developers

OCBC’s Lee family makes counterbid for Straits Trading

A bidding war appears to be looming for diversified Straits Trading Company. The Lee family that controls OCBC Bank is making a counter-offer for shares in Straits Trading Company that it does not already own. The Lees, who already own 34 percent of Straits Trading, are offering to pay S$5.76 cash a share. This values Straits Trading at S$1.88 billion. The latest offer is higher than the one by rival,...

Property developer Evergro posts full-year earnings of S$196,000

Property developer Evergro has reported full-year earnings that are sharply lower than the previous year. It booked a profit of S$196,000 compared to the S$7.5 million in 2006. Evergro says there was no divestment gain this time, after it recorded returns from selling a property company in the previous financial year. Also dampening the financial numbers were higher administrative and other expenses,...

Singapore developers build on Vietnam’s growth

A growing middle class seeking property in Vietnam will keep Singapore property developers there busy, even as its government plans a tax on capital gains. Last month, the national assembly of the socialist country passed new regulations to tax capital gains - 20 per cent on stock trade gains, and 25 per cent on property profits - from January 2009. “With regard to the recent proposal of introducing a...

$24m en bloc sale of Lewis Court

The spate of collective sales continues as Lewis Court, a 12-unit walk-up apartment block, was sold to Hiap Hoe subsidiary Guan Hoe Development for $24 million through a collective sale tender. Property consultant and collective sale specialist Credo Real Estate put the property up for sale last month following a 100-per-cent consensus from the owners. “The purchase of Lewis Court is in line with our...

CapitaLand acquires Silver Tower on Orchard Road enbloc for S$161m

CapitaLand has acquired Silver Tower on Orchard Road in a collective sale for S$161m. It plans to build a luxurious 20-storey condominium with 100 apartments on the freehold site.CapitaLand's purchase works out to S$1,107 per square foot per plot ratio.This includes an estimated development charge of S$16.5m. Silver Tower sits on a 57,200 square feet area with a gross plot ratio of 2.8. There are...

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