CULFORD Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million, said Credo Real Estate, which handled the sale. The amount falls along the higher end of the freehold property's asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950-$1,000 psf. Credo said that the site received four offers, all...
developers
THE private homes market remains buoyant, with more than 200 units sold at a new launch and the year's third collective sale site sealed. UOL Group said it has sold more than 200 units of Waterbank at Dakota in Dakota Crescent at a preview that started on Wednesday. Prices ranged from $1,000 per sq ft (psf) to $1,300 psf. With 616 units, it is the first project here without bay windows and planter...
CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng received 'above $7.5 million and up to $7.75 million' for the financial year ended Dec 31, 2009, unchanged from FY2008. CDL posted a net profit of $593 million last year, up 2.1 per cent from the preceding year. In FY2007 - when CDL posted record net earnings of $725 million - Mr Kwek's remuneration was 'above $7.75 million and up to $8...
Fragrance Properties has bought the Culford Garden estate at Siglap for S$39 million in a collective sale. The price translates to a land rate of about S$574 per square foot per plot ratio at a Gross Plot Ratio of 1.54. The 24-unit Culford Garden has a land area of 44,094 square feet and is zoned for residential development with an allowable height of up to five stories. Each owner could get an average...
It plans to launch more waterfront homes in S'pore KEPPEL Land is upbeat about the prospects for residential property in Singapore and other key markets it operates in, it says in its latest annual report. In 2009, the developer sold 384 homes in Singapore and about 3,100 overseas. Keppel Land now intends to push out more waterfront homes in Singapore. After Caribbean at Keppel Bay and Reflections at...
LIAN Beng Group yesterday posted a towering 52 per cent increase in nine-month net profit to $17.4 million, from $11.4 million a year earlier. Revenue for the nine months ended Feb 28, 2010, climbed 4.5 per cent from $230.1 million to $240.5 million. The company had earlier posted revenue of $157.6 million and net profit of $11.3 million for the six months ended Nov 30, 2009. Assuming no restatement of...
MORE projects are expected to be put up for collective sale this year as the property market continues to hot up. This should bode well for developers keen to beef up their land banks, but they are not rushing into the en bloc market just yet, experts say. 'The problem in the en bloc market is the gap between what sellers want and what developers are prepared to pay,' said Ms Chua Chor Hoon, DTZ's head...
FOUR property firms and an architect have joined hands to buy a prime office building in the Central Business District (CBD) and convert it into apartments. They paid $148 million for Marina House at 70 Shenton Way, according to a press release from one of the companies yesterday. Roxy-Pacific Holdings said it has formed a consortium with Macly Capital, Pinnacle Assets, Fission Holdings and architect...
UNITED Engineers (UE) has acquired an industrial property that it will use as its headquarters in Ang Mo Kio Street 64 for $25.18 million. It will be centralising most of its business operations - including its headquarters currently located in UE Square in the River Valley area - at the new property by the end of the year. The group will then rent out its prime headquarters space at UE Square, which...
ROXY-PACIFIC Holdings has taken a 20 per cent stake in the consortium started by Melvin Poh of Fission Group which recently signed a deal to buy Marina House at Shenton Way for $148 million. BT reported the sale of Marina House late last month. Besides Roxy-Pacific and Fission Holdings, the other three shareholders in the consortium are Macly Capital, Pinnacle Assets and Chee Hsian Sing. Mr Chee, an...