Property developer CapitaLand said it views the Vietnam market as being the second most important market for itself after Singapore. President and CEO Liew Mun Leong has likened the growth potential of Vietnam to Chinese cities like Shanghai and Guangzhou. To help the company expand in Vietnam, CapitaLand has formed a strategic partnership with another Vietnamese developer. Urbanisation in Vietnam is...
Capitaland
Property developer CapitaLand has gained control of 96.7 per cent of the Ascott Group. With this level of acceptance, CapitaLand can now compulsorily acquire the remaining shares of Ascott that it does not own. The move will allow CapitaLand to delist Ascott and take it private. But Ascott shareholders, who have yet to accept the offer, can still do so before the closing date of 11 March...
Southeast Asia's biggest property developer CapitaLand has reported record earnings for the fourth year in a row. Net income for 2007 came in at better than expected S$2.8 billion, almost three times higher compared to the previous year. The jump was due to robust growth in its key markets of Singapore, China and Australia as well as fair value gains on its portfolio. CapitaLand expects Singapore's...
Shares of Ascott Group are likely to be suspended, now that CapitaLand has gained control of 91.7 percent of the company. Under listing rules, the Singapore Exchange may suspend a stock when its free float falls below 10 percent. In a statement, CapitaLand says it will not appeal for the trading suspension to be lifted. The company has said that it intends to take the Ascott Group private. However, it...
Capitaland is suing the owners of four units of Gillman Heights condominium for breach of contract. It is also seeking unspecified damages. The owners, who belonged to a majority group, had agreed to sell their units in a collective sale agreement with CapitaLand in February last year. CapitaLand is paying S$548 million for the 607-unit estate and the deal has also received the approval of the Strata...
CapitaLand’s offer to buy the remaining shares of its 67-per-cent unit, The Ascott Group, at $1.73 apiece represents a decent exit price for minority owners of the luxury residences operator, according to CIMB, who said the price “is a fair valuation from a historical perspective, but attractive in the current environment of heightened risk aversion”. Stock markets worldwide have been rocked in...
CapitaLand is investing over S$1 billion in 15 malls across India through two joint ventures with Indian companies. The venture will be fully funded by the CapitaRetail India Development Fund, which is 45 per cent owned by CapitaLand. CapitaLand said it plans to duplicate its China strategy in India, which is to focus first on the gateway cities, including Mumbai, New Delhi and Bangalore, and then...
CapitaLand has sold its entire 50 percent stake in Chevron House for over S$366 million. When the deal is done, the property developer will book a gain of S$151 million on the investment. Chevron House is an office building in the banking and financial district of Raffles Place. It was formerly known as Caltex House. CapitaLand has been taking advantage of the buoyant office property market to divest...
CapitaLand has acquired the remaining 50 percent stake in Eureka Office Fund for S$590.6 million. The fund owns the commercial building known as 1 George Street and 163 strata-titled units in The Adelphi. It also owns a 20 percent interest in Temasek Tower. CapitaLand says the transaction is not expected to have any material impact on its net tangible assets or earnings per share for this financial...
CapitaLand has acquired Silver Tower on Orchard Road in a collective sale for S$161m. It plans to build a luxurious 20-storey condominium with 100 apartments on the freehold site.CapitaLand's purchase works out to S$1,107 per square foot per plot ratio.This includes an estimated development charge of S$16.5m. Silver Tower sits on a 57,200 square feet area with a gross plot ratio of 2.8. There are...