Construction firm Lian Beng wins S$90.2m worth of contracts
Singapore construction firm Lian Beng Group has won two contracts worth a total of S$90.2 million. The first is a S$73.5 million contract to build a 21-storey freehold condominium Amber Residences along East Coast Road. The building contractor also sealed a deal worth S$16.7 million to build a 7-storey industrial building at Paya Lebar i-Park. … Read more
Ascendas acquires Goodman’s stake in Ascendas-MGM, A-REIT
Office park developer Ascendas is taking full control of the manager of Ascendas Real Estate Investment Trust (A-REIT). Under a deal announced on Wednesday, Ascendas is buying over the 40 percent stake in Ascendas-MGM Funds Management Limited that is now held by Goodman Group. Upon completion of the sale, Ascendas-MGM Funds Management Limited will become … Read more
CWT opens two logistics hubs worth more than S$80m
Mainboard-listed logistics company, CWT, has opened two new logistics hubs in Singapore, expanding its warehouse space by one million sq ft. The new facilities cost CWT more than S$80 million, but they are expected to help drive revenue up by some 10 percent. Most of the new space will be used to store chemicals, which … Read more
CentraLand to buy 25,460-sq metre site in Zhengzhou for S$39m
Mainboard-listed CentraLand is buying a 25,460-square metre site in China for 200 million renminbi (S$39 million). The site in Zhengzhou, the capital of the Henan province, will be redeveloped into a new mixed-commercial building, comprising retail and office space. There will be about 16,000 square metres of commercial retail space and approximately 94,000 square metres … Read more
Singapore building boom continues, office demand firm
The credit crunch has so far failed to dent demand for office space in Singapore or derail its bid to become Asia’s leading financial centre, a senior member of the republic’s Urban Redevelopment Authority (URA) said. Speaking to Reuters at the annual Mipim trade fair in Cannes on Tuesday, Choy Chan Pong, head of land … Read more
Dubai firm to buy into 3 units of Indonesian developer
Dubai World will buy 30 per cent stakes in three units of PT Bakrieland Development, Indonesia’s biggest property developer by value, as the Gulf sheikdom’s investment holdings expand in Asia. Limitless LLC, Dubai World’s property arm, agreed to pay US$110 million for the stakes in PT Bakrie Swasakti Utama, PT Bumi Daya Makmur and PT … Read more
Foreigners snap up homes as rents start to bite
Their purchases could account for half of 2007 transactions on the secondary market A record number of foreigners here have opted to purchase homes instead of renting them at ever-climbing rates. According to an analysis of transactions of private residential properties by DTZ Debenham Tie Leung, foreigners bought 6,536 non-landed homes from the secondary market … Read more
Guocoland dives on options lapse
Shares hit as Kuwaiti-linked fund pulls out of $815m property purchase. SHARES of Guocoland fell victim yesterday to news that a fund company managed by Kuwait Finance House (Malaysia) Berhad (KFHMB) did not exercise options to buy $814.8 million worth of apartments in Guocoland’s upmarket project here. Following analysts’ downgrade, the stock dived as much … Read more
Landed housing plot draws top bid of just $77.80 psf
Only one other offer made; poor show seen as sign of uncertain market. IN what is seen as a sign of an uncertain property market, a landed housing parcel in Jurong West drew only two bids, and a low top bid of $11.8 million – or just $77.80 per square foot (psf) – at the … Read more
Westwood Avenue: Lower than expected bids for Jurong site
A LANDED plot in Jurong West that was tipped by one consultant to fetch bids of over $30 million failed to even get to half of that. Just two offers were placed for the 99-year leasehold Westwood Avenue plot, a stark reflection of the fast-deteriorating sentiment in the property market. The top bid of just … Read more
