CapitaLand unit, Ascott, has opened two new serviced residence apartments in China. Somerset JieFangBei is in Chongqing, while Somerset Garden City is located in Shenzhen. The properties are Ascott's first in each city. Ascott now has 26 properties in 12 cities across China, making it the largest international serviced residence owner and operator in the country. Ascott CEO Lim Ming Yan said the...
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The Land Transport Authority (LTA) has awarded another contract worth S$378 million for Downtown Line 2 (DTL2). The contract for civil works went to local firm, Sembawang Engineers and Constructors. The firm will design and build stations and tunnels at Botanic Gardens and Stevens. Construction of the stations is scheduled to start in the third quarter of 2009 and targeted to complete by 2015. DTL2 is...
Private home prices in Singapore have fallen for the fourth straight quarter, though at a slower pace. Initial estimates from the Urban Redevelopment Authority (URA) showed Wednesday that the cost of private residential properties fell by 5.9 per cent in the second quarter, compared to the record drop of 14.1 per cent in the previous quarter - the steepest fall since 1975. According to the latest...
The Urban Redevelopment Authority (URA) will put an industrial site at Kaki Bukit up for sale through a public tender. It says it has accepted an application from a developer who has agreed to bid for the land parcel at or above the minimum acceptable price of S$5 million. The identity of the developer was not revealed. The 1.07 hectare site, located at Kaki Bukit Road 2, has a 30-year lease period. The...
Singapore has moved a notch higher to 18th spot as the most expensive retail location in the world, despite easing rental rates for super prime retail space. Property consultancy firm CB Richard Ellis (CBRE) said prime retail rents have declined across the globe with the global financial crisis reducing consumer confidence and weakening spending. Yet super prime rents in Singapore stood at US$408 per...
THE NEW PRIME DISTRICT * Experience inner city living within a contemporary freehold, prestigious enclave of District 9 * Living in the heart of Singapore’s Arts & Cultural District, combining arts & commerce, business & pleasure all within one square mile. * Walking distance to Dhoby Ghaut MRT (MRT Interchange) – transport hub serving North-South Line & future Circle line * Walking...
CapitaCommercial Trust, says a total of 1,901.1 million rights units in valid acceptances and excess applications were received at the close of its rights issue on June 24. This represents about 135.4% of the total number of rights units available under the rights issue. On May 22, CapitaCommercial Trust announced a fully-underwritten 1-for-1 renounceable rights issue of 1,403.9 million rights units at an...
Frasers Commercial Trust, Singapore’s third-biggest office property trust, said it plans to buy an office building in the city-state and raise $888.9 million to repay maturing debt. The trust obtained $675 million in two loans and plans to raise $213.9 million selling stock in a three-for-one rights offer, it said in a statement today. Frasers Commercial will offer 2.25 billion shares at 9.5 cents...
Singapore Exchange's Mainboard-listed Frasers Commercial Trust has asked for a trading halt of its units pending an announcement. No further details were given. Back in April, Frasers Commercial Trust had said it was exploring ways to refinance its existing debt, which may include a rights issue. Frasers Centrepoint, which sponsored the trust, is a unit of the Fraser & Neave (F&N) group. F&N...
CapitaCommercial Trust (CCT) said its rights issue was 1.35 times oversubscribed. The trust had launched a 1-for-1 renounceable rights issue of 1.4 billion rights units at 59 cents each. But applications came in for over 1.9 billion rights units. CCT launched the rights issue to raise S$828.3 million, mainly to reduce its existing borrowings. The rest of the proceeds will be used for capital...