CapitaLand said on Monday it would spend about S$330 million to fully subscribe to its entitlement in Australian unit, AustraLand's rights issue. AustraLand had announced a 7 for 10 rights issue at an issue price of 40 Aussie cents or about 47 Singapore cents. This is a 20 per cent discount from the firm's last trading price of 50 Aussie cents a share. CapitaLand owns about 59 per cent of AustraLand and...
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CapitaLand has announced a management shake-up that sees some of its younger senior officers taking over leadership roles from July 1. Lim Ming Yan, currently CEO of CapitaLand China Holdings (CCH), will be appointed CEO of The Ascott Group. Jason Leow, currently deputy CEO of CCH, will take over as CEO. Ee Chee Hong, currently deputy CEO of CapitaLand Commercial, will be promoted to CEO. He has also...
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 It will involve replacing 192 old, outdated flats with over 240 new public and social housing apartments and 500 new inner city, residential homes.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...
Singapore-listed property developer CapitaLand has secured a S$5 billion credit line with two Chinese banks – Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC). It said the money will fund its future growth plans in China, including those in the residential, retail and financial services sectors. Liew Mun Leong, president and CEO of CapitaLand Group, said: "China is a core market...
CapitaLand's wholly-owned service residence business unit, Ascott, has opened its newest property in northern China. The property - called Somerset YouYi, Tianjin - is located in the heart of the downtown Hexi commercial district. The serviced apartment in Tianjin is the fifth property that Ascott has opened this year. Another eight will follow for the rest of this year, including three in...
CapitaLand has won the Cityscape Best Developer Award for its corporate social responsibility efforts. The project that clinched the award for the developer was its Muchuan Green Hope School in China's Sichuan Province. It was selected for showing outstanding social responsibility towards the community and the environment. Co-funded by the CapitaLand Hope Foundation and the local authorities in China,...
CapitaLand's newly released units at The Wharf Residences continued to see strong sales over the weekend, with another 24 units transacted. The developer had earlier sold 85 per cent of the 100 units launched on May 15. All in, CapitaLand said 134 units out of the 173 unit at The Wharf Residences have been sold. Apartments at the 999-year leasehold project are priced at between S$1,300 and S$1,600 per...
CapitaLand said yesterday it had released 100 units for sale at The Wharf Residence and sold 85 units. The average price is between $1,300 to $1,600 psf. This brings the total number of units sold to-date at the development to 110. Buyers will also enjoy stamp duty absorption and an interest absorption scheme. The Wharf Residence is a 999-year leasehold condominium located at Tong Watt Road, off Mohamed...
TIMING can decide whether the deferred payment scheme (DPS) helps or hurts private home developers, as shown by updates provided this week on two projects. On Friday, Keppel Land revealed that it had yet to receive full payment for about a-third of Suites @ Central, a 157-unit freehold condominium on Devonshire Road that obtained its Temporary Occupation Permit (TOP) earlier this year. In particular,...
Property developer CapitaLand has collected payment for 98 per cent of the 542 units of RiverGate apartments which have been sold since it obtained the Temporary Occupation Permit in March 2009. CapitaLand said the progress payments and deferred payment receivables for the sold units were securitised through special purpose vehicle Okeanos Investment Corporation. Okeanos issued US$477 million (S$731...