The Ascott has invested A$168 million to develop its first Citadines serviced residence in Melbourne. Comprising 380 units, the new Citadines Melbourne on Bourke will be the company's largest Citadines-branded serviced residence in its global network. The launch of Citadines Melbourne further reinforces Ascott's foothold in Australia. It currently has a total of 884 apartment units in eight properties...
Australia Property
Mainboard-listed conglomerate Fraser and Neave says one of its units has bought a piece of land in Sydney for S$97.8 million. The wholly-owned subsidiary, Frasers Centrepoint, acquired a 13.7 hectare site from the Royal Rehabilitation Centre Sydney. Besides building a 2.3-hectare open space for community use, the approved Concept Plan for the site allows for the development of homes. Almost 800...
US investment guru Jeremy Grantham has warned Australia is facing a "time bomb" housing bubble that will be set off by rising interest rates, a report said on Wednesday. Grantham, who correctly predicted the financial crisis a year before it hit, said Australian house prices needed to fall 42 percent to reach the long-term trend. "You cannot possibly miss it," he told The Australian newspaper. "The price...
Chip Eng Seng Corporation said on Monday its wholly-owned subsidiary, CES Corporation Australia, has jointly acquired a land parcel in Perth. The construction and property group said the latest acquisition will be placed under its new joint venture company called 242 West Coast Highway Scarborough. The joint venture company acquired the land parcel located in Scarborough, Western Australia for A$20...
Sydney real-estate agent Poh Ling Ee remembers the young couple who came to her hoping she could help them buy their first home for a reasonable price. But with a buying frenzy making Australian homes among the world's least affordable, Ms Poh said her advice was to take the next home they liked and not quibble too much about the cost. "You just pay whatever you have to pay to get it before auction," she...
CapitaLand's Australian unit, AustraLand, has bought a 1.8 hectare fully serviced land parcel at the Northshore Hamilton site, fronting the Brisbane River in Queensland, Australia. The purchase price will be a combination of an upfront payment of US$11.1 million and a share of revenues through the life of the project. The acquisition price is conditional upon various approvals which are expected to be...
CHIP Eng Seng Corporation has extended its footprint overseas with the purchase of a A$20.2 million (S$25.8 million) site in Melbourne. The deal is considerable when it is seen against the property and construction firm's net profit of $75.3 million for FY2009. The land parcel is located at Mackenzie Street, in the eastern part of Melbourne's central business district, and spans around 20,000 sq ft. Chip...
CapitaLand's Australian unit, Australand, said on Tuesday that it made a net loss of A$298.2 million. It said the accounting loss was due to revaluation losses on investment properties amounting to A$249.4 million. Moreover, it incurred the impairment of development and joint venture assets amounting to A$148.4 million, on top of a non-recurring finance cost of A$20.7 million. But Australand said it...
Mainboard-listed Australand says it expects the value of its investment property portfolio to drop by 235 million Aussie dollars for the six-month period ended June. This is about 10 per cent lower compared to what the portfolio was worth at the end of last year. The company, which is also listed in Australia, says it has also undertaken a review of its residential, commercial and industrial development...
Developer CapitaLand's unit Australand said it has teamed up with St Hilliers to undertake a A$300 million public housing redevelopment project in Victoria, Australia. The project spans 7.5 hectares across three sites in Carlton, Victoria. It will involve replacing 192 old, outdated flats with over 240 new public and social housing apartments and 500 new inner city, residential homes. Construction of...