CapitaLand's wholly-owned serviced residence business unit The Ascott will open its second Citadines property in Japan on March 8. The new Citadines Kyoto Karasuma-Gojo follows the successful opening of Ascott's first Citadines serviced residence in Japan, the Citadines Tokyo Shinjuku, in March last year. The 124-unit serviced residence is a short walk from Kyoto's business district and tourist belt,...
Overseas Property
Recent measures to cool the property market in China, Hong Kong and Singapore are seen as the right moves to temper speculation and rapidly rising prices. Still, industry watchers said that prices will have room to move upwards over the next two years. This is because interest rates in Hong Kong continue to be low, and high-end property prices in Singapore are still below their peak. Private home prices...
China's property market will probably go through a "more meaningful correction" this year because the price gains in 2009 aren't sustainable, according to Mr Christopher Lee, corporate ratings director at Standard and Poor's. The outlook for the Chinese market is "neutral" for this year, Mr Bei Fu, an associate director of corporate ratings at S&P, said during a conference call with Mr Lee on...
Property developer Yoma Strategic Holdings said its third quarter net loss narrowed to S$420,000 compared with a loss of S$510,000 in the year-ago period. Its revenue for the third quarter, however, rose 47 per cent to $5.31 million from $3.61 million in the same quarter last year. Yoma said this was due to a significant increase in its sales of land and buildings. Revenue for its construction-related...
Singapore-listed property developers Yanlord and Ho Bee have jointly acquired a 13.69 hectare prime residential development site in Shanghai's Qingpu District for around S$784 million. The site is situated a mere 5.5 km from the heart of the Hongqiao Commercial District which has been earmarked by the Shanghai municipal government to be the city's fully integrated financial, commercial and logistical hub...
Property developer CapitaLand on Tuesday said it has seen overwhelming response to its new condominium in Beijing, with 95 per cent of phase one units sold in just over two weeks. The condominium, called the Beaufort, sits on a 53,808-square metre site and is located within walking distance to Beijing Chaoyang Park, one of China's largest city parks. An entire block, comprising 467 units, was launched...
CapitaLand's Australian unit, Australand, said on Tuesday that it made a net loss of A$298.2 million. It said the accounting loss was due to revaluation losses on investment properties amounting to A$249.4 million. Moreover, it incurred the impairment of development and joint venture assets amounting to A$148.4 million, on top of a non-recurring finance cost of A$20.7 million. But Australand said it...
CapitaMalls Asia has agreed to buy the Meili Mall in Chengdu for about S$95 million. The seller is Chengdu Vanke Property. Including fitting out works, CapitaMalls Asia's estimated total expenditure on the mall is S$106.9 million. The mall is part of a mixed-use development, comprising retail and residential components. It is currently being developed by Chengdu Vanke Property and expected to be...
Mainboard-listed China-based property developer Ying Li International intends to acquire two potential prime sites in China. It is setting up a wholly-owned subsidiary through the acquisition of Shiny Profit Enterprises, which has an initial registered share capital of US$10,000, for the purpose. Through Shiny Profit, Ying Li plans to buy two prime sites located in the Chongqing Yuzhong Central Business...
CapitaLand is buying the real estate business of Hong Kong's Orient Overseas International for about S$3.1 billion in cash. The move will double CapitaLand's property portfolio in China, which will now make up 36 per cent of the group's total assets following the acquisition. The latest acquisition will expand its portfolio to include seven sites for development in Kunshan, Tianjin and...