Property giant seeks $3.07 billion from existing shareholders IN A move to position itself for "opportunities in distressed assets", property giant CapitaLand is looking to raise $1.84 billion in a rights issue that analysts say could be a precursor of more fundraising exercises for developers. South-east Asia's largest property developer and its subsidiary - CapitaMall Trust (CMT), which has planned a...
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HE APPARENTLY preyed on unsuspecting tenants in search of rental units. Over a period of 10 months, he was said to have cheated them of more than $100,000 in more than 50 cases island-wide. On the run since last year, the 33-year-old unemployed man was arrested in a stake out early yesterday. According to preliminary police investigations, between April last year and last month, he had collected advance...
Property giant CapitaLand is looking to pad its portfolio with good buys amid the current global recession. The company aims to raise S$1.84b in a rights issue, and is eyeing distressed assets in China. China is one of its key markets, accounting for some 45 per cent of CapitaLand's earnings. Liew Mun Leong, CapitaLand Group president and CEO, said: "In China, we are quite well known for taking over...
The Court of Appeal has dismissed the last-ditch appeal by 10 minority owners of former HUDC estate Gillman Heights to stop its collective sale. Minority owners at the huge estate at Alexandra Road have been battling the S$548m collective sale since it was approved by the Strata Titles Board (STB) in 2007. This appeal was the last recourse for the minority owners. They had argued that STB was wrong to...
Singapore developer CapitaLand announced Monday that it will raise S$1.84b through a rights issue. It says eligible shareholders will be entitled to subscribe for one new ordinary share for every two existing ordinary shares held as at the book closure date of 23 February, at S$1.30 per rights share. The company said the rights issue is a strategic initiative that is consistent with its policy of...
NO PLAYGROUNDS or covered walkways in new HDB estates. Nor any barbecue pits. New flats should have very basic floor tiles, meanwhile. It is hardly the usual call from Members of Parliament, who tend to push for upgrading in their constituencies. But two among their ranks are making the call for "no-frills" housing. According to Dr Lim Wee Kiak and Ms Lee Bee Wah, this should be an option for home...
Property prices may have dipped due to the economic recession. But that has not weakened the demand for some private condominiums. Crowds flocked to the showroom of Caspian development near Lakeside MRT station in the Jurong Lake District. Nearly one quarter of the 712-unit development in Jurong West was snapped up within the first two days of its opening. The first 250 units were sold at $540-$640 per...
Frasers Centrepoint brings cheer to market with sale of 80 units at Caspian's preview THE year's first major release of a private housing project has shown that there's still demand for projects priced attractively. Frasers Centrepoint had sold close to 80 units at its Caspian condo near Jurong Lake by late last night, the company's CEO, Lim Ee Seng, told BT. About 70 per cent of buyers are estimated to...
As of December last year, the government spent $3.2 million subsidising energy audits in 121 buildings in Singapore. This resulted in energy savings of close to $30 million a year. At Singapore Post (SingPost), changes to the air conditioning system alone saved the organisation $1.2 million in electricity bills a year. To reduce friction and therefore lower energy consumption, renovations were made so...
A shorter queue for the needy to rent a flat from the government. That's what National Development Minister Mah Bow Tan hopes to achieve when he announced stricter rules for Singaporeans who want to rent a flat at subsidised rates from the Housing and Development Board (HDB). Currently, it takes about two years to rent a HDB flat. But the waiting time may be reduced to one year, with stricter rules for...