Amid economic gloom, Gulf property markets have shown surprising resilience, writes COLIN TAN AMID the heightened uncertain global economic outlook and the doom and gloom afflicting many of the world's real estate markets, the Middle East housing sector has been demonstrating surprising resilience especially given that the market has been enjoying at least four years of phenomenal price growth. Today,...
Overseas Property
Senior Minister Goh Chok Tong has suggested that the China-Singapore Tianjin Eco-City can be turned into a sub-regional financial hub within China's northeastern region. Mr Goh made the suggestion during a meeting in Tianjin with the city's Party Secretary Zhang Gaoli on Thursday evening. He said the flagship project between China and Singapore can also serve as a hub for training skilled workers,...
The offer for Japan Land Limited at 60 cents per share by International Capital Investment has lapsed. In an announcement released Friday, Japan Land said that valid acceptances of the International Capital offer totalled 0.32 per cent of its total share capital. International Capital is a vehicle of Indonesian tycoon Oei Hong Leong, who made the offer at the end of July. Independent financial advisors...
Property developer CapitaLand is selling its Capital Tower Beijing office tower for US$352 million. It declined to name the buyer, except to say it is a Fortune 500 company, which is looking to set up a corporate headquarters in Beijing. CapitaLand intends to use the funds to reinvest in other opportunities in China. It will also recognise a gain of about US$115 million. The developer said it received...
Of all the Singaporean companies in Vietnam, few have more confidence in the long-term future of Indochina’s largest country than Keppel Land (KepLand), the property arm of one of the island’s largest conglomerates, Keppel Corporation. It’s putting its money where its mouth is with its plans to invest $1 billion in Vietnam’s tallest building, an 88-storey complex of shops, offices and residences...
The global real estate capital market grew last year to hit US$12 trillion, but the subprime crisis has thrown a spanner in the works. Investors are finding it tough, with liquidity drying up, yields compressing, and valuations in the US and UK dipping. However, some analysts said that opportunities do remain and may even grow, as markets approach fair value. They noted that demographics in emerging...
Upping the swank factor While almost everybody else in China was glued to news about the Olympics, Singapore-based Frasers Hospitality yesterday opened its swankiest digs to date in the country, the 357-unit Fraser Suites CBD in Beijing, which cost US$135 million ($190 million). Singapore President S R Nathan, in the Chinese capital at the invitation of that country’s government to watch the Games,...
Singapore developer CapitaLand is seeing strong response for its high-end luxury residential units at Raffles City Bahrain. When completed in 2010, the Raffles City Bahrain integrated development will include three residential towers, landscaped sky villas, and high-end retail outlets. CapitaLand said that about 80 per cent of the units in one of the residential towers have been booked within three weeks...
Southeast Asia's biggest property developer, CapitaLand, has set up a US$1 billion private equity fund to invest in mixed-use commercial properties in China. The size of the fund could be increased to US$1.3 billion by the end of this year. The Raffles City China Fund is the first for CapitaLand in China and also the largest in value it has ever managed. The fund will target prime mixed-use commercial...
Inflation is soaring in Vietnam, and that's driving up overall business costs there. Despite this, Keppel Land said it will not have any impact on its property projects in the country in the short term. In a filing with the Singapore Exchange, the property developer said its joint ventures with strong local partners in Vietnam is helping the company to manage its cash flows. It is also forming...