Singapore developer CapitaLand announced Monday that it will raise S$1.84b through a rights issue. It says eligible shareholders will be entitled to subscribe for one new ordinary share for every two existing ordinary shares held as at the book closure date of 23 February, at S$1.30 per rights share. The company said the rights issue is a strategic initiative that is consistent with its policy of...
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Property developer CapitaLand has said it will give back S$41.5 million in rental rebates to existing retail, commercial and industrial tenants. This will effectively mean a 4 per cent reduction in rentals on average. The developer is passing on the savings it received from the government's Budget announcement last week. Finance Minister Tharman Shanmugaratnam had said the government is giving a 40 per...
CAPITALAND is considering a rights issue to raise about $1.5 billion, by offering one new rights share for every four existing shares at $2.20 each, people familiar with the situation said on Friday. "The consideration is for the capitalincrease to take place around mid-February, but there is no firm decision," one person said. The Singapore-listed developer revealed on Friday that it had received...
Real estate giant CapitaLand saved some S$1.5 million last year by reducing its electricity and water consumption. The green efforts were carried out across 23 properties such as its retail malls and office buildings. The amount of electricity saved can power about 13,000 five-room HDB flats for one month, while the amount of water saved can fill 24 Olympic-sized swimming pools. Last year, CapitaLand...
Property developer CapitaLand has appointed Peter Seah as its new deputy chairman from January 2009. Mr Seah has been a non-executive director with CapitaLand since 2001. He is also appointed to chair the company board's finance and budget committee. Mr Seah takes over from the incumbent Hsuan Owyang, who has been with the company since its inception, following the merger of Pidemco Land and DBS Land....
Serviced apartment operator Ascott Group, a wholly owned subsidiary of CapitaLand, has secured a contract to manage its first Citadines serviced residences in Jakarta. Citadines Jakarta, located in the central business district of Menteng, will have 120 residence units and is scheduled to open in the second half of 2010. The group said there are plans to add another 100 units in the future. Citadines is...
Singapore-listed property counters have been massively sold down in recent weeks. They are underperforming the benchmark STI, with losses of about 61 per cent year-to-date. With the outlook for the sector still cloudy, analysts say they would prefer to remain cautious on these property stocks for the year ahead. Weak new home sales in Singapore have translated into soft earnings, a poor outlook, and...
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum...
SPECULATION that Singapore multinational property company CapitaLand could be part of a rescue effort for the Marina Bay Sands integrated resort project is being downplayed by the developer. A company statement yesterday clarified that “no discussion has transpired between itself and Sands”. CapitaLand nevertheless stated that it is currently monitoring and studying any opportunities arising from...
Property developer CapitaLand said it has not held any talks with Las Vegas Sands over the integrated resort at Marina Bay. The comment follows market talk that CapitaLand may step in to take a stake in the resort, given financial difficulties at Sands. In its statement, CapitaLand said it is watching the current global environment and studying opportunities related to distressed companies or assets in...