Property developer Keppel Land said on Friday that it is issuing some 8.7 million new shares, following its offer to delist its subsidiary, Evergro Properties. The shares will be listed with effect from Monday, October 5. Following the issue of the new shares, Keppel Land will have some 1.4 billion shares in float. This means the new shares account for about 0.6 per cent of the total shares. Under the...
developers
CapitaLand said on Tuesday that its related entities have embarked on an asset swap arrangement to take full ownership of 22 retail malls in China. The firm said its sponsored funds, CapitaRetail China Development Funds, agreed to an asset swap arrangement with SZITIC Commercial Property (SCP). Under the deal, the development funds will swap their 65 per cent equity stakes in 4 projects and 50 per cent...
Wee Hur Holdings said it plans to buy a 70 per cent stake in the Villas@Gilstead development for S$9 million. It said the proposed acquisition is in line with its growth strategy to diversify into the property development business. Villas@Gilstead is a residential property project at Gilstead Road, near Novena MRT station. It is a strata housing development comprising 10 semi-detached houses, 6 terrace...
Singapore developer Ho Bee said on Friday its unit has formed a joint venture company with China-based developer Yanlord Land. The newly formed subsidiary called HB Investments (China) is 80 per cent owned by Ho Bee and 20 per cent owned by Engro Corporation, a mainboard-listed producer of slag-cement. In turn, HB Investments and Yanlord Land will hold 50 per cent stake each in the JV investment holding...
Aztech Group says it plans to venture into the property development, building construction and property management businesses, in line with the group’s long-term strategy of diversifying its business. The group believes “that the economic growth in the Asia-Pacific region has led to an increase in the demand for services in these new business areas and that the new business would have bright prospects...
The Urban Redevelopment Authority has awarded the tender for the commercial and residential site at Yio Chu Kang Road and Seletar Road to Far East Square. The company submitted the highest bid in the tender for the site at S$119 million. This translates to about S$376 per square foot. The tender for the commercial and residential site was launched on August 20, on a 99-year lease. Source : Channel...
Credit Suisse says bid spread shows developers wary SHARP differences in bid prices offered by developers in the latest Urban Redevelopment Authority tender for a residential-commercial site at Yio Chu Kang suggest that the Government's recent measures to cool the housing market are starting to take effect, said financial services firm Credit Suisse. The tender closed on Thursday, drawing a total of 12...
Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year. The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses. Revenue for the financial year ended June fell 24 per cent to...
Mainboard-listed property firm Sim Lian Group said its full year net profit fell 12 per cent to S$38.7 million from a year earlier. The drop in profit was mainly a result of allowances for a foreseeable loss in a development project and a decline in fair values of investment properties. Revenue for the financial year ended June rose 48 per cent to S$575.5 million, mainly due to higher revenue from its...
Wing Tai Holdings has booked a sharp drop in annual earnings. Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties. Meanwhile, its revenue climbed by 18 per cent to S$428 million. With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took...