Mainboard-listed Australand says it expects the value of its investment property portfolio to drop by 235 million Aussie dollars for the six-month period ended June. This is about 10 per cent lower compared to what the portfolio was worth at the end of last year. The company, which is also listed in Australia, says it has also undertaken a review of its residential, commercial and industrial development...
Overseas Property
Singapore's Mapletree Industrial has acquired a property in Tokyo, Japan. Sun East Shinonome Building is Mapletree's first industrial property in Japan. The company, which invests in industrial real estate across Asia, said the acquisition has enabled it to diversify the fund's country portfolio. The Sun East Shinonome Building is a freehold light industrial building with a gross floor area of about...
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...
Investors are optimistic that the Asian real estate market will bounce back soon after being battered by the global financial crisis. A survey by the Asian Real Estate Association (AREA) showed that more than half of the investors polled expect signs of improvements in the market by 2010. This optimism has prompted investors to allocate more funds into all real estate investment categories in the next...
Developer CapitaLand's unit Australand said it has teamed up with St Hilliers to undertake a A$300 million public housing redevelopment project in Victoria, Australia. The project spans 7.5 hectares across three sites in Carlton, Victoria. It will involve replacing 192 old, outdated flats with over 240 new public and social housing apartments and 500 new inner city, residential homes. Construction of...
Singapore-listed property developer CapitaLand has secured a S$5 billion credit line with two Chinese banks – Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC). It said the money will fund its future growth plans in China, including those in the residential, retail and financial services sectors. Liew Mun Leong, president and CEO of CapitaLand Group, said: "China is a core market...
Singapore-listed Pan Hong Property Group has posted a S$7.8 million loss for the financial year ended March. This reverses a S$39.2 million profit in the previous financial year. The China-based developer said the net loss was mainly due to a sharp drop in revenue as it sold fewer residential units during the financial year. Revenue for the period fell 93 per cent to S$8.4 million. Giving an update on...
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
Implementing easy transport links between Singapore and the mega Iskandar Malaysia project is one of the aims of the Joint Ministerial Committee. Iskandar Malaysia's CEO, Harun Johari, said this when asked about the progress of the rail link between Singapore and Iskandar Malaysia. Malaysian Prime Minister Najib Razak, who is in Singapore for an introductory visit, toured the project at Nusajaya before...
S'poreans are putting their money in overseas property PROPERTY buyers are not just snapping up properties in Singapore but are also looking overseas, in yet another sign that property investments are still in vogue. Last weekend, marketing agents Top Leaders Realty and Jones Lang Lasalle launched private residential properties in Chennai and London, respectively. Both projects garnered relatively...