CapitaLand has sold its remaining 39.1 per cent stake in Australia's Australand Property Group, raising around S$970.1 million. Singapore's largest developer said in a statement on Wednesday it placed out its remaining 226.2 million stapled securities of Australand at an average price of A$3.75 per stapled security. The price was a discount of 3.6 per cent to Australand's closing price on...
developers
Far East Organization has won the tender for a hotel site at Sentosa. The 60-year leasehold site at Artillery Avenue is situated on elevated ground and overlooks Palawan Beach. According to Sentosa Development Corporation, Far East will pay an upfront land premium of S$32 million. In addition, it will pay S$3.7 million annually, or 10 per cent of the total annual gross revenue, whichever is...
United Industrial Corporation (UIC) has made a formal offer to take mainboard-listed Singapore Land (SingLand) private. UIC announced last month that it wanted to buy over the remaining 19.64 per cent of shares in SingLand that it did not already own. The deal is valued at S$761.7 million. UIC is offering to pay S$9.40 for each SingLand share. It said that buying out minority shareholders will...
Ho Bee Land continued its diversification into the United Kingdom by purchasing an office building that once served as London's General Post Office. The Singapore developer will pay ￡171 million (S$362 million) for the freehold property known as 1 St Martin's Le Grand, it said in a statement on Friday. "The acquisition of 1 St Martin's Le Grand is our second major office acquisition in the city of...
Property developer Tuan Sing Holdings said it is seeing encouraging take-up from buyers for its Cluny Park Residence project. The high-end condominium was launched on Thursday. Located in the Bukit Timah district, the freehold development spreads across close to 49,000 square feet. Cluny Park Residence has 52 units and each unit has been priced from about S$2.3 million. So far, about 20 units...
The Building and Construction Authority (BCA) has said the output productivity for building projects in the construction industry has risen by 1 to 2 per cent in the last couple of years. But it believes more can be done and it hopes developers can adopt new technologies such as the Prefabricated, Pre-finished Volumetric Construction and Cross Laminated Timber (CLT) in their projects. Whether it is...
The majority shareholder of Singapore Land (SingLand) is offering to take the company private by buying the remaining 19.64 per cent of shares in a deal valued at S$761.7 million. SingLand is one of Singapore's largest landlords. Its properties include Singapore Land Tower and Clifford Centre in the heart of the central business district, SGX Centre which houses the Singapore Stock Exchange, and the...
The move by Wheelock Properties to take a write-down for a condominium project reflects difficulties faced by developers to sell residential units on land bought before the last set of cooling measures announced last year, property consultants said. Wheelock said on Monday that it was writing down S$110 million for The Panorama condominium project. Consultants said the developer had paid a...
SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop into the city’s tallest building. The A$42.3 million (S$48 million) deal is for a freehold low-rise commercial building in downtown Melbourne which has a total land area of about 2,625 square metres. In a statement on Wednesday, Aspial said the property has two active planning permits, of which one...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...