PROPERTY giant CapitaLand has shelled out some $39.2 million to acquire a majority stake in Hersing Corporation's fast-growing self-storage business. Yesterday, the two companies said that they have set up a joint venture (JV) company - which is 62 per cent owned by CapitaLand and 38 per cent owned by Hersing - to buy over four self-storage properties under Hersing's StorHub brand, as well as the brand...
General
THE quest to find an operator for Singapore's International Cruise Terminal (ICT) has hit a snag with barely 11/2 years to go before its completion. A tender to find an operator for the $500 million terminal in Marina South was held in the last quarter of last year. Response to the tender was lukewarm, with only seven companies picking up documents for it. In the end, only one firm - Singapore Cruise...
TRAVELLING by train between the north-east and Central Business District gets easier from today. Eleven stations on Singapore's newest train line, the Circle Line (CCL), will be open to commuters from 5.37am. The stations - Tai Seng, MacPherson, Paya Lebar, Dakota, Mountbatten, Stadium, Nicoll Highway, Promenade, Esplanade, Bras Basah and Dhoby Ghaut - extend the reach of the first five Circle Line...
CAPITACOMMERCIAL Trust (CCT) posted a total distributable income of $54.3 million for the three months ended on March 31, up 19.7 per cent from the same period last year. The real estate investment trust owns a portfolio of high-value commercial buildings with a major emphasis on office buildings. First quarter distribution per unit was 1.93 cents, up from 1.62 cents in the same period last year -...
HIGHER residential sales in Singapore, China and Vietnam gave CapitaLand's net profit for the first quarter a substantial lift. Earnings for the three months to March 31 shot up 169 per cent to $115.4 million, compared to $42.9 million a year ago. Revenue could not match that stellar performance but still rose 41 per cent to $687.3 million, from $487 million the year before. Turnover from residential...
CHEUNG Kong (Holdings) Ltd, the Hong Kong developer controlled by billionaire Li Ka-shing, said efforts by China to cool its property market are 'timely' after record price gains. 'You want to take action before the market gets too hot,' Justin Chiu, executive director of Cheung Kong, said in a Bloomberg Television interview yesterday. 'Prices have gone up really quite a lot; people buying for their own...
Property developer Soilbuild Group has been awarded the tender for an industrial site at Yishun Avenue 6 with a bid of some S$29.3 million. The 153,485-square foot site has a maximum gross floor area of nearly 384,000 square feet. The 60-year leasehold site can be used for clean and light industries and warehouses. Soilbuild estimates the total development cost including land at about S$75 million to...
Mainboard listed CapitaLand said Friday its net profit surged 169 per cent on-year to S$115.4 million in the first quarter ended March 31. Its revenue grew 41 per cent to S$687.3 million compared to the same period last year. The group said this is largely from residential development projects in Singapore, China and Vietnam, as well as increased contribution from its serviced residences operations. In...
YTL Pacific Star, the manager of Starhill Global REIT, said it is buying two properties in the Malaysian capital Kuala Lumpur for a total of S$450 million. The two properties are the Starhill Gallery and Lot 10 Shopping Centre along KL's main shopping street, Jalan Bukit Bintang. Starhill Gallery will be acquired for about S$275 million and Lot 10 will be bought for S$175.2 million. The acquisitions...
A new high-end condo development, The Holland Collection, was launched on Friday. The collection comprises 26 luxury homes located along Holland Road in the prime district 10 area. The project offers two low-rise residential blocks with two, three and four bedroom apartments and penthouses of between 1,281 and 3,606 square feet. Recreational facilities include a 33-metre lap pool, children's pool, a...