The mega eco-city project in Tianjin, which is jointly planned by China and Singapore, will be completed in 10 to 15 years. But a glimpse of the whole city can be seen in as early as three years when a start-up area is completed, according to National Development Minister Mah Bow Tan, who is leading the Singapore team in the project. This urban development will not take place at the expense of the...
Overseas Property
Singapore investors have been snapping up the properties within the Iskandar Development Region (IDR) in the Malaysian state of Johor, according to Malaysian property firm UEM Land. UEM said Singapore investors have so far accounted for 95% of the industrial properties sold on the 24,000-acre plot of land in Nusajaya. The developer said the majority of industrial property interest has come from small and...
CapitaLand has signed a deal with its Vietnamese partner Thien Duc to build about 1,400 homes in the prime District 2 of Ho Chi Minh City. The contract for the 6.7 hectare site includes commercial and retail space. The development, which is within a popular residential area, will have an estimated total project value of S$690 million. CapitaLand will take a 60 percent stake in the proposed joint venture,...
Mainboard-listed CentraLand is buying a 25,460-square metre site in China for 200 million renminbi (S$39 million). The site in Zhengzhou, the capital of the Henan province, will be redeveloped into a new mixed-commercial building, comprising retail and office space. There will be about 16,000 square metres of commercial retail space and approximately 94,000 square metres of office space. The parcel is...
Property developer CapitaLand said it views the Vietnam market as being the second most important market for itself after Singapore. President and CEO Liew Mun Leong has likened the growth potential of Vietnam to Chinese cities like Shanghai and Guangzhou. To help the company expand in Vietnam, CapitaLand has formed a strategic partnership with another Vietnamese developer. Urbanisation in Vietnam is...
Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...
Keppel Land, one of the largest property developers in Vietnam, has unveiled concept plans for Phase Two of its Saigon Centre in Ho Chi Minh City. This was presented to President S R Nathan and Vietnam's Deputy Prime Minister Hoang Trung Hai in Hanoi on Tuesday. In the new phase, Keppel Land is going for an 88-storey mixed development which will house residential, retail and office space, and will also...
GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million. The seller, Citycon, will continue to own the remaining 60 per cent of the mall. Citycon will also continue to manage the shopping centre in Helsinki. Iso Omena has a total lettable area of over 61,000 square metres. Both Citycon and GIC RE have...
GIC Real Estate has teamed up with ING Real Estate to acquire the new Roma Est Shopping Centre in Italy. The partners will pay Italian food-retailing leader Gruppo 400 million euros (S$832 million) for the deal. ING Real Estate and GIC Real Estate will have equal stakes in the property. Roma Est Shopping Centre comprises about 93,000 square metres of gross lettable area. It is made up of a mall of 208...
THE Government of Singapore Investment Corporation (GIC) will buy the Westin Tokyo luxury hotel (picture) for 77 billion yen ($1 billion) from Morgan Stanley, the Nikkei business daily reported yesterday. The parties plan to complete the deal by the end of the month, having agreed on a basic outline on the purchase of the land and the building located in Tokyo’s prime Ebisu district, the newspaper...