Developer CapitaLand has announced that its wholly owned subsidiary, Ascott Investment Ltd, has sold Ascott Beijing to Splendid Wealth Group, a wholly-owned subsidiary of the Ascott Serviced Residence (China) Fund, for S$205.8 million. The property comprises 310 apartment units and is located within Beijing’s prime district. CapitaLand has a 36.1 percent stake in the fund, which is a private equity...
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CapitaLand, the manager of a mixed-development project in the Ophir-Rochor area, is considering the possibility of purchasing some components of the project. “We are in the midst of discussing with both Khazanah and Temasek arising from this involvement by us what our take-away (can potentially be). Do we have the right to purchase some of the buildings, the call option for some of those things? It’s...
There is a possibility of a glut of new office space in the near future, and this will put pressure on rental reversion. However, this has not stopped Japan's Mitsubishi Estate Asia (MEA) from acquiring a 10 per cent stake in the redevelopment of Market Street Car Park. Together with CapitaLand and CapitaCommercial Trust (CCT), the Japanese real estate company will transform the car park into a Grade A...
Property group CapitaLand on Wednesday said that it has formed a subsidiary, Storhub Songjiang (Shanghai) Co., Ltd, incorporated in the People's Republic of China, as part of its ongoing business development. The principal activity of the subsidiary is property holding and its registered capital is about S$9.36 million. StorHub Songjiang (Shanghai) Co., is a wholly-owned subsidiary of StorHub Holding...
Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion. The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose. Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent...
CapitaLand yesterday said it had appointed Morgan Stanley co-head of South-east Asian investment banking Arthur Lang as its new chief financial officer. Mr Lang will commence his new role by mid-September and will replace current CFO Oliver Lim, who has been appointed head of strategic corporate development with the property group. "We are always rotating our top business talents to different business...
Mainboard-listed CapitaLand has sold its entire 20 per cent interest in the Macao Studio City project for a cash consideration of HK$658.7 million (S$104.5 million). CapitaLand's stake in the casino project is through its one-third ownership of East Asia Satellite Television. It is selling its stake to its joint venture partner, eSun Holdings, which owns the other two-thirds of East Asia Satellite...
The Urban Redevelopment Authority (URA) has accepted a joint tender for the Jurong Gateway site at a tender price of nearly S$969 million from CapitaMall Trust, CapitaMalls Asia and CapitaLand. The 99-year leasehold site is likely to be developed into a mixed retail and office space. It has a land area of approximately 18,159 square metres, with a maximum permissible total gross floor area of 88,980...
CapitaValue Homes, a wholly-owned subsidiary of CapitaLand Group, has signed a joint venture agreement with Vietnamese property developers Khang Dien Sai Gon Real Estate to build 975 value homes on a 29,000 square metre site in Ho Chi Minh City, Vietnam. The total project cost is estimated to be US$70 million or S$88 million and will developed by a joint venture company set up by both CapitaValue Homes...
CapitaLand said it has appointed Mr Lim Ming Yan as its chief operating officer. Mr Lim will report to the president and CEO of CapitaLand Liew Mun Leong. CapitaLand said Mr Lim will be leading several key projects including special major projects. He will also drive the group's talent management programmes to build a talent pipeline that supports its growth strategy. At the same time, Mr Lim will...