Property giant CapitaLand posted a net profit of S$101.5 million for its first quarter performance ended March 31. This is more than tripled the restated S$29.8 million net profit from the same period one year ago. The group attributed the higher net profit to increased contributions from its Singapore, China and Australian projects. Some of its key projects include The Interlace and The Wharf in...
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CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower. The project cost is estimated to be about S$1.4 billion. In a joint statement, both companies said that based on this figure, the development is considered financially viable. The stabilised yield from the completed development is expected to exceed 6 per cent per...
Property developer CapitaLand says its wholly-owned subsidiary, CL Pinnacle, has acquired a 40 percent stake in Temasek Holdings' unit Surbana for S$360 million. CapitaLand says the purchase will complement and accelerate the growth of its value housing business initiative by leveraging on Surbana's expertise, particularly in large scale mass market residential developments. Last year, CapitaLand...
Chief Executive Officer of CapitaLand Liew Mun Leong received a total of S$6.76 million in remuneration last year, up from S$5.795 million in the previous year. His bonus for the year accounts for more than half of his pay packet, coming in at S$3.6 million. Mr Liew's salary for the year comes in at S$1.299 million, which includes the annual wage supplement and employer's CPF contributions. The...
A day after the Hong Leong Group put in a bid for a residential site in a consortium which included a Japanese partner, CapitaLand said yesterday that it will partner Mitsubishi Estate Asia (MEA), a wholly-owned subsidiary of Mitsubishi Estate (MEC), to jointly develop a 600-unit condominium in Bishan Central. With a track record of developing quality residential projects in Japan, MEC is one of Japan's...
A 99-year leasehold land site for condominium housing in Bishan attracted a record 19 bids at the close of its tender by the Housing and Development Board yesterday - the highest number of bids in 12 years. This is one bid higher than the Simei Street 3 tender in May last year. That site has since been developed into the My Manhattan by CEL Development. The highest bid for the Bishan site came from...
Singapore property developer CapitaLand said it is in China for the long run, despite a slew of cooling measures by the authorities to curb speculation in the Chinese property market. The measures have caused price increases to slow in recent months. Just last week, Beijing introduced a regulation which requires buyers not registered with the city to pay taxes for at least five years before buying their...
Property developer CapitaLand achieved net profit of S$1.27 billion for the full year ended December 31, a 21 per cent rise on-year. This marks the fifth consecutive year that CapitaLand has delivered net profit exceeding S$1 billion. The firm said the strong performance was due to contributions across the Group's businesses in the core markets of Singapore, China and Australia. It also came on the back...
CapitaLand China has entered into a sale and purchase agreement to acquire an additional 39.27 per cent stake in LFIE Holding from an unrelated party for S$125 million. Capitaland currently owns a 6.95 per cent stake in LFIE, a holding company for real-estate investments in China. The acquisition of shares is expected to be completed in the first quarter of this year. LFIE owns a 575 thousand square...
Real estate giant CapitaLand is exploring the idea of building more schools for underprivileged children in Asia. These are likely to be in India, Vietnam and other Southeast Asian nations. CapitaLand already has 15 such schools in China. The schools have dormitories for students, which save them the trouble of trekking long distances to classrooms in rural areas. The buildings also help to keep...