Home buyers will be so spoilt for choice this year that most won’t know where to turn – or which developer’s sweetener to take up. The launches and freebies are already coming thick and fast with loads of new projects lined up. The news is less certain for pricing but few experts expect huge bargains on the horizon. While some say […]
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Developers’ bids signal likely dip in home prices
DEVELOPERS here are becoming more cautious with how much money they are willing to pay for private home sites. They seem to be getting more worried that private home prices could fall, perhaps by up to 8 per cent this year, according to a new research report. So they have to factor the potentially lower […]
Landbanks ‘healthy’ despite strong sales
THE bumper supply ramp-up of new land sites has allowed developers to keep their landbanks stocked up in the face of roaring home sales. Most big-gun builders have thousands of units in their landbanks. A landbank comprises unsold units – including executive condominiums – from projects with planning approval and estimated units from sites that […]
Top bid for Hillview Ave site beats expectations
An ‘overly optimistic’ top bid, a whopping 18.6 per cent higher than the next, was put forth by Kingsford Development for a 99-year residential site located along Hillview Avenue yesterday. Its bid of $243.2 million or $638 per square foot per plot ratio (psf ppr) for the 136,147 sq ft plot with a plot ratio […]
CDL has faith in luxury property sector
(Another interesting headline. The reporter used the word “faith”, as if implying that CDL is not basing their optimism on facts.) Straits Times – 01 Mar 12 Summary: The subdued sentiment has forced CDL to halt marketing its premium project The Residences at W Singapore Sentosa Cove. (Forced? Developers are never forced to stop marketing […]
Punggol residential site draws top bid from Chinese firm – TODAY 4 Nov 11
A 99-YEAR-LEASEHOLD residential site at Punggol Central/Edgedale Plains drew a top bid of $215.87 million yesterday, or $330 per square foot per plot ratio (psf ppr). Chinese firm Qingjian Realty (South Pacific) Group trumped four other developers to put in the top bid for the site, which measures 218,034.6 sq ft and has a maximum […]
UOL betting big on hospitality business
(SINGAPORE) The UOL Group has earmarked some $500 million – or a third of its available funds – to expand its hospitality business in Asia-Pacific over the next three years, the group’s president and chief executive Gwee Lian Kheng told BT in an interview. The property company plans to add some 15-20 hotels and service […]
KepLand to launch US$206m Vietnam project in Q4
AFTER announcing eight new development projects in Vietnam last year, Keppel Land plans to launch one of these in the fourth quarter of this year. In a statement released yesterday, Keppel Land said that it has been awarded the investment certificate by the Ho Chi Minh City People’s Committee for its new waterfront residential development […]
Far East’s Leong Horn Kee calling it a day after 15 yrs
PROPERTY giant Far East Organization announced yesterday that executive director Leong Horn Kee would be leaving the company on June 30 after more than 15 years of service.Mr Leong, who served as Member of Parliament for 32 years until he retired in 2006, said that he was venturing out to work on his own ‘projects’. […]
CDL able to weather uncertainty for next 3 yrs
It posts full-year profit of $725m; bottom line would be $2.8b if fair value gains included THE top brass at City Developments Ltd (CDL) yesterday said the property group has ‘the financial muscle to weather the current period of uncertainty even for the next three years’, after announcing a record full-year net profit of $725 […]
CDL boss prepared to delay launches in subdued market
Some projects can be held off till 2009, he says, as full-year gain swells to $725m THE property market may have stalled for now, but City Developments (CDL) executive chairman Kwek Leng Beng is not too worried. He said that if necessary, he can hold off launches of new developments until next year. ‘Rather than […]
Keppel Land unveils Viet project plans
KEPPEL Land, one of the largest property developers in Vietnam, on Tuesday presented the concept plans for its Saigon Centre in Ho Chi Minh City to a group of delegates led by Singapore President SR Nathan and Vietnam Deputy Prime Minister Hoang Trung Hai. Located in the central business district of Ho Chi Minh City, […]
Ho Bee Q4 net falls 24%
HO Bee Investment, the biggest developer on Sentosa Cove, has posted a 24.2 per cent year-on-year drop in net earnings. For the fourth quarter ended Dec 31 it made $38.8 million, a reduction attributed to lower property development revenue and profit. The comparable period Q4 2006 saw the group’s top and bottom lines helped by […]
