CapitaLand has acquired a prime 30-acre site to build its first IT park and a grade-A office complex in India. The deal was done through its 49 percent-owned associate LOMA IT Park Developers. The site was purchased at a price of S$79 million from Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India. It is located in the Trans Thana Creek industrial...
Capitaland
Property developer CapitaLand is joining hands with Mubadala Development to invest in the property sector in Abu Dhabi. The two partners have launched a joint venture company called Capitala. They are pumping in US$300 million into the joint venture. Mubadala Development will hold a 51 percent stake, with CapitaLand holding the remaining 49 percent. Capitala will develop mainly residential properties in...
Property developers CapitaLand and Hotel Properties Limited (HPL) have secured financing facilities worth nearly S$2 billion for their collective purchase of Farrer Court estate in prime district 10. CapitaLand and HPL, along with their partners, had bought Farrer Court for S$1.34 billion last June. The financing facilities will be used to refinance the acquisition costs of the purchase, as well as to...
CapitaLand has signed a deal with its Vietnamese partner Thien Duc to build about 1,400 homes in the prime District 2 of Ho Chi Minh City. The contract for the 6.7 hectare site includes commercial and retail space. The development, which is within a popular residential area, will have an estimated total project value of S$690 million. CapitaLand will take a 60 percent stake in the proposed joint venture,...
CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion. This translates to S$2,600 per square foot of net lettable area. CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum. This means a net property yield of 4.25% per annum on the purchase price for five years until...
Increasing presence in emerging markets makes CapitaLand a good bet for investors. With Singapore’s property market cooling, analysts are looking at developers which have bought substantially into other promising places. To many, CapitaLand could be a good bet for investors. Analysts say the company’s diversified business portfolio and increasing presence in emerging markets, including Vietnam and...
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...
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...