Developer CapitaLand lodged a prospectus with the Monetary Authority of Singapore on Monday to list its retail property unit, CapitaMalls Asia. Pricing details will be released after a road-show to market the initial public offering (IPO). Reports have estimated that the listing could raise as much as S$2.8 billion. According to the reports, CapitaLand may sell about 1.2 billion shares at an indicative...
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Mainboard-listed Allgreen Properties said its third quarter net earnings more than doubled from a year ago to S$74 million. The developer's revenue for the three months ended September surged 159 per cent to some S$293 million. Allgreen said the strong earnings were mainly due to higher contribution from its property development segment. The two main projects that contributed to higher sales in the...
The Housing and Development Board (HDB) has reported a S$2b deficit before government grants in its latest annual report. The figure is more than double the loss reported in the previous financial year. HDB said the huge deficit for the financial year ending March was due mainly to more flats being sold. These flats are highly subsidised by the government. Higher construction costs also led to the large...
Healthcare real estate investment trust First Reit says it is enhancing its existing Adam Road Hospital. It says it will collaborate with Health Promise, the tenant of Adam Road Hospital, and Pacific Healthcare for the enhancement. First Reit will revamp Adam Road Hospital and turn it into a modern 3-storey purpose built cancer hospital with a basement. The new building will have a gross floor area of...
Construction and property development firm, KSH Holdings, has clinched a new contract worth S$36 million. It is for the construction of Watten Residences, a luxury 59-unit freehold development in the Bukit Timah area. Under the terms, the company will start construction works next week and it is expected to complete the project within 25 months. With the contract, KSH says its existing order book now...
K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street. K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment. K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue...
For many in a busy city, the office may be their second home but feels nothing like one. To reinvent your perception of working space, apbcOffices recently launched its latest project, 75 High Street, which it has refurbished to the tune of $5 million. The eight-storey serviced apartment looks and feels like a boutique hotel with a reception styled like a bartop, complete with a chess set, miniature...
CapitaLand has gained shareholder approval for plans to list its integrated shopping mall business CapitaMalls Asia, paving the way for its listing by the end of the year. The new unit will have a portfolio of 86 retail properties valued at S$20.3 billion located across five countries in Asia. CapitaLand shareholders took time out on Friday morning for an extraordinary general meeting on the group's...
Mainboard listed CDL Hospitality Trusts said it will pay 2.23 Singapore cents per unit in the third quarter, down about 24 per cent on-year. Its total income available for distribution in the quarter came to S$18.6 million. Mr Vincent Yeo, CEO of M&C REIT Management, said the weaker on-year performance reflects the impact of the global recession on travel since the beginning of this year. For the...
Singapore overtook London as the investors' preferred place for doing business in a Bloomberg Global survey. Singapore was chosen by 17 per cent of respondents who said it was the second best place for financial services two years from now. New York, despite being battered by the financial crisis, remained the world's leading financial centre with 29 per cent of the votes. London was in third place,...