CapitaLand plans US$300m Vietnam fund
It has also formed a partnership with a Vietnamese investment company CAPITALAND, South-east Asia’s largest property developer, plans to set up a US$300 million property fund in Vietnam. The company also said yesterday it has forged a partnership with Vietnamese firm Nam Thang Long Investment Joint-Stock Company to seek investment opportunities in Vietnam. With the […]
SC Global posts 67% rise in FY07 profit to $28.3m
SC GLOBAL has reported a profit after tax and minority interests of $28.3 million for FY2007 – an increase of 67 per cent from 2006. In a statement yesterday, it attributed its performance to sales of residential units at The Ladyhill, The Lincoln Modern, The Boulevard Residences and The Tomlinson. Higher contribution from its Australian […]
CapitaLand full-year profit soars 172.5%
CAPITALAND achieved a record performance in 2007, with full-year net profit soaring 172.5 per cent to $2.76 billion, from $1.01 billion the year before. Revenue increased 20.5 per cent to $3.79 billion, from $3.15 billion in 2006. The stellar performance was attributed to strong sales of development projects in China and Australia, and the consolidation […]
GuocoLand to re-look Oval’s prices by June
Average RM1,500 psf price lower than some nearby properties, says CEO IN KUALA LUMPUR MOST new developments in the Kuala Lumpur city centre area trumpet their proximity to the prestigious Petronas Twin Towers as a selling point. The Oval – GuocoLand Malaysia’s ‘twin-elliptical residential towers’ – claim to be that, and more. The developer says […]
Wheelock may not launch Orchard View this year
WHEELOCK Properties (Singapore) is likely to hold off launching Orchard View at Angullia Park for sale until next year, when the project is slated for completion. The company had earlier indicated that the development would be launched some time this year. The group, which yesterday posted a six-fold jump in group net profit for the […]
CapitaLand profit leaps to $2.76b on gains in key markets
Firm says volume for home sales could ease in the short term, but should pick up again by year-end PROPERTY giant CapitaLand tips that home prices will increase by 5 per cent to 10 per cent this year, despite the cautious mood that has taken hold in recent months as many buyers stick to the […]
DELISTING A SUBSIDIARY
CapitaLand raises Ascott stake to 91.7% CAPITALAND is on track to delist its serviced apartment unit, The Ascott Group, after lifting its stake in the firm to 91.7 per cent. The property giant said yesterday that once its offer expires next Tuesday, Ascott shares ‘may be suspended’ by the Singapore Exchange. CapitaLand has stated its […]
Fragrance Group buys $4m Pasir Panjang Road site
DEVELOPER Fragrance Group said on Thursday that it has bought a freehold property at Pasir Panjang Road for $4 million. Fragrance said the property has a land area of 3,450 sq ft, which means that the land cost was $1,159 per square foot (psf). The company intends to redevelop the property for commercial uses subject […]
CDL luxury development garners green award
CITY Developments Limited (CDL) was yesterday conferred the Green Mark Platinum award by the Building and Construction Authority (BCA) for its luxury residential development, Cliveden at Grange. The award is for exemplary green projects that achieve 30 per cent energy and water savings. Such projects also need to have environmentally sustainable building practices, and innovative […]
WARRANT WATCH: CapitaLand contracts active on share plunge, bond issue
THE recent plunge in CapitaLand shares and news that the company is offering a convertible bond issue are drawing traders into fresh positions on warrants for South-east Asia’s biggest developer. CapitaLand shares fared better than other property plays during the recent sub-prime selldown, but they took a beating last week. They plunged 73 cents for […]
Robinson CEO throws weight behind Lippo
Says the board is fully committed to the brand and expansion strategy (SINGAPORE) Robinson CEO John Cheston has refuted recent allegations that the company’s major shareholder, Indonesia’s Lippo Group, doesn’t cherish the Robinson brand in Singapore. Speaking to The Business Times at the company’s headquarters in Orchard Building yesterday, Mr Cheston explained that Lippo, along […]
CapitaLand plans to set up Reit for Indian retail malls
It unveils separate ventures with two partners for 15 projects worth $2.1b CAPITALAND plans to create a Real Estate Investment Trust or listed vehicle holding Indian malls as an exit strategy for retail projects that it will develop jointly with two separate Indian partners. The Singapore property giant yesterday announced separate joint ventures with Prestige […]
