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...
Mr Li Ka Shing’s Cheung Kong Holdings, Asia’s second-largest developer by market value, said it is keen to invest in Hong Kong, China and Singapore as the region’s property market is undergoes a “small consolidation”. Prime offices and industrial parks offer investment opportunities because of economic “fundamentals” in the region, Cheung Kong’s Executive Director Justin Chiu said at a...
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...
Foreign developers are upbeat about Singapore's property market, and despite signs of a slowdown, they see opportunities for growth. Although the government may be releasing fewer sites for sale under the Confirmed List, one of the largest property developers in Hong Kong is viewing the latest government land sales list with great interest. Cheung Kong Holdings is interested in the white site at Jurong...
Frasers Centrepoint Trust has put in the top bid of nearly S$88 million for a residential site at Woodleigh Close. The price works out to S$270 per square foot per plot ratio. The next highest bid came from Hoi Hup Realty at about S$83 million. The lowest bid of S$74 million was put in by Sim Lian Land. The Urban Redevelopment Authority received six bids in total when the tender closed on Tuesday. The...
Mapletree Logistics Trust is planning to raise nearly S$607 million through a renounceable rights issue. It is issuing about 831 million rights units at 73 Singapore cents each, representing a 21.4 per cent discount to MapletreeLog's volume weighted average price on June 24. Unit holders will get three rights units for every four units held. The net proceeds will be used to finance or refinance 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...
Construction firm Lian Beng Group has won three new construction and civil engineering contracts worth a total of S$117 million. Two of the deals are for construction projects in the private residential sector. The first contract, worth some S$36 million, is awarded by Sing Holdings for the construction of Bellerive Condominium, a private residential development located at the junction of Keng Chin Road...
The 46,100 sq ft freehold site is situated in a well-established neighbourhood predominantly comprising mixed apartment developments and landed housing. It is in close proximity to the Kovan MRT station on the North-East Line, as well as the amenities of neighbourhood centres and shopping malls like Kovan Centre, Heartland Mall, Upper Serangoon Shopping Centre, and Serangoon Gardens. Numerous schools are...
The National Development Minister, Mah Bow Tan, said the government decided on a more measured approach in its latest land sales programme, taking into account the country’s medium to long-term needs. Speaking on the sidelines of a community event, he said the strategy is to ensure that there’s sufficient land set aside for development in the medium term, while at the same time, not forcing supply...