CapitaLand has sweetened its offer to buy out minority shareholders of shopping mall arm CapitaMalls Asia. CapitaLand, Southeast Asia's largest developer, said it will now pay S$2.35 per share, up from the previous offer of S$2.22 per share. The previous offer price was subsequently adjusted downwards to S$2.2025 per share to take into account a dividend payment. CapitaMalls shareholders who...
developers
Property developer City Developments expects the Singapore residential market to be cautious with moderated volumes and a lower rate of sales compared with the peak of the property cycle. However, it believes that well-located projects, especially those near to MRT stations which are competitively priced, should continue to attract reasonable buying interests. The company made these comments today...
Luxury property developer KOP is perhaps best known for its Hamilton Scotts condominium, where a unit sold for as much as S$24 million. It was also responsible for developing the Montigo resorts in Bali and Batam. But the firm is changing its strategy to focus on building mixed-use entertainment centres. Amid sluggish demand in the high-end property market, KOP said it is now seeing better...
Mapletree Investments and California-based Oakwood Worldwide have signed a multibillion-dollar deal to acquire and develop serviced apartments. Under the deal, Mapletree will acquire a 49 per cent stake in Oakwood Asia Pacific -- the United States firm's serviced apartment business in Asia -- for an undisclosed amount. The joint venture then aims to acquire and develop some US$4 billion (S$5 billion)...
Some are giving big discounts, while others are going on marketing blitzes -- property developers are pulling out all the stops to boost sales which have been hit by cooling measures. Statistics from the Urban Redevelopment Authority (URA) on Friday showed a 1.3 per cent decline in prices in the first quarter of this year. It is the largest drop since the second quarter of 2009, when prices fell by 4.7...
Property group CapitaLand has posted a first quarter net profit of S$182.8 million, down 1.7 per cent compared to a year ago. The lower profit was due to a S$58.7 million one-off gain recorded in the same quarter last year. Excluding the one-off gain, CapitaLand's operating net profit rose nearly 30 per cent to S$155.7 million from the first quarter of 2013. In a statement on Friday, CapitaLand...
United Industrial Corporation (UIC) and its concert partners have raised their stake in Singapore Land to 97.27 per cent at the close of its takeover offer on Friday. This means UIC can now take the mainboard-listed firm private. Under the regulations, UIC needs SingLand's public float to fall below 10 per cent before it can delist the company from the Singapore Exchange (SGX). In a late statement on...
United Industrial Corp (UIC) has crossed the 90 per cent shareholding level needed to de-list Singapore Land (SingLand) from the Singapore Exchange, according to a disclosure statement late on Wednesday. UIC, a property and investment firm whose major shareholders include Singapore banker Wee Cho Yaw and Philippine tycoon John Gokongwei, now controls 90.15 per cent of SingLand. SingLand's properties...
Southeast Asia's largest developer CapitaLand has announced plans to take its shopping arm private. CapitaLand is offering S$2.22 per share for all remaining shares in CapitaMalls Asia (CMA) that it does not already own, thus valuing the planned purchase at more than S$3 billion. CapitaLand said it wants to sharpen its competitive edge in the integrated development space where it sees opportunities,...
Southeast Asia's largest developer CapitaLand has bought a 60 per cent interest in two adjacent prime residential sites in the western Chinese city of Chengdu for 752 million yuan (about S$155 million), further strengthening its presence in the world's most populous country. CapitaLand plans to build around 4,600 apartment units on the sites to cater to first-time homebuyers and upgraders. Construction...