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Lots to pick from for home buyers

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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’. […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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. […]

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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. […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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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 […]

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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 […]

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$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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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, […]

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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 […]

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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 […]

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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) […]

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Keppel Land to develop big housing project in Shanghai

It buys company with 26.4ha Nanhui site for $13.6m KEPPEL Land is embarking on a large-scale residential project in Shanghai. The Singapore-based developer announced yesterday that it has, through two subsidiaries, acquired full ownership of Shanghai Hongda Property Development for about $13.6 million. Shanghai Hongda owns a 26.4-hectare residential site in Xinchang Town, in Nanhui […]

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Soilbuild buys site for condo project

(SINGAPORE) Listed developer Soilbuild Group Holdings yesterday said that it bought a landed site off Meyer Road which it plans to amalgamate with Margate Mansion for a small luxury condominium project. The group’s latest purchase is 10 Margate Road. It paid $30.8 million for the 16,967 sq ft freehold site. Together with Margate Mansion, total […]

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HPL earnings jump to $15.2m

NET profit for Hotel Properties Ltd (HPL) jumped to $15.2 million for the third quarter ended September, from $10.8 million for the corresponding period last year. Q3 revenues increased 45 per cent from $76.3 million to $110.4 million. ‘The increase was mainly attributable to the group’s hotels and resorts in Maldives, Bali and Singapore,’ said […]

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CDL Q3 earnings jump 32.1% to $169.5m

Nine-month profit soars 128.5% to $490m; record full-year profit seen CITY Developments Ltd (CDL) looks headed for record profits for full-year 2007 after achieving net earnings of $169.5 million for the third quarter ended Sept 30, and $490 million for the first nine months. Third-quarter earnings were up 32.1 per cent and nine-month earnings 128.5 […]

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CDL’s profit up 32%, aided by sales of luxury homes

CITY Developments (CDL) executive chairman Kwek Leng Beng believes that Singapore’s property market is likely to remain healthy and that there is still room for sustained growth. ‘Continued capital appreciation over the next few years is likely, and the prospects for the property sector continue to be good,’ said Mr Kwek yesterday. Shareholders would have […]

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SC Global Q3 net up more than 4-fold at $4.3m

PRIME residential developer SC Global Developments’ net profit more than quadrupled to $4.3 million for the third quarter ended Sept 30, from $931,000 for the previous corresponding period. Revenue rose 4 per cent to $30 million. The group said that Q3 revenue comprised mainly the recognition of sales of the remaining units at The Tomlinson […]

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Ho Bee posts 297% jump in Q3 earnings

Revenue up 137.9% due mainly to a 149% rise in development properties’ sale HO Bee Investment, the dominant residential developer at Sentosa Cove, yesterday posted net earnings of $39.27 million for the third quarter ended Sept 30, up 297 per cent from $9.89 million a year earlier. The jump was on a 137.9 per cent […]

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Lippo launches retail Reit IPO, aims to treble size by end-09

Trust comprises 7 Indonesian malls and 7 retail spaces in other malls THE Lippo Group aims to triple the portfolio size of its latest real estate investment trust (Reit) to $3 billion by end-2009, the Reit’s manager said yesterday. The Lippo-Mapletree Indonesia Retail Trust (LMIR Trust), which will be the first Singapore-listed Reit to offer […]

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Lippo may launch new Reits worth $5.8b

INDONESIAN conglomerate Lippo Group plans to list two or three real estate investment trusts (Reits) worth about US$4 billion (S$5.8 billion) in Singapore within the next two to three years, its president Stephen Riady said yesterday. He spoke after the launch of Lippo’s Lippo-Mapletree Indonesia Retail Trust (LMIR Trust), the second the group has sponsored […]

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Lippo, Mapletree price Reit listing at 80cents a unit

INDONESIA’S Lippo Group and Singapore’s Mapletree Investments have priced a US$358 million (S$516.2million) initial public offering (IPO) for their joint property trust at 80 cents per unit, at the lower end of an indicative range. The IPO for the Lippo-Mapletree Indonesia Retail Trust will sell 645.469 million units, according to a prospectus submitted late last […]

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JOINT OFFICE-TOWER PROJECT – Lum Chang in venture to develop Anson site

A PROPERTY fund that won the tender for a leasehold office plot on Anson Road has roped in construction group Lum Chang Holdings to jointly develop the site. Lum Chang will take a 5 per cent stake in Firstoffice, a vehicle set up to develop the land. The remaining 95 per cent is held by […]

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CDL-Wachovia JV buying two blocks at Cliveden at Grange

