Iskandar Malaysia was launched in November 2006 with the aim of developing the southern Johor region into a strong and sustainable metropolis of international standing. With a total area of 2,217 sq km, the region will have five flagship zones including the Johor Baru City Centre, Nusajaya and Senai-Skudai, and will incorporate work, live and play elements. A number of key projects have been planned to...
business
The cash offer by property tycoon Simon Cheong to take his flagship company SC Global Developments private is "fair and reasonable". That is the view of the independent directors of the luxury property development firm after taking into account recommendations from an independent financial advisor (IFA). In a company circular to shareholders on Wednesday, the independent directors recommended that...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential at Alexandra View to Singland Homes Pte. Ltd. The company submitted the highest bid in the tender for the site at S$970 per square foot per plot ratio (psf ppr). This works out to S$332.68 million for a total site area of about 6,501 square metres. Property analysts are estimating the breakeven price to fall between...
With investors desperate for yield in a prolonged low-rate environment, shares of trusts have surged in Singapore and elsewhere in Asia. But that enthusiasm has been largely focused on real estate investment trusts (REITs) and has not been reflected in demand for business trusts. In Singapore, 90 per cent of the assets in a REIT must be fully developed and already drawing income. Business trusts,...
Property developer Far East Orchard (FEOrchard) signed a memorandum of understanding with Australia-based hotel operator Toga Pty (Toga Group) on Wednesday which will explore the setting up of a proposed joint venture. Under the agreement, the proposed joint venture will serve as a hotel management and ownership platform in Australia. Plans are also in the pipeline for the proposed joint venture to...
DBS Group on Monday announced plans to acquire a stake in Marina Bay Financial Centre Tower 3 (MBFC), where the bank's headquarters is located. In a filing with the Singapore Exchange, the bank said it will pay S$1.035 billion for a 30 per cent share in Central Boulevard Development Pte Ltd - a joint venture of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd. DBS also has an option to take up...
As more wealthy Singaporeans and other Asians seek to buy property in prime overseas locations such as London, whether for investment or residence, their private bankers are only too happy to help. The wealth management divisions of banks are reporting brisk business in setting up short-term revolving loans for property purchases. The term is usually five years, renewable annually after that, and the...
The Government of Singapore Investment Corp (GIC) is set to acquire a group of resorts owned by hedge fund Paulson & Co for the sum of US$1.5 billion (S$1.8 billion) after no competing bidders emerged for the bankrupt properties. An auction for the properties was cancelled after no other bids were received, leaving GIC as the successful bidder, according to a filing yesterday in the United States...
The Republic is no longer the region's top destination for real estate investment and development opportunities, according to a report co-published by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI). In the report, called Emerging Trends in Real Estate Asia Pacific 2013, the Republic fell to third place in the rankings, losing the top place it held for the last two years to Jakarta. "The...
Property tycoon Simon Cheong is taking his flagship company SC Global Developments private and has made a cash offer of S$1.80 a share. The offer price values the luxury property developer, SC Global, at approximately S$745 million. It is also at a 49.4 percent premium to its last traded price of $1.205 on November 30. Mr Cheong currently holds a 55.06 percent stake in SC Global and plans to de-list the...