Mapletree Investments on Friday said that it has started the construction of a 10-hectare logistics park in Malaysia. The Shah Alam Logistics Park is expected to be completed early next year and be mostly pre-leased to logistics operators. It will have 60,000 square metres of gross floor area in three single-storey warehouses with mezzanine offices. When completed, the project is estimated to have a...
Overseas Property
Frasers Hospitality - the property arm of mainboard-listed Fraser & Neave - is planning to grow its presence in the emerging markets of China, India and Vietnam. Revealing this at a news briefing on Thursday, Frasers said it plans to add about 5,000 serviced apartment units to its portfolio over the next two years. It is scheduled to open 10 new properties this year, and another 25 over 2009 and...
Millennium & Copthorne Hotels New Zealand said it has completed its purchase of the Copthorne Hotel Auckland Harbourcity. But in a filing to the Singapore Exchange, it said the price of the deal was confidential. Millennium & Copthorne is funding the purchase with cash and a new loan facility. The area around the Copthorne Hotel Auckland Harbourcity is now a focal point for entertainment and...
Property developer CapitaLand has acquired about 62 per cent of Sungei Wang Plaza, one of the most established retail malls in Kuala Lumpur. It paid about S$250 million for the purchase, which includes retail space and parking lots. Sungei Wang is a prime freehold property along the main Bukit Bintang shopping precinct in the Malaysian capital. The mall has close to 100 per cent occupancy and sees more...
CapitaLand said land prices in Vietnam and India have fallen by as much as 15 per cent this year, making it easier to get sites now than a year earlier. There may be more opportunities in “greenfield sites”, chief investment office Kee Teck Koon said at a property conference held here yesterday. CapitaLand is also looking at expanding in Japan, where it may acquire properties and set up funds for...
Emerging markets are a part of its expansion plan Frasers Hospitality, Asia’s second-biggest serviced-apartment operator behind CapitaLand’s Ascott Group, is in talks to set up private equity funds to invest in China, India and South-east Asia after delaying its planned share sale. The company, which expanded its portfolio eight-fold to 3,287 apartment units in the past decade, is raising funds for...
Attractive profit from sale of Millennium Seoul Hilton SINGAPORE’S Hong Leong Group is selling the Millennium Seoul Hilton to Korean property developer Kangho AMC for nearly $700 million, reaping an attractive profit of about $465 million in the process. :The 685-room hotel is in one of Seoul’s choicest districts. Hong Leong’s hotel arm, Millennium and Copthorne (M&C), bought it for the...
CapitaLand and CITIC Trust, China's largest trust company, have launched the first renminbi-denominated real estate private equity fund in China. The 500 million renminbi fund will invest in business parks in China. It will be jointly managed by CITIC Trust and CapitaLand. CapitaLand has 50 per cent sponsor stake, while local Chinese investors - comprising corporate investors and high net worth...
Singapore's construction consultancy exports have increased despite the bustling domestic market. This is according to a survey conducted by the Building and Construction Authority. Singapore consultancy firms secured a total of 406 projects in 2007 or up some 13 per cent on year. The most sought-after services were for architectural and master-planning services, constituting more than half of the total...
Keppel Land has bought a 10 hectare site in Shenyang's Shenbei New District for about S$31 million. This parcel is located next to another site which Keppel bought in August 2007. The combined area of some 34 hectares will house an integrated township development, with a mix of mid- and high-rise apartment blocks. The new township is surrounded by residential, commercial, high technology industrial...