CDL hints it may retain units in some future residential developments A JOINT venture between City Developments Ltd (CDL) and US-based Wachovia Development Corporation is buying two blocks at CDL’s Cliveden at Grange condo for $432.4 million or an average price of about $3,750 per sq ft (psf). And according CDL executive chairman Kwek Leng […]

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LACK OF ONE-OFF GAIN – Wheelock books 78% lower earnings

UPMARKET developer Wheelock Properties yesterday reported a 77.6 per cent drop in second-quarter net profit to $30.4 million. But profit from continuing operations was up 90.3 per cent from $16 million previously. The reason for the drop in bottom-line profit was that Wheelock had booked a one-off gain of $116 million in the second quarter […]

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CDL, US group to buy 44 units of Grange Road condo

PROPERTY giant City Developments (CDL) has teamed up with United States financial services group Wachovia to buy 44 homes in CDL’s freehold Grange Road project for $432.4 million. Industry analysts suggest CDL might be preparing to list a real estate investment trust (Reit) using the properties. Knight Frank executive director Peter Ow said: ‘The only […]

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Q3 profits up at SingLand, UIC

SingLand’s net earnings 30% higher at $30.1m, UIC’s 43% up at $25.4m SINGAPORE Land (SingLand) and its parent company United Industrial Corporation (UIC) have both reported higher third-quarter earnings. For the three months ended Sept 30, SingLand posted a 30 per cent year- on-year increase in net profit to $30.1 million, on the back of […]

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KepLand’s 2 new Viet projects make it 7 for year

Latest joint ventures involve villa and condominium developments KEPPEL Land has entered into two separate joint ventures (JV) to build a luxury villa development and a condominium development in Vietnam. This takes the number of projects in Vietnam announced by Keppel Land this year to seven. In a statement yesterday, Keppel Land said that the […]

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$308.5M INVESTMENT – KepLand in 2 tie-ups to build Viet homes

KEPPEL Land (KepLand) has bought more residential sites in Ho Chi Minh City to ride on the rapid growth of Vietnam’s property market. The developer announced yesterday that it has entered into two separate joint ventures with local developer An Phu to develop luxury villas and condominiums in an upmarket area of Ho Chi Minh […]

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SingLand, UIC profits up on higher rentals

A ROBUST property market lifted net profits at Singapore Land and its parent, United Industrial Corporation (UIC), in the third quarter. SingLand said its earnings in the quarter rose 30 per cent to $30.1 million from $23.2 million a year earlier. Revenue was up 27 per cent at $70.5 million. It attributed the revenue jump […]

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Far East opening $8m outpatient clinic at Novena

Project expected to break even within a year FAR East Organization and a group of doctors are investing $8 million to set up a clinic called Novena Surgery, in response to what they say is an increasing need for outpatient surgery for Singaporeans and international patients. Lim Beng Hai, director and senior consultant hand surgeon […]

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Park Hotel Group opens Kunming hotel today

SINGAPORE-BASED Park Hotel Group has added the five-star Harbour Plaza hotel in Kunming, China to its portfolio. The hotel, one of the best in Kunming, has been renamed Grand Park Hotel Kunming and begins operations today. It has a total of 300 rooms and suites, all with broadband access. Facilities at the hotel, which is […]

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CapitaMall to raise $500m in share sale

CAPITAMALL Trust, Singapore’s largest real estate investment trust (Reit), may raise as much as $500 million in a share sale to pay debt and fund acquisitions. CapitaMall will sell as many as 137.7 million new shares to institutional investors at between $3.63 and $3.70 apiece, it said in a statement late on Monday, representing a […]

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CapitaLand Q3 net more than doubles to $563.9m

Boost from fair-value and portfolio gains and China devt projects CAPITALAND said yesterday that its net profit for the third quarter ended Sept 30 more than doubled from $272.41 million a year ago to $563.93 million, driven by fair value gains from its investment properties, portfolio gains and higher sales of development projects in China. […]

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CapitaLand rides Asia boom, posts $564m profit

Firm’s third-quarter income more than doubles, as core markets deliver sterling results ASIA’S resilient boom has been brought home to CapitaLand – literally, in the form of rocketing sales of residential property across the region. The property giant, which reported robust third-quarter results yesterday, has cashed in spectacularly on the demand for housing – with […]

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Mapletree plans to list Reits, snap up new assets

Commercial trust may include VivoCity; company eyes big growth overseas (SINGAPORE) Mapletree Investments intends to list a commercial trust with a $3-$3.5 billion portfolio in the next six months as it moves to grow its fee income and expand its footprint overseas, says chief executive Hiew Yoon Khong. ‘Over the next four years we want […]

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KepLand Q3 net profit climbs 113%

