UNITED Engineers (UE) has bought two industrial buildings at Ang Mo Kio for about $25 million, as part of plans to grow its portfolio in build-to-suit properties. Motorola owned the two buildings - Motorola Innovation Centre and Motorola Excellence Centre. They will collectively be known as UE BizHub Central after the ownership change. The two complexes have a total gross floor area (GFA) of 378,426 sq...
developers
Construction firm United Engineers has acquired an industrial property in Ang Mo Kio for about S$25 million. The property to be renamed UE BizHub Central comprises two buildings. It has a seven-storey and a four-storey building linked by a skybridge with a total gross floor area of about 378,000 square feet. United Engineers plans to further modernise and expand the property's gross floor area to up to...
Main-board listed Roxy-Pacific Holdings and its partners have acquired the Marina House at Shenton Way for S$148 million. The deal was done through its wholly-owned subsidiary RL Properties, which has formed a consortium with four other companies, with an equal shareholdings of 20 per cent each. They include Macly Capital, Pinnacle Assets, Fission Holdings and Mr Chee Hsian Sing. Marina House, owned by...
Many caught by surprise by strong home sales; trend likely to continue this year Major developers, caught by surprise by strong home sales in the past year, are now faced with fast depleting landbanks. Research compiled by property firm DTZ shows that out of 16 major developers in Singapore, half had less than 1,000 residential units left in their landbank as of end-February this year. Another five...
CIMB Bank Bhd, Singapore, has given a revolving credit facility to Mapletree India China Fund Ltd (MIC Fund) for up to US$100 million over a period of three years. The MIC Fund, which is a dual-country total return fund focusing on property development in China and India, is managed by Mapletree Investments Pte Ltd. 'We have witnessed our deposits base grow exponentially since the launch of our retail...
CAPITALAND president and chief executive Liew Mun Leong said at a forum yesterday that there is no widespread asset bubble in China, because outside certain major cities, people's mortgage payments have not become unaffordable relative to their incomes. Mr Liew told students at the National University of Singapore Business School that there are 'speculative forces' in major cities like Beijing, Shanghai,...
China-based Debao Property Development has launched its initial public offering in hopes of raising about S$48 million. It is offering 138 million shares at S$0.43 each. Only 1.5 million shares have been set aside for the public, while the rest will be placed out. Debao said it plans to use the net proceeds to fund existing property development and buy new sites and investment properties. The offer...
CAPITALAND president and CEO Liew Mun Leong's total remuneration last year was $5.8 million, down 22 per cent from $7.42 million in 2008. This was despite his bonus rising 29 per cent to $3.83 million from $2.98 million. This bonus is largely from an economic value added (EVA) incentive plan. EVA measures the net operating profit after tax less cost of capital employed. According to CapitaLand's 2009...
Mainboard-listed property investment firm Japan Land has issued a profit warning, saying that it expects to post a financial loss for the nine months ended February 28. The company is set to announce its third-quarter unaudited financial results on April 14. Japan Land said that the losses stem from the company not registering project arrangement fees and project management fees for the current financial...
MR SIMON Cheong, president of the Real Estate Developers' Association of Singapore (Redas), raised government hackles this week when he questioned the need for government intervention to halt the rise of private home prices. He had asked if the state should be so concerned with the prices of private home prices, when the segment serves only 16.5 per cent of the population. The Government recently...