Keppel Land said it achieved a 45.5 per cent growth in its first-quarter net profit, thanks to higher contributions from property trading and a chunky divestment gain. The Republic's third-largest property developer said it earned S$92.1 million in the January-March period, up from S$63.3 million made in the first quarter of the previous year. Property trading recorded an 8.2 per cent increase in net...
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CapitaLand's wholly-owned subsidiary, The Ascott has extended its footprint to Frankfurt, Germany's financial and transportation hub. It will invest S$50 million to acquire a turnkey serviced residence property in the city, which is slated to open in 2014. This follows the company's expansion into Germany's second largest city, Hamburg, in January when it signed a sale and purchase agreement for...
A consortium established to develop South Beach, the commercial and lifestyle hub at Beach Road, has successfully secured S$1.6 billion in new funding. The funds will be used to refinance its S$800 million bank loan facility and to finance the construction of South Beach. The five-year secured term loan is provided by a syndicate of banks including DBS, UOB, OCBC, HSBC and Sumitomo Mitsui. The...
Recently-launched condominium Hedges Park has received strong demand with 130 of 200 units released over the weekend snapped up. The apartments located in Changi which range from 484 to 1798 square foot sold at an average price of S$850 per square foot. Prices of the 99-year leasehold development range from S$466,000 for a one-bedroom apartment to S$1.06 million for a four-bedroom apartment. Hedges Park...
Ascendas Real Estate Investment Trust (A-REIT) has posted a full-year distribution per unit of 13.23 cents, which is a one per cent increase from a year ago. A-REIT said the total amount available for distribution was up by 5.6 per cent to S$248 million. Gross revenue rose 8.2 per cent to S$447.6 million, contributed mainly by new investments and increase in occupancy rates. However, the increase was...
Mapletree Commercial Trust (MCT) has launched its initial public offering of more than 712 million new shares on the Singapore Exchange. The IPO is priced at 88 Singapore cents a share and the firm is expected to raise S$893 million in net proceeds. The trust could potentially raise up to S$983 million if the Over-Allotment Option is exercised in full. The proceeds will be used to pay for the...
CapitaLand's wholly-owned subsidiary, The Ascott, has clinched a contract from China Overseas Property to manage the first international brand of serviced residences in Macau. The premier serviced residence, slated to open in 2014, is to be named Ascott Paragon Macau. Ascott said the residence is not only its first entry into Macau, but it also strengthens the group's leadership position as the largest...
Homes in suburbs such as Simei and Buangkok are enjoying a resurgence of interest owing to their affordability and accessibility as new malls and MRT lines are built. The appreciation in the prices of such property is prompting some homeowners to cash out at a profit. In Buangkok, prices at the 99-year leasehold Hougang Green recently hit a peak of $837 psf in February when a 764 sq ft unit on the 10th...
The National Solidarity Party (NSP) has said there would be no future for Singapore if the People's Action Party cannot secure cheaper housing for future generations. It was responding to the ruling party's manifesto entitled, "Securing the Future Together", which was released on Sunday. The NSP's Secretary General, Goh Meng Seng, along with his party's members and volunteers, covered the Chua Chu Kang,...
Tianjin Eco-city has signed six new investment deals and secured strategic partnerships, bringing in total new investments amounting to about 500 million yuan. Singapore Senior Minister Goh Chok Tong witnessed the signing ceremony in Tianjin on Sunday. Companies involved in the signing include General Motors, Keppel Integrated Engineering, LHT Holdings, Panasonic, Philips, and Sky Communication. The new...