Hard choice for Lippo with surprise bid for Robinson stake
Indonesian group can either sell its shares, keep them or submit a counterproposal LIPPO Group, the No. 1 shareholder of Robinson & Co, seems to be caught between the devil and the deep blue sea in the face of a surprise offer from Dubai- based Al Futtaim. Lippo president and Robinson deputy chairman Stephen […]
CapitaLand in ventures for Indian malls worth $2b
CAPITALAND is expanding its presence in India’s fast-growing retail sector by investing in 15 malls worth more than $2.1 billion. The malls, spread over 14 cities, are to be spun off into a property trust after their completion – between next year and 2011. CapitaLand will achieve this by partnering two Indian real estate players […]
CapitaLand, NUS sell Hitachi Tower
CAPITALAND has sold its 50 per cent stake in Hitachi Tower for $403.5 million, the property giant said yesterday. Upon the deal’s completion, CapitaLand will recognise a gain of $110.1 million, it said. The National University of Singapore, which owns the remaining 50 per cent of the Collyer Quay office building, also sold its stake. […]
Ho Bee-IOI tie-up wins Sentosa’s Pinnacle site
Bid of $1.1b seen as relatively low as US sub-prime crisis dampens market IT was the last chance for a bite of the sweet Sentosa Cove pie, but only three developers tendered for The Pinnacle Collection site with Ho Bee Investment and Malaysia’s IOI Properties partnering to put in the winning bid of $1.1 billion. […]
Sunway keen on more projects in Singapore
Malaysian firm eyes more HDB design-and-build developments THE recently launched condominium-like public housing project in Boon Keng was a first in many respects, wowing home seekers with city views from extended balconies at new benchmark prices. What is less well-known, however, is the fact that it also marks the first time a foreign company is […]
CapitaLand makes $990m offer to take Ascott private
Company sees value in subsidiary that has not been recognised by market, analysts say (SINGAPORE) Property giant CapitaLand yesterday made a general offer for its listed subsidiary Ascott Group in a deal that values the serviced residence unit at $2.8 billion. CapitaLand, South-east Asia’s largest property firm by market value, owns 66.5 per cent of […]
CapitaLand makes $1.73-a-share offer for rest of Ascott
Move to privatise service residence arm a bid to strengthen unit’s market position PROPERTY giant CapitaLand plans to privatise The Ascott Group, its listed service residence arm, in a bid to strengthen Ascott’s position in the market and streamline the group’s operations. The move was announced in a statement to the Singapore Exchange late last […]
Chip Eng Seng to co-build condos in Vietnam
CONSTRUCTION and property group Chip Eng Seng will build two condominium projects in Ho Chi Minh City in league with some Vietnamese partners. The condos will cost ‘about US$120 million ($172.6 million)’ to build in total, with Chip Eng Seng putting in about US$41.4 million, said the company yesterday. Both projects – one in District […]
URA awards Boon Lay site to Frasers Centrepoint
THE Urban Redevelopment Authority (URA) yesterday awarded a residential site at Boon Lay to Frasers Centrepoint, which put in the higher bid of $205.6 million – or $248 per sq ft per plot ratio (psf ppr) – after the tender closed last week with just two bids. The weak response to the 99-year leasehold site […]
Ascendas in $144m Viet industrial park deal
DEVELOPER of industrial and business parks Ascendas has teamed up with Vietnam’s state- owned Protrade to jointly develop a US$100 million (S$144 million) industrial park. It will mark Ascendas’ first major development project in Vietnam. The ambitious project involves developing a 500ha industrial park in Binh Duong province which will cater to light and clean […]
Allgreen takes on 7 China developments
It will work with Kerry Holdings, Kerry Properties on the commercial, residential projects ALLGREEN Properties of Singapore is set to move into China in a big way with seven commercial and residential developments together with Hong Kong publicly listed companies Kerry Holdings and Kerry Properties. All the companies are controlled by Malaysian tycoon Robert Kuok. […]
South Beach project to cost $2.5b: CityDev
(SINGAPORE) City Developments’ upcoming mixed-use project along Beach Road will cost some $2.5 billion in all – including the land cost of some $1.69 billion – the company’s chairman Kwek Leng Beng said yesterday. Mr Kwek was speaking to reporters after signing the building agreement for the site. CityDev, together with its partners Istithmar (part […]
