Neptune Orient Lines has sold its head office, the NOL Building at 456 Alexandra Road, to the Fragrance Group for S$380 million. It is the largest sale of a decentralised single commercial asset in Singapore this year, said Jones Lang LaSalle which brokered the sale to Fragrance Regal Pte Ltd. NOL said in a statement to Singapore Exchange the divestment will enable it to "release capital for strategic...
business
Singapore’s real estate agency industry is set to become more competitive with the announcement that Colin Tan, widely considered Singapore’s top real estate sales trainer, will soon launch his own agency. Called District 65, the firm will comprise a team of highly trained sales agents who will undergo the ColinTan Training & Consultancy (CTTC) “Becoming a Million Dollar Realtor”...
Property group CapitaLand has set up a housing private equity fund that will invest in value housing developments in China. The company said in a statement that the CapitaLand China Value Housing Fund (CCVHF) was successfully closed at US$215 million (S$264 million). CapitaLand's wholly-owned unit, CapitaValue Homes, has a 58.6 per cent stake in the fund, totalling up to S$155 million. Meanwhile, other...
Soon-to-be listed Dynasty REIT says it expects to benefit from the granting this month of Singapore banking licences to two Chinese lenders. Dynasty is Singapore's first real estate investment trust to be denominated in the Chinese currency (CNY). It is set to go public next Tuesday in what may be the country's biggest IPO this year. Dynasty REIT aims to raise between S$981.3 million and S$1 billion...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at New Upper Changi Road to Sherwood Development Pte Ltd, a unit of Keppel Land. The company submitted the highest bid in the tender at about S$434.5 million for the 3.18-hectare site. Experts said the breakeven cost is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be...
Dynasty Real Estate Investment Trust (REIT) opens its yuan-denominated initial public offering today in Singapore's first flotation to be sold in the Chinese currency, seeking to raise up to 5.4 billion yuan or S$1 billion in what is set to be the largest new share sale here this year. Units in the trust, backed by Hong Kong billionaire Li Ka-shing and sponsored by ARA Asset Management, will be tradeable...
Far East Hospitality will be unveiling two new hotels in Singapore come 2013. This is part of its plans to double its property portfolio in the next five years. The hospitality operator currently manages eight hotels and nine serviced residences in Singapore. It also oversees the Sri Tiara residences in Kuala Lumpur, Malaysia. East Village Hotel in the Katong district and The Amoy Hotel at Far East...
Mapletree Logistics Trust (MLT) saw a 1.2 per cent on-year increase in its distribution per unit (DPU) in the second quarter of its financial year. Its DPU for the three months ended 30 September 2012 came in at 1.71 cents, up from the 1.69 cents announced in the same period a year ago. Amount distributable to unitholders during this period rose by 1.2 per cent on-year to S$41.4 million. Gross revenue...
CapitaLand, through its subsidiary CapitaValue Homes Limited, has acquired its second residential site in Pudong, Shanghai for RMB166.29 million (approximately S$33.26 million). The 36,920 sq m land parcel will be developed into some 700 value homes and offer 15,000 sq m of commercial space. Located in the town of Wanxiang in Lingang New City, the site was purchased through a government tender by...
National Development Minister Khaw Boon Wan said recent sales numbers do not suggest a speculative element in Housing and Development Board (HDB) shops, and it will not be tenable for HDB to impose new restrictions like stricter citizenship eligibility. In a written parliamentary reply to MP Ong Teng Koon, Mr Khaw said Singaporeans and Singaporean-owned companies own about 95 per cent of the sold shops,...