Singapore-listed Tuan Sing Holdings is close to winning the hand of Australia's Grand Hotel Group on its third proposal. This comes after Grand Hotel, which operates the Hyatt chain of hotels in Australia, accepted Tuan Sing's revised offer of A$1.40 a share. The sweetened deal is 7.6 percent higher than Tuan Sing's previous bid. The deal is made up of an increased cash offer of A$1.33 and special...
Overseas Property
Singapore Land has bought a residential site in China for 175 million renminbi (S$34.4 million). The site in Chengdu has a lease of 70 years and can be developed into high-end residential apartments. It spans 7,600 square metres and has a plot ratio of 7. SingLand says the acquisition and development of the site will be financed by internal funds and bank borrowings. It is not expected to have a...
Singapore's Banyan Tree Hotels and Resorts will manage a new resort in Bali, Indonesia. The Banyan Tree Ungasan Resort has just been launched by Indonesian developer, PT Surya Semesta Internusa Group.Perched upon a 70-metre cliff, the high-end 10-hectare US$30 million resort comprises 73 villas which are being offered for sale to prospective investors. 250 socialite guests, plucked from The Link Group's...
The Ascott Group has secured its second and third properties in Chennai and Bangalore in India. The acquisitions are part of the master development agreement signed with The Rattha Group in August.Under the agreement, the partners will acquire and develop seven serviced residences in India by 2010. Ascott will take a 40 percent equity stake in the two new properties with the remaining majority stake...
China's luxury hotel market is growing - thanks to increasing affluence in the country and an influx of high-end corporate travellers. And one company that is tapping into this market is Raffles Hotels and Resorts. Raffles recently launched its flagship property in China and is already planning for more such hotels. Raffles Hotels and Resorts has just refurbished a historic hotel in Beijing, turning it...
CapitaLand is seeing overwhelming response for the IPO of its CapitaRetail China Trust.The institutional tranche is 196 times subscribed.This is one of the highest subscription rates ever for a Singapore share sale. The units are being offered at S$1.13 each, at the top end of its indicative range. Some 29 million units have been set aside for retail investors. The public offer opens on...
CapitaLand China says it has bought the first prime commercial site in Chengdu City in China's Sichuan Province for S$174 million.The developer plans to build an integrated development on the site and name it Raffles City Chengdu. The complex will have an office tower with 78,000 square metres of Grade A office space. There will also be a retail mall spanning 83,000 square metres, and either a five-star...
A consortium led by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and Microsoft chairman Bill Gates bid to buy Canada's Four Seasons luxury hotels for US$3.7 billion, the company said on Monday. The offer of US$82 per share to take the company private is 28.4 percent higher than Four Seasons' closing price in New York on Friday, and about 33.1 percent higher than its average price over the past six...
Palm Jumeirah, a man-made island off Dubai, is bracing for the arrival of its first residents, even as questions remain about the environmental impact of the mega-projects under way in the Gulf city state."These projects are a positive thing for the country" since they have propelled Dubai to world fame, said environmentalist Ibrahim al-Zu'bi. But "they are introducing more people, so it's more pressure...
As a sign of the growing business ties between the United Arab Emirates (UAE) and Singapore, a S$150 million Singapore Tower is being built in Dubai. The project was unveiled by AKAR Properties on Friday. The UAE property developer is targeting the high-end office building not just at Singapore companies in the Middle-East, but also at other Asian businesses. When completed in 2008, the Singapore Tower...