Turnover surges 49.4% to $382m mainly due to robust residential sales KEPPEL Land, Singapore’s third-largest developer by market value, yesterday said that net profit for its third quarter more than doubled on strong home sales and higher office rents. Net profit for the three months ended Sept 30, 2007, hit $81.8 million, up 112.7 per […]

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KepLand reports 113% increase in third-quarter profit

Developer chalks up $82m gain on strong sales; another player, CCT, reports steady growth SINGAPORE’S booming residential home market sent Keppel Land’s (KepLand’s) net profit in the third quarter rocketing by 112.5 per cent to $81.8 million. Turnover was at $382 million, up nearly 50 per cent from $255.6 million a year earlier. Singapore proved […]

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Hiap Hoe SuperBowl JV buys The Aspine

It pays $138m for the Balmoral site; GuocoLand successfully bids $62.5m for Toho Garden HIAP Hoe and sister company SuperBowl Holdings have jointly bought a freehold site at Balmoral Road for $138 million, the two companies said yesterday. The price paid for The Aspine in a collective sale works out to $1,870 per square foot […]

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GuocoLand buys condo plot in Serangoon for $63m

PROPERTY developer GuocoLand has bought Toho Garden, a condominium near Serangoon Gardens, for $62.5 million through a collective sale. The acquisition price works out to $594 per sq ft per plot ratio, including a development charge of $9.8 million. Toho Garden is located on Yio Chu Kang Road, near the junction of Ang Mo Kio […]

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CapitaLand buys China site for $203m

CAPITALAND has secured a piece of prime commercial land in Hangzhou, China for $202.8 million. The 40,355 sq m site in Qianjiang New Town was acquired through a government land tender. The price tag works out to about $715 per sq m per plot ratio. CapitaLand plans to build a mixed development on the site […]

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GuocoLand earnings surge to $27.7m in Q1

QUEK Leng Chan’s Singapore-listed property arm GuocoLand has posted a group net profit of $27.7 million for the first quarter ended Sept 30, 2007, up from $8.1 million for the corresponding year-ago period, as revenue more than doubled from $88.2 million to $191 million. The improved showing was due mainly to higher contribution from the […]

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Lippo to raise up to $587m with retail Reit

INDONESIA’S Lippo Group will be raising up to $587.4 million with the planned Singapore listing of a real estate investment trust (Reit) based on its retail properties in Indonesia. The Lippo-Mapletree Indonesia Retail Trust (LMIR) will offer 645.5 million units at 78 to 91 cents a unit, according to the trust’s preliminary prospectus which was […]

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CapitaLand to build sixth Raffles City in Hangzhou

It has acquired a 40,355 sq m site for $202.8m CAPITALAND has acquired a site in the Chinese city of Hangzhou for $202.8 million and says that it will be the location for its sixth Raffles City after those in Singapore, Shanghai, Beijing, Chengdu and Bahrain. The 40,355 sq m Hangzhou site is in Qianjiang […]

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GuocoLand posts $28m net gain in first quarter

GUOCOLAND yesterday said its first-quarter net earnings have soared to $27.68 million, up from $8.1 million a year ago. Revenue for the three months ended Sept 30 rose 117 per cent to $190.98 million. The key driver of the bumper result was the strong profit contribution from sales of GuocoLand’s West End Point project in […]

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Higher distributable income for CapitaMall Trust, A-Reit

TWO large real estate investment trusts (Reits) yesterday reported higher quarterly distributable income amid a positive economic climate. CapitaMall Trust (CMT), Singapore’s first and largest reit, said distributable income was $53.2 million in the third quarter ended Sept 30. This is 17.2 per cent higher than forecast and a 29 per cent rise from a […]

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CapitaRetail China Trust in $336m deal

CAPITARETAIL China Trust (CRCT) – the first pure-play China retail real estate investment trust (Reit) in Singapore – has entered into a deal to buy a mall in Beijing for $336 million from CapitaRetail China Incubator Fund (CRCIF). Located in Xizhimen in Xicheng district, Beijing, Xizhimen Mall is part of Xihuan Plaza, and has a […]

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CDL in US$125m Moscow hotel venture

JV will develop conference and business facilities on adjacent site CITY Developments Ltd (CDL) has teamed up with a company owned by Sudhir Gupta of Amtel Group for a US $125 million joint venture in Moscow that involves investing in a hotel that will be repositioned as a Copthorne (under CDL’s Millennium & Copthorne Hotels […]

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CDL makes first venture into Russia

Its $92m stake in Amtel unit will allow it to capitalise on acute hotel shortage in Moscow PROPERTY developer City Developments (CDL) is using a joint venture to make its entry into Russia. It will pay US$62.5 million (S$91.7 million) for a 50 per cent stake in Soft Proekt, a company that owns land and […]

