Singaporeans may baulk at the record prices that luxury developments are fetching today, but a London-based businessman has shown that the well-heeled are willing to shell out good money for a top acquisition. The unidentified man has just signed a contract for a US$56 million ($85.6 million), 9,200-square-foot triplex penthouse in New York’s Plaza Hotel. That equates to around US$6,087 per square...
Overseas Property
The Indian government is seeking to attract foreign investment into its booming property sector. According to some estimates, investment in the sector can reach as much as US$300 billion, over the next five years. Ascendas, CapitaLand, Jurong Town Corporation and Sembawang Corporation are some of the big Singapore companies expanding rapidly in the red-hot Indian property market. According to members...
GuocoLand is growing its presence in China. The developer has signed a conditional agreement to acquire a parcel of land in the city of Tianjin for US$52.5 million. Under the deal, GuocoLand will acquire Tianjin Zhong Xin Ming Shi Real Estate - which in turn owns a 26,000 square metre parcel of land in Tianjin. The land is designated for residential and office development and has a saleable area of...
Ascott Group is teaming up with Mitsubishi Estate to buy a prime site in Tokyo's Shinjuku district. Ascott will hold a 40 percent stake in a joint venture company to be set up to develop the site, while Mitsubishi will hold the remaining 60 percent stake. The partners plan to demolish an existing office building on the site. After which, they will build a 160-unit serviced residence to be named...
Having lost out twice on building the integrated resorts in Singapore, property developer CapitaLand is setting its sights on a similar resort in China. And it says it may use the rejected proposals for Marina Bay and Sentosa on its Chinese concept. But this will still need the green light from Chinese authorities. While CapitaLand is keen to grow its integrated leisure, entertainment and conventions...
Singapore-based company Surbana Consultants has broken ground on a US$214m (S$331m) mixed development in Abu Dhabi. It is the first of 4 such projects the company is undertaking in the emirate, and is a sign of the growing interest in the largest and wealthiest emirate in the United Arab Emirates. Singapore companies have traditionally been active in nearby Dubai, using it as a hub for the Middle...
One day after announcing it has taken a 20 percent stake in a Macau casino project, CapitaLand says it is exploring further opportunities in the leisure and entertainment sector. The Singapore developer is eyeing projects in China, India, Japan and Vietnam and may set up a real estate investment trust based on these projects. The comment came from President and CEO Liew Mun Leong during Wednesday's...
Singapore property developer CapitaLand Ltd said its joint venture in China bought a residential site in the city of Chengdu in Sichuan province for 251.9 million yuan (US$32.2 million). Capitaland said in a statement on Tuesday that the joint venture - Sichuan CapitaLand Zhixin - acquired the site through a government land tender. Located in Wenjiang District, the site is set amidst a scenic ecological...
Property developer CapitaLand is looking to expand in a big way in the Middle-East. It has set its sights on large scale projects – similar to one that was recently launched by the company. 'Raffles City Bahrain' is a US$800 million property and retail development in Manama, the capital city of Bahrain and it is just a first step for CapitaLand in its expansion plans for the Middle-East. The Bahrain...
CapitaLand's unit in Australia, AustraLand, is selling a portfolio of 11 industrial facilities for A$150.5 million, or S$175 million. The portfolio consists of six properties in Melbourne, three in Adelaide and two in Brisbane. All the properties are located on airport leasehold land and have all been developed by Australand within the last four years. The properties are fully leased with an average...