Holland Crest up for enbloc sale

Holland Crest - a prime-district residential condominium on Holland Hill - is up for enbloc sale. The 42 owners are hoping to get at least S$67.5 million for the 52,000 square feet freehold site. This will work out to a land value of S$800 per square foot per plot ratio. The land is zoned for residential use and has a plot ratio of 1.6. The successful developer will be able to build about 66 units,...

URA launches residential site at Handy Road for public tender

The Urban Redevelopment Authority has launched the tender for the site at Handy Road. The site is for sale on the Confirmed List under the Government Land Sales Programme for the first half of this year. The land parcel, measuring about 0.36 hectares, is located next to the Dhoby Ghaut Interchange Station near Plaza Singapura and The Atrium @ Orchard. It is expected to generate a maximum permissible...

CDL Hospitality Trusts reports S$20.3m distributable income

CDL Hospitality Trusts has reported a distributable income of S$20.3 million for the period of June 12 to the end of December. This works out to a distribution per unit of 2.89 cents - almost 22 percent higher than forecast in its IPO prospectus. The results are helped by strong growth in visitor numbers from key markets and rising hotel rates in Singapore. Apart from a better-than-expected...

Credit Suisse gets loan to buy Lippo Centre: Sources

Credit Suisse Group borrowed $226.5 million to buy Lippo Centre, an office building in the central business district, according to two people with direct knowledge of the deal. Arranger Calyon is inviting other banks to join the three-year loan, said the people, who declined to be identified before a public announcement. A Credit Suisse spokesman declined to comment. Credit Suisse bought the building...

Ascott Group teaming up with Mitsubishi Estate to acquire prime Tokyo site

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...

Singapore’s waterways to receive makeover

Singapore’s drains, canals and reservoirs will undergo transformations into more user-friendly streams, rivers and lakes by 2009, according to national water agency PUB. The public can get a peek into the long-term plans at an exhibition next week. The Active, Beautiful, Clean (ABC) Waters programme is intended to bring people closer to water through improved waterfronts and recreation areas as well...

Fortune REIT reports 28% rise in full-year distributable income

Fortune REIT has reported a 28 percent jump in full-year distributable income to nearly HK$277 million or S$53 million. This was driven by a high occupancy rate of 95 percent and strong rental reversions. But the distributable income for the six months to December alone was almost flat at HK$135 million or S$26 million. Distribution per unit for 2006 will be slightly over 34 HK cents. Fortune REIT...

6 sites released under Government Industrial Land Sales Programme

The Ministry of Trade and Industry on Tuesday released six sites under the Government Industrial Land Sales Programme to meet continued demand for industrial land for the first half of this year. Of the six, two sites zoned for business use totalling 3.3 hectares are on the Confirmed List. They are at Tampines Street 92 and Kaki Bukit Road 3. Details for the Tampines site are expected to be released...

Suntec REIT reports 21% improvement in Q1 distributable income

Suntec Real Estate Investment Trust has reported a 21 percent gain in its distribution income for the first quarter. This amounted to S$27 million or some 2 cents per unit. Property income was also 21 percent higher at S$35 million. This was due to the partial revenue recognition from Park Mall and Chjimes as well as organic growth from its office and retail portfolios. Park Mall was acquired in...

CapitaLand unit sees segmentation in high-end property market

Developer CapitaLand Residential sees a new trend emerging in the high-end property market in Singapore. The real estate development arm of property giant CapitaLand says two tiers are emerging within the high-end segment - the super-luxury end and the high-end, each with a distinctly different group of buyers. CapitaLand Residential says Singapore's property market is booming, especially in the high-end...

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