complex, which also includes the W Hotel, is expected to be...
General
The government tender for a 99-year leasehold condominium site in Jalan Lempeng near Clementi town centre attracted eight bids at the close yesterday, with the top price of S$408 million coming from Multi Wealth, a wholly-owned unit of Malaysian developer IOI Properties. Multi Wealth's bid is 13 per cent and 22 per cent above the second- and third-highest bids, respectively, reflecting the keen interest...
Residents at Jurong will soon have a retail mall that's more than half the size of ION Orchard right at their doorstep. Located at Jurong Gateway, Westgate - a mixed development project is expected to offer international and high street fashion, dining options as well as office space. The S$1.5 billion project broke ground on Thursday. Jointly developed by CapitaMalls Asia, CapitaMall Trust and...
The head of CapitaLand Group says second-tier cities in China hold a great deal of potential for property development. Chief executive Liew Mun Leong told Channel NewsAsia he is on the lookout for value properties in China to grow the Singapore-based company, despite Chinese government measures to cool investment. He pointed to a 30 percent growth last year in tenant sales in second-tier Chinese cities...
The Housing and Development Board (HDB) will set aside another S$11 million to help 3,300 shops in 35 sites enhance their business vibrancy and competitiveness. This is as part of its fourth batch of the Revitalisation of Shops (ROS) scheme. HDB will also extend its co-funding portion for promotional events from the current three years to six years, in response to requests from the Merchant Associations...
A dispute has arisen at the Turf City family mall between existing tenants and their landlord. The issue has prompted the Singapore Land Authority - which leases the land - to step in. From March, Turf City's eclectic cluster of car dealerships and family-themed businesses will be replaced by a lifestyle hub. It will be run under a new management, SH Cogent Logistics, which won the bid last...
The Housing and Development Board (HDB) launched five Build-To-Order (BTO) projects on Wednesday. The BTO launch, the first this year, offers 3,923 new flats in Choa Chu Kang, Punggol, Sengkang and Tampines. And a further 4,110 new flats will be offered for sale in the next BTO launch in March, in Bedok, Bukit Batok, Bukit Panjang, Bukit Timah, Clementi, Geylang and Toa Payoh. In total, HDB plans to...
There's been a strong take-up rate for the latest executive condominium (EC) project at Choa Chu Kang. Some 150 units of The Rainforest were sold on the first day of booking. The latest 466-unit development offer units priced from S$601,000 to S$1.01 million. The Rainforest also saw strong demand from second-time buyers. Only five per cent of the project is allocated to second-timers buyers, and the...
Despite the subdued economic backdrop, the Building and Construction Authority (BCA) expects overall construction demand to remain strong, from between S$21 billion and S$27 billion for 2012. Minister of State for National Development, Tan Chuan-Jin said although this projection is lower than the 2011 construction demand, Singapore will continue to see a high level of on-site construction activity this...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has secured a new management contract for its first Citadines Apart'hotel in Surabaya, Indonesia. In a filing with the Singapore Exchange, it says the 288-unit Citadines Marvell Surabaya is scheduled to open in 2014. Ascott is the largest international serviced residence owner-operator in Indonesia, with over 2,100 apartment units...