Singapore's second oldest listed company is partnering one of Asia's largest REIT managers to expand their property business. Conglomerate Straits Trading Company (STC) is acquiring a 20.1 per cent stake in ARA Asset Management (ARA) for S$294 million. Under the strategic alliance, STC will pay ARA Group CEO John Lim as well as Hong Kong-listed developer Cheung Kong Group S$294.37 million for the...
developers
Singapore-listed hotel and property group Overseas Union Enterprise (OUE) plans to include Shanghai's Lippo Plaza in the initial portfolio of its proposed OUE Commercial Trust. In a stock exchange filing late Wednesday night, the company says OUE Commercial Trust will buy the 36-storey Lippo Plaza in Shanghai from Hong Kong-listed Lippo China Resources. Earlier, OUE has said that its commercial REIT...
With major Singapore developers like CapitaLand and City Development warning that the Singapore's real estate market will face headwinds in the near term, many of Singapore's small and medium-sized developers are looking overseas for new growth frontiers. Developer TEE Land recently announced new developments in Malaysia, Thailand and New Zealand. It attributes 25 per cent of the company's revenue...
CapitaLand has saved S$35 million in utilities costs since 2009, according to the company's 2012 Global Sustainability Report. CapitaLand was one of the first companies in Singapore to voluntarily publish its sustainability reports. The 2012 report covers its group-wide property portfolio in more than 110 cities in over 20 countries. CapitaLand received a Level B+ rating from the independent Global...
The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Coronation Road to Athens Residential Development Pte. Ltd. The company submitted the highest bid in the tender for the site of S$366 million, about S$908.17 per square foot. Tender for the residential site was launched on 28 March 2013 and closed on 20 June 2013. The land parcel was offered for sale on a 99-year...
CapitaLand has acquired a 70-per cent stake in a mixed-use development in Shanghai for S$397.5 million. In a statement, the property firm said its wholly-owned business unit CapitaLand China bought a 70-per cent stake in Shanghai Guang Chuan Property Co Ltd, a unit of Shanghai Shentong Metro Assets Management (Shentong Assets). Shentong Assets is responsible for the development and asset management...
Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT). In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director. Mr Chong is the former CEO of The Ascott, the serviced apartment arm of...
Packed showflats and brisk sales -- Japanese developer Sekisui House said the hot demand for property in Singapore has helped to boost its revenue. It hopes to increase the revenue contribution from its overseas markets to 10 per cent in the short-term. It is currently developing projects in Singapore, China, the United States and Australia. Kenta Konishi, managing director of Sekisui House...
The Pines club on Stevens Road is expected to make way soon for a new 735-room hotel housed in two eight-storey blocks, as well as a couple of two-storey commercial buildings, people familiar with the matter told TODAY, following the sale of the property to “shoebox apartment king” Ching Chiat Kwong of Oxley Holdings for S$318 million. A four-storey clubhouse with a basement will replace the existing...
Luxury property developer Ho Bee Group is not ruling out launching a real estate investment trust (REIT) in the next two years. These are for its commercial properties, including its latest mixed development The Metropolis. Ho Bee's chairman Chua Thian Poh said this on Thursday on the sidelines of the ceremony to mark the completion of structural works for The Metropolis. Even before the two towers are...