Suntec Real Estate Investment Trust's (Suntec Reit) manager has closed the book of orders for its private placement of new units in the Reit to raise gross proceeds of about S$200 million. The bulk of the proceeds will go towards financing potential acquisitions of properties in Australia, ARA Trust Management (Suntec) Limited said on Thursday before the market opened. On Wednesday night, the...
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Pine Grove's S$1.86 billion mega collective sale tender ended on Tuesday with no bidders. It has gone into the 10-week private treaty period, key executive officer of the marketing agent C&H Group Nelson Lim told The Business Times. The private treaty period allows en bloc sites to negotiate with interested developers. Pine Grove's inability to find a buyer, particularly in the post-cooling measures...
Le Arc Apartment off Geyland Road is up for collective sale again, with the owners now expecting a minimum offer of S$18.5 million, marketing agent ERA Realty Network announced on Tuesday. The price translates to around S$847 per square foot per plot ratio (psf ppr), or S$792 psf ppr inclusive of the 7 per cent bonus balcony area and estimated development charges of S$150,000. If the en bloc goes...
CapitaLand has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer. Of the total aggregate, S$167.5 million is in outstanding shareholder loans owed by the group of companies to StorHub Group Pte Ltd and has been assigned to the buyer, who will pay in stages. StorHub Group Pte Ltd will continue to be...
Hotel and serviced residences operator Far East Hospitality said on Wednesday (Apr 17) it is expanding into Vietnam, with two boutique hotels set to open in Ho Chi Minh City by the end of the year. The company currently operates 90 hotels and serviced residences in seven countries, including in Australia, Denmark, Germany, Hungary, Malaysia, New Zealand and Singapore. Some of its brands include Oasia,...
A new mixed-use development in the Beach Road district, Guoco Midtown, will offer 200 residential units and 770,000 sq ft of office space when it is completed in the first half of 2022. There will also be more than 32,000 sq ft of retail space, which spans two storeys, in a development that is aimed at rejuvenating the district. Unveiling the concept and design of Guoco Midtown on Monday (Apr 22),...
City Developments (CDL) tycoon Kwek Leng Beng's family has bought two units at luxury condo Boulevard 88 for about S$14.1 million. Mr Kwek's nephew, Kwek Eik Sheng, who is group chief strategy officer at CDL, bought a ninth-storey unit for S$4.34 million. The CDL boss' spouse and son also purchased a unit on the 18th floor for S$9.8 million, according to SGX filings on Monday night. The freehold...
Perennial Real Estate Holdings (Perennial) and its consortium of investors, including Singapore Press Holdings (SPH), are selling their stakes in Chinatown Point Mall for S$520 million in total, the listed companies announced on Monday morning. This includes the divestment of their entire interests in the retail mall, and four strata office units in Chinatown Point, an integrated development located in...
Issues with tenants are "unavoidable" but are unlikely to concern real estate investment trusts (Reits) as most of them are diversified and have measures in place, said DBS Group amid news of some Reits being briefly impacted after CWT's parent defaulted on a loan agreement. "It's unavoidable, things happen to tenants," said DBS head of capital markets Eng-Kwok Seat Moey on Thursday, when asked how...
SingHaiyi Group and its joint venture (JV) partners - Suntec Reit and Haiyi Holdings - have secured UBS Singapore as its anchor office tenant for their commercial development at 9 Penang Road. Formerly known as Park Mall, the property is undergoing redevelopment which is on track to be completed in the fourth quarter this year, the mainboard-listed developer said on Wednesday. UBS Singapore plans to...