The head of CapitaLand Group says second-tier cities in China hold a great deal of potential for property development. Chief executive Liew Mun Leong told Channel NewsAsia he is on the lookout for value properties in China to grow the Singapore-based company, despite Chinese government measures to cool investment. He pointed to a 30 percent growth last year in tenant sales in second-tier Chinese cities...
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A consortium led by CapitaLand is pumping in 21 billion yuan (S$4.3 billion) into developing a prime site in Chongqing, China. It has signed a cooperation agreement with the Chongqing government. Under the deal, the CapitaLand-led consortium will develop the site in the heart of Chongqing's Yuzhong District into a landmark mixed development. The development, located on a prime site in Chaotianmen, will...
A property consortium led by CapitaLand, CapitaMalls Asia and Temasek unit Singbridge Holdings has won the tender for a mixed development site in Chongqing, China. CapitaLand said it hopes to develop the property like ION Orchard, Raffles City or Clarke Quay. The Chao Tian Men site will be developed into a shopping mall and will also have eight towers. The towers will have a hotel, residential units,...
Singapore property developer CapitaLand reported an 83 per cent drop in its third quarter net profit to S$80.2 million. That is down from a restated S$460.1 million in the same period last year. Revenue for the quarter also fell 58 per cent to S$608.6 million from a restated S$1.44 billion a year ago. CapitaLand said the decrease in revenue was primarily due to the exceptionally strong revenue a year ago...
The head of CapitaLand's residential unit said government cooling measures will not slow underlying demand for residential property in Singapore. Wong Heang Fine, CEO of CapitaLand Residential Singapore, said prices are likely to keep rising this year, although the pace of increase may moderate. He said continuing low interest rates and high liquidity will support demand. Chong Lit Cheong, CEO of...
CapitaLand has announced it has acquired an additional 50 per cent interest in Innov Tower, Shanghai, for approximately S$56 million. CapitaLand said it exercised its right of first refusal to acquire from CITIC Trust Co Ltd, its 50 per cent interest in Caike Property (Shanghai) Co Ltd in which CapitaLand has an existing 50 per cent interest. Innov Tower is the sole asset of Caike, a company incorporated...
CapitaLand has acquired a residential site in Hangzhou for S$213.27 million (RMB1,113.98 million) in government land tender. This translates to about S$2,662.35 per square metre per plot ratio. The 32,040-square-metre residential site is located in Hangzhou's Gongshu District and has an approved gross floor area of 80,105 square metres. CapitaLand said it plans to build an estimated 700 units of mid- to...
Singapore property developer CapitaLand has increased its stake in Raffles City Shenzhen site by 14.7 per cent for S$99.3 million. The move is part of the firm's move to strengthen its presence in China, a stock exchange filing said. The deal was completed via a wholly-owned subsidiary, CapitaLand LF (Cayman) Holdings. The shares were purchased from CapitaLand AIF Limited and Gainfield Holdings, which...
CapitaLand said its second quarter net profit rose 17.4 per cent to S$399 million. That's up from a re-stated S$339.7 million profit in the same period a year ago. CapitaLand, which is southeast Asia's biggest developer, attributed the gain to higher development income in Singapore, fair value gains, and the sale of a residential site in China. Revenue climbed 25 per cent to S$740.4 million. CapitaLand...
Renowned architect Moshe Safdie has been appointed by CapitaLand Residential Singapore as the lead designer for its condominium at Bishan Central. For the approximately 540-units development, Moshe Safdie has introduced a strong and distinctive stepping form that provides for private garden spaces for a large number of the units. There will be two 38-storey towers linked by three bridging "sky gardens",...