Serviced residence operator The Ascott has entered into a joint venture with Qatar Investment Authority (QIA) to set up a US$600 million (S$809 million) serviced residence fund. According to a press release by Ascott's parent company CapitaLand on Monday (Jul 13), the fund will have an initial focus on Asia Pacific and Europe regions for a term of 10 years with an investment period of three years....
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Local property group Perennial Real Estate Holdings is making a foray into healthcare for the first time through a joint venture (JV) in China which plans to acquire and develop hospitals. Perennial will be investing S$63 million for a 40 per cent stake in the JV while the remaining 60 per cent will be held by Guangdong Boai Medical Group Co, a subsidiary of China Boai Medical Group (BOAI), a...
OUE Commercial REIT on Wednesday (Jun 10) announced its plans to buy into One Raffles Place, in its maiden acquisition since its initial public offering in January last year. Under the deal, OUE Commercial REIT plans to buy a stake of between 75 per cent and 83.33 per cent in OUB Centre Limited, which owns One Raffles Place. OUB is the registered owner of the property and it owns 81.54 per cent of the...
The Republic has been ranked the top city in Asia in the Business of Cities study by global real estate firm JLL and The Business of Cities Group, a London-based intelligence and strategy firm. It analyses more than 200 globally-recognised studies of city performance worldwide, looking at data such as business and finance, economic growth, quality of life, and a city’s brand, reputation and influence...
Real estate development firm Mapletree Investments has reported a 7.5 per cent increase in revenue to S$1.6 billion for the year ended Mar 31 (FY14/15), it announced on Wednesday (May 20). Part of the increase was due to new income streams including its acquisitions during the year, higher contributions from its flagship development in Singapore - Mapletree Business City - and positive contributions...
Property developers may incur up to S$90 million in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238 million in 2016 if the health of Singapore's real estate market does not improve. This adds up to a staggering S$328 million that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016,...
The Singapore Exchange (SGX) has been relatively quiet this year, but the monotony may soon be broken: Real estate management firm LHN Group will launch an initial public offering on Apr 13 making it the first listing locally, this quarter. The company lodged its prospectus on Wednesday (Apr 1). LHN Group is in the business of making space more spacious. It secures master leases of properties, and...
Keppel Corp will extend the closing date of its offer to buy up the remaining shares of Keppel Land to March 26. The offer was due to expire on Thursday (Mar 12). As of Wednesday, Keppel Corp controls 80.8 per cent of the total number of issued shares. This is short of the 90 per cent level needed to take the property giant private. Earlier this year, Keppel Corp, the world's largest rig builder, offered...
Keppel Corp's offer to buy over the remaining shares of Keppel Land for up to S$3.2 billion has been described as "not fair but reasonable" by independent financial adviser KPMG Corporate Finance. KPMG Corporate Finance, which is advising Keppel Land's independent directors, said that while Keppel Corp's base and higher offer prices of S$4.38 and S$4.60 per share were made at substantial premiums to...
Real estate company CapitaLand Limited posted a Profit After Tax and Minority Interests (PATMI) of S$409.4 million for the fourth quarter of 2014, an 187 per cent increase over the same period in 2013, it announced in a news release on Tuesday (Feb 17). The group also posted a PATMI of S$1.16 billion for the 2014 financial year, which is a 38.2 per cent increase year-on-year. The group attributed the...