Property developer Far East Organization has said its S$700 million Orchard Central mall is on track to open in June. The 12-storey mall has just obtained the temporary occupation permit. It expects to raise tenancy take-up rate to 75 per cent in the coming months, from the current 65 per cent. Far East Organization said Orchard Central will stand out from other malls when it opens in about two...
developers
CapitaLand's CEO Liew Mun Leong has raised his stake in its unit, CapitaMall Trust, following the REIT's recent rights issue. Mr Liew almost doubled his interest in CapitaMall, increasing the number of shares held from 333,410 to 633,479. That means he now holds about 0.02 per cent of CapitaMall, up from the previous stake of 0.0105 per cent. Mr Liew is the deputy chairman and a non-executive director...
The Real Estate Developers' Association of Singapore (REDAS) is celebrating its 50th anniversary this year with a series of activities. One of the activities was a dragon boat championship cup-cum-charity held at Bedok Reservoir on Saturday morning. Gracing the event was Foreign Minister George Yeo, who cheered on the 16 teams - comprising government agencies like the Housing & Development Board and...
Developer Far East Organisation said its new private residential project Mi Casa at Choa Chu Kang has seen brisk sales during a preview over the weekend. Far East said 97 of the 123 units released were snapped up even before the development was officially launched. Mi Casa – Spanish for "My Home" – comprises a total of 457 units at an average price of S$625 per square foot. Far East Organisation...
Singapore's main shopping district has officially welcomed its first boutique hotel, Quincy, which marks Far East Organisation's maiden foray into this market segment. The 108-room Quincy hotel at Mount Elizabeth Road has been open for just over a month, but it has already managed 76 per cent occupancy in February, despite falling tourist arrivals. Raphael Saw, director of Hospitality Operations, Far...
CapitaLand said its S$1.84 billion rights issue was 1.22 times oversubscribed. Southeast Asia's largest property developer first announced the fundraising exercise last month. It offered one rights share for every two existing shares at S$1.30 each. CapitaLand said its major shareholder Temasek Holdings took up its entire 40 per cent allotment of the rights shares. The rights shares are expected to be...
Despite the recent pickup in activity in the residential property market, developers may start offering even greater incentives to attract buyers. Analysts say it is still too early to say for sure that the market has hit bottom, and developers may have to do more if conditions weaken. A new project, Double Bay Residences, has been launched for sale, and like several recent offerings, the developer is...
Current situation provides company with cheaper way of exploiting synergies DID United Overseas Land (UOL) really "fail" in its attempt to take over United Industrial Corporation (UIC)? Most market observers suspect that UOL was never really that serious with its general offer to buy over shares it did not already own. Instead, they felt the offer was more of a technical one. After all, it was mandatory...
Some developers are getting so “kiasu” (afraid to lose out) that they are getting the original buyers of homes to indemnify them should a sub-purchaser fail to pay. However, the Controller of Housing has told at least one developer, Keppel Land, that this is wrong. The issue was raised when the buyer of an apartment at Park Infinia at Wee Nam Road, just off Keng Lee Road, tried to sell the unit bought...
The offer by United Overseas Land (UOL) for property group United Industrial Corporation (UIC) had lapsed. UIC shareholders refused to accept the S$1.20-per-share offer that was tabled by UOL. While it failed to achieve the required level of acceptances for an unconditional offer, UOL's direct and deemed interest in UIC had risen from about 30 per cent to 45 per cent, after purchases on the open...