Low costs and promising markets pave the way for expansion in Asia, Europe Property crisis or not, Frasers Hospitality is dead-set on rapid expansion, planning within the next 15 months to double the number of service apartments it owns and operates. The company, an offshoot of food and beverage mainboard-listed blue chip Fraser & Neave, is looking to set up its own procurement unit for central...
developers
The URA has closed the tender on a residential site along New Upper Changi Road, with the highest bid coming in at S$84 million from TID. This translates to S$282 per square foot (psf) per plot ratio, said CB Richard Ellis. The 9,875.5 square metre site attracted seven bidders. CB Richard Ellis said the high number of bidders showed that developers still have an appetite for favourable sites even in the...
OLLOWING asset sales in China and Malaysia, CapitaLand yesterday said it has sold the Somerset Orchard serviced residence to OG Pte Ltd for $100 million in cash. The real estate group expects to book a gross gain of $43 million from the sale of the 88-unit block, which has acarrying value of $57 million. The property was owned by CapitaLand's serviced apartment subsidiary, the Ascott Group, which will...
The Ascott group, wholly-owned by CapitaLand, has sold the 88-unit Somerset Orchard serviced residence for S$100 million. The sale to OG Private Limited translates to some S$1,530 per square foot. With a carrying value of S$57 million, CapitaLand is expected to recognise a gross gain of about S$43 million from the deal. After the sale, Ascott will continue to manage the serviced residence for 15 years,...
Property developer CapitaLand is selling its Capital Tower Beijing office tower for US$352 million. It declined to name the buyer, except to say it is a Fortune 500 company, which is looking to set up a corporate headquarters in Beijing. CapitaLand intends to use the funds to reinvest in other opportunities in China. It will also recognise a gain of about US$115 million. The developer said it received...
Of all the Singaporean companies in Vietnam, few have more confidence in the long-term future of Indochina’s largest country than Keppel Land (KepLand), the property arm of one of the island’s largest conglomerates, Keppel Corporation. It’s putting its money where its mouth is with its plans to invest $1 billion in Vietnam’s tallest building, an 88-storey complex of shops, offices and residences...
GuocoLand has suffered a 43 per cent drop in its net profit to S$161.8 million for the financial year ended June. The group attributed the sharp contraction largely to lower property sales in Singapore. Lower revaluation gain on investment properties and higher income tax expenses incurred from its projects in China were also blamed for the fall. Revenue for the period slid 4 per cent to S$670.9...
CapitaLand is going to inject four of its Raffles City-branded integrated developments into its Raffles City China fund. The US$1 billion real estate private equity fund will acquire CapitaLand's 55.9 per cent stake in Raffles City Shanghai. It will also take over 100 per cent of Raffles City Beijing, Raffles City Chengdu and Raffles City Hangzhou. CapitaLand is expected to receive a total consideration...
Move is milestone in S’pore’s push to develop alternative mode of investment City Developments (CDL) is raising $1 billion in Islamic debt through a pioneering notes programme as a means to diversify its sources of financing. This will be Singapore’s first Islamic Sukuk-Ijarah unsecured financing arrangement by a company, marking a milestone in the Republic’s push to develop Islamic finance as an...
Frasers Centrepoint has completed its acquisition of an 18-per-cent stake in Allco Reit and all of Allco Singapore, which manages the property trust. Allco Reit will now be renamed Frasers Commercial Trust following the $180-million deal. Frasers Centrepoint has now dropped plans to list its own separate commercial property trust. Instead, it will offer its current portfolio of commercial assets, worth...