CapitaLand to expand into offices in Vietnam
CAPITALAND could double the number of homes it is building in Vietnam to about 6,000 units in the next three years – from about 2,800 homes now – chief executive Liew Mun Leong told reporters in Vietnam yesterday. The Vietnam market also presents opportunities for CapitaLand to expand beyond its present service apartment and residential […]
Easing in property rally can be good: Developers
PROPERTY developers are so rushed off their feet that they say the idea of the United States sub-prime crisis taking some froth out of the exuberant market can only be good. CapitaLand’s chief executive, Mr Liew Mun Leong, said in Ho Chi Minh City yesterday that market confidence has been affected a little by the […]
CDL chief won over by Norman Foster’s eco-friendly approach
IT ALL began with an inspiring speech by celebrated architect Norman Foster two years ago in Monaco. City Developments (CDL) executive chairman Kwek Leng Beng was there to hear it and vowed that one day he would team up with the renowned Briton, who designed Singapore’s Supreme Court. ‘I was fascinated by his speech on […]
$578M OF INVESTMENTS: Pacific Star sets up Asian property fund
SINGAPORE-BASED investment firm Pacific Star has shrugged off concerns about global share markets to launch a fund that banks on Asia’s property prospects. The company has set up the Asia Real Estate Prime Development Fund and aims to make US$400 million (S $578.2 million) worth of real estate investments. The fund will invest in prime […]
Stamford Land in A$220m Sydney project
Site in The Rocks will have apartment tower, terrace homes, retail units SINGAPORE-LISTED Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia’s most expensive homes on the site of two old demolished warehouses and a heritage building. Mr Ow bought the 99-year leasehold site […]
Keppel Land to build 140 Viet waterfront villas
It forms 60-40 joint venture; project’s investment capital seen at US$55.2m KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year. In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with […]
Lippo sees top Jakarta property value triple by 2014
Group plans to invest up to US$10b in domestic real estate projects by that time (JAKARTA) Indonesia’s Lippo Group, which runs hospitals and property firms, said it would spend up to US$10 billion on domestic real estate projects by 2014, and expects prime Jakarta property to double or triple in value by then. The group, which […]
Malaysian tycoon enters S’pore luxury homes market
YTL Group plans to build top-end marina, residential projects in region MALAYSIAN tycoon Francis Yeoh, who helms YTL Group, one of Malaysia’s largest listed companies, is intent on an aggressive expansion in Asia – starting in Singapore. The Republic is the target of the first part of his grand plan to build a series of […]
CapitaLand sets up $880m India property fund
CAPITALAND, South-east Asia’s biggest developer, yesterday said that it has successfully established its first India private property fund with a fund size of $880 million. The company first announced the fund – CapitaRetail India Development Fund – in July. The closed-end private fund has the mandate to invest in retail mall developments in India. CapitaLand […]
CapitaLand opens business school as CEO launches book
PROPERTY giant CapitaLand has opened its own business school at a heritage building in Sentosa. Yesterday, chief executive Liew Mun Leong also used the venue to launch a book that is a compilation of nine years of e-mail messages to his staff, written mostly on Sundays. The developer spent $10 million to renovate the building, […]
GuocoLand to develop 1st project in Vietnam
The 17.5 ha integrated development will cost US$58 million GUOCOLAND yesterday broke ground on a US$58 million development in Vietnam – its first project in the country. The 17.5 ha site will be home to The Canary – an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and […]
GuocoLand looking out for more project sites in Vietnam
It breaks ground on its first development in the country – an $84m integrated complex HO CHI MINH CITY – SINGAPORE developer GuocoLand Group yesterday broke ground on its maiden development in Vietnam – The Canary – and says it is already on the lookout for further development sites. The US$58 million (S$84 million) investment […]
Lippo-Mapletree trust falls 3.1% in market debut
(SINGAPORE) Shares of property trust Lippo- Mapletree Indonesia Retail Trust started trade yesterday at 77.5 cents in their Singapore stock market debut, down 3.1 per cent against the issue price of 80 cents a unit. The units closed yesterday at 68 cents, down 12 cents or 15 per cent from the initial public offer (IPO) […]
