development

Singapore has a shipping rival less than 30 kilometres away

SINGAPORE (Feb 1): Indonesia wants to re-position its Batam island as an alternative shipping and manufacturing hub to Singapore with a potential to draw US$60 billion ($80.8 billion) in new investment.

Batam and nearby islands -- located at less than 30 kilometers south of Singapore -- have attracted about US$20 billion dollars of investment and they were declared a free-trade zone in 2007. It’s home to thousands of local and foreign firms producing goods from computers to oil rigs.

3 developers to 'add' as Singapore's property price momentum slows: CGS-CIMB

SINGAPORE (Oct 16): CGS-CIMB Research is maintaining its “neutral” stance on Singapore’s property sector post the release of recent Urban Redevelopment Authority (URA) data, which reflected higher September monthly home sales of 944 transactions, up 51% m-o-m and 42% y-o-y.

In a Monday report, analyst Lock Mun Yee notes that despite the positive momentum in home sales, the take-up rate remains fairly modest at 0.8 times as sales pace has yet to catch up with the launch volume.

CapitaLand acquires 32ha mixed use development site in Chongqing for $459 mil

SINGAPORE (June 27): CapitaLand is acquiring a 100% stake in Chongqing Zhonghua Real Estate for RMB2.2 billion ($459 million) via the group’s wholly-owned subsidiary, Chongqing Kai Tai Industry Development.

Chongqing Zhonghua in turn owns a 32-hectare prime mixed use site in Xinpaifang, Chongqing, China, valued at $1.19 billion.

It comprises two greenfield sites for residential and retail development, as well as brownfield sites with an inventory of 223 residential units and 100,000 sq m of office and retail space that are either completed or are soon to be completed.

Chip Eng Seng to acquire 60% stake in Ho Chi Minh City mixed development for $26.3 mil

SINGAPORE (Jan 2): Chip Eng Seng’s subsidiary in Vietnam, Viet Investment Link Joint Stock (VietLink) is acquiring a 60% stake in a Vietnam development known as Soai Kinh Lam Apartment – Commerce Center, in District 5 of Ho Chi Minh City, for US$19.7 million ($26.3 million).

The development will have two residential tower blocks of 17 and 30 levels, a five-storey commercial centre, plus two basement levels will be built on the site. The site has a land area of 4,829 sqm, with a total gross floor area of 50,000 sqm.

Amber Park project may sell for up to $2,400 psf when launched: OCBC

SINGAPORE (Oct 9): OCBC Investment Research is maintaining its “buy” call on City Developments Limited (CDL) while raising its fair value estimate to $12.90 from $12.39 previously after factoring in its recent site acquisition as well as firmer residential average selling price (ASP) assumptions.

This comes after the group last week announced it had successfully tendered for the collective sale of Amber Park via its 80%-owned joint venture (JV) with Hong Leong.

Keppel Land makes $60 mil acquisition of prime Jakarta site to develop residential building

SINGAPORE (Sept 19): Keppel Land is acquiring a prime site in Jakarta, Indonesia, for IDR586 billion ($60 million) from Bank Central Asia via its wholly-owned subsidiary, PT Sukses Manis Tangguh.

In a media release on Tuesday, Keppel Land says it intends to develop a premium high-rise residential tower on the site for an estimated cost of $170 million, and expects it to yield about 400 luxury apartments when complete.

Lian Beng awarded $162 mil contract to construct Martin Place condo

SINGAPORE (Sept 15): Lian Beng Construction (1988), a wholly-owned subsidiary of Lian Beng Group, has been awarded a contract worth approximately $162 million to construct a condominium housing development at Martin Place.

The development comprises two blocks of 30-storey condominium with a total of 450 housing units with a landscape deck, common basement carparks, and communal facilities on lot 01590P of the property, and its contract secured by Lian Beng through tender from Martin Modern.

Works are expected commence in Sept 2017 over a contractual period of 32 months.

CapitaLand not a proxy to an impending home price rebound, says Maybank

SINGAPORE (Aug 3): Maybank Kim Eng Research is keeping its “hold” call on CapitaLand with an unchanged price target of $3.75 after the real estate group this morning posted its set of financial results for 2Q17, which was overall in line with the research house’s expectations.

See: CapitaLand 2Q earnings double to $579.3 mil on better operating performance

Redevelopment works commence on former CPF building at 79 Robinson Road

SINGAPORE (March 3): Ascendas-Singbridge, the urban and business space solutions provider, today jointly hosted an official groundbreaking ceremony for 79 Robinson Road with its joint venture partners, Mitsui and Tokyo Tatemono.

Together with a consortium formed by Tokyo Tatemono, Ascendas-Singbridge will redevelop the former CPF building into a 29-storey Grade ‘A’ office tower, with food and beverage (F&B) components on a net lettable area of 500,000 sq ft as well as regular, column-free floor plates ranging from 21,000 to 23,000 sq ft.

Keong Hong Holdings posts 20.9% decline in 1Q earnings to $3.8 mil

SINGAPORE (Feb 13): Keong Hong Holdings has declared 1Q17 earnings of $3.8 million for the three months ended Dec 31, down 20.9% from $4.8 million a year ago on lower revenue.

The building construction, hotel and property development and investment group transferred its listing from Catalist to the Mainboard of the Singapore Exchange (SGX) in August last year.

(See also: Keong Hong upgrades to SGX Mainboard)

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