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Property’s rock star

Cheung Kong Holdings’ Justin Chiu talks to ARTHUR SIM about revealing his wild side in the marketing of the Hong Kong conglomerate’s property developments MILD-MANNERED businessman by day, and the property-trade equivalent of a rock star by night, Justin Chiu has single-handedly made property launches glamorous affairs in Hong Kong, and some say in Singapore […]

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KepLand to redevelop Ocean Building

KEPPEL Land will redevelop its Ocean Building and Ocean Towers office buildings into the new state-of-the-art Ocean Financial Centre (OFC), it said yesterday. When completed in 2011, the 43-storey OFC will offer some 850,000 sq ft of prime Grade A office space. Since KepLand owns the land OFC will come up on, it will only […]

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Guocoland wins BCA’s highest green award

Its Goodwood Residences will be built using recycled materials GUOCOLAND’S yet-to-be launched Goodwood Residence has won a Green Mark Platinum Award from the Building and Construction Authority (BCA) for its eco-friendly features. Plastic, timber, exposed metal and glass will be extracted from the rubble of the existing building on the site, Casa Rosita, and recycled […]

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GuocoLand condo bags top prize for eco-friendly buildings

Goodwood Residence boasts unique water management, waste recycling systems LUXURY condominium designed by local developer Guoco-Land Group won Singapore’s highest accolade for green buildings yesterday. The 210-unit Goodwood Residence on Bukit Timah Road clinched the Building and Construction Authority (BCA) Green Mark Platinum Award for its high environmental standards. Two innovations at the project, which […]

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CapitaLand CEO targets one new Raffles City a year

The company also aims to manage 10 Reits eventually CAPITALAND group president and CEO Liew Mun Leong yesterday set the company the target of developing at least one new Raffles City every year. Mr Liew, who was briefing the media on the group’s plans for the Raffles City brand, said CapitaLand aims to have five […]

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Banyan Tree to double global assets by 2010

It plans to move into Latin America, the Caribbean, Middle East, Mediterranean BANYAN Tree, a leading manager and developer of premium resorts, hotels, spas and galleries, is on an aggressive expansion push to more than double its global portfolio by 2010. Banyan Tree executive chairman Ho Kwon Ping said it is moving into new markets […]

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CAPITALAND’S MOVES – China beckons for Raffles City brand

WITH three malls springing up in major Chinese cities, and up to three more likely in the next five years, China is a key market for CapitaLand’s plans to export its Raffles City shopping complex. CapitaLand president and chief executive officer Liew Mun Leong said yesterday that China offered the most opportunities for the property […]

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Star stockbrokers make top bid for Kovan site

Duke Development’s bid of $436.55 psf ppr beats 5 others for 99-yr leasehold A COMPANY controlled by stockbrokers Han Seng Juan and David Loh Kim Kang of UOB Kay Hian yesterday emerged as the surprise top bidders for a 189,812 sq ft site next to Kovan MRT Station and the Kovan Melody condo. Through Duke […]

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MGPA sells 12 floors of offices for quick profit

$225m sale price is 70% up from price it paid in Jan for space in Springleaf Tower TWELVE floors in Springleaf Tower that were bought in January for $134 million have been sold again for $225 million – an increase of almost 70 per cent. The seller is Macquarie Global Property Advisors (MGPA) which made […]

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Vibrant new logo for Raffles City brand

CEO: Another step towards realising investment potential CAPITALAND yesterday launched a new logo for its Raffles City brand at the 21st anniversary of Raffles City Singapore. Capita-Land chief executive Liew Mun Leong said that the re-branding was another step towards realising Raffles City’s investment potential. ‘We have said that we would grow the number of […]

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ARA Asset Mgt files prospectus for listing in S’pore

IPO pricing slated for Oct 25 after roadshows; listing on Nov 5: sources REAL estate fund firm ARA Asset Management yesterday filed its prospectus in Singapore for an initial public offering which sources close to the deal said may raise US$200 million for its shareholders and the firm. Singapore-based ARA, which managed US$4.7 billion of […]

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Big developers lose bidding for prime Kovan plot

BIG gun property developers who lined up for a prime residential site in the Kovan area were pipped in the bidding by a firm hardly anyone has heard of. Duke Development placed the top bid of $290 million for the 190,000 sq ft site in Simon Road, trumping highprofile rivals Far East Organization, Hong Leong […]

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Raffles Cities abroad help to extend S’pore brand: MM Lee

CapitaLand blazes a trail for local firms by exporting mall concept overseas RAFFLES City has become a landmark since it opened two decades ago, and CapitaLand’s efforts to take the concept overseas has extended Singapore’s global footprint, said Minister Mentor Lee Kuan Yew last night. He told a ceremony marking the building’s 21st anniversary that […]

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