Archive for April 25th, 2008
Posted by luxuryasiahome on April 25, 2008
A luxury villa with lavish recreational facilities and private security. A spacious landed home featuring a personal basement and attic. A prestigious District 11 address.
Step inside Hillcrest Villa and be magically taken to a tropical wonderland. Enjoy the sights of charming greenery and timber décor while you relax on the Timber Promenade, or find some inner peace at the Meditation Deck. Stroll through Bamboo Grove or simply sit by the Water Feature and bask in the ambience that puts you in a holiday mood without ever having to leave home.
The Paradise Of Pleasures
A world of pleasures surrounds your home at Hillcrest Villa. Just a convenient stroll away lays Greenwood Avenue, an enclave of exclusive eateries, bars and other necessities like a supermarket. What’s more, simply minutes from home rests Holland Village, a favourite hang-out spot among the young and old alike that’s full of chic restaurants and trendy coffee outlets. The wild urbanite in you would be pleased to know that Singapore’s shopping capital, Orchard Road is minutes from home too, so you can embark on the shopping spree of your life anytime you fancy!
A Paradise Of Knowledge
As much as the kids would love playtime in paradise, they would equally enjoy the convenience of having an abundance of choice schools when the time comes to hit the books. As far as schools go, your home at Hillcrest Villa is surrounded by some of the best in the nation – Raffles Girls’ Primary, Nanyang Primary School, National JC, Nanyang Girls’ High School, a wide selection of International schools and so many more within walking distance from home; your kids will be simply spoilt for choice!
Playtime in Paradise
Life feels like a never-ending vacation at Hillcrest Villa. Immerse yourself in fun-filled activities as you refresh and recharge at home – have a swim in the Lagoon Pool or simply laze at the Lounge Pool after you work out a sweat at the fully-equipped gym. If it’s complete rejuvenation that tickles your fancy, have a go at the Hydrotherapy Sanctuary. There’s always time for play in paradise!
The Paradise Within
Walk into pure opulence as you step inside your villa. Get an immediate feel of luxury as you take your first step on rich marble flooring that extends throughout your entire home. Your home at Hillcrest Villa is just as alluring as its surroundings. Giving you a touch of luxury in every element of your villa, take delight in blissful comforts such as free standing bathtub and spacious walk-in wardrobe. Furthermore, be absolutely awed as you step into your fully equipped kitchen that’s made even more lavish with a specially imported kitchen cabinet as well as a set of high-end kitchen appliances.
Location: Hillcrest Road (District 11)
Tenure: 99 years leasehold
Year of Completion: 2009
Site Area: approx 256,000sqft
Total Units: 163
Unit Types: 4 bedroom (about 3,100sqft)
Contact us at info@lushhomemedia.com or +65 9631 8037 for rental/sales enquiries.
Posted in For Sale, General, Landed Property, Luxury Property | Tagged: Cluster Housing, Cluster Housing For Sale, Hillcrest Villa, Landed Property, Landed Property For Sale, Luxury Homes For Sale, Singapore Luxury Homes, Singapore Property For Sale | 2 Comments »
Posted by luxuryasiahome on April 25, 2008
FAR East Organization (FEO), headed by Singapore’s richest man, Ng Teng Fong, looks set to undergo a corporate rebranding exercise as it gears up for challenging times ahead.
Mr Ng’s son, Philip, who is also the company’s CEO, said that it will be ‘embarking on a formal and articulated programme to circumscribe a more visible corporate brand as well as define new sub-brands for our residential property sales and hospitality operations’.
The CEO also said: ‘In this next phase of our organisational development, we will continue to be true to the vision of our founder and this means we must all participate in making Far East Organization an entrepreneurial organisation.’
Mr Ng was addressing his staff through the company newsletter, Landmark.
In it, he also outlined the challenges it faced in the preceding year as well as those it faces in the years ahead.
Saying that 2007 had been ‘a rather chequered year’, he added: ‘Our performance across our spectrum of operations was somewhat uneven although business conditions for the better part of the year were quite rosy.’
While Mr Ng noted that ‘business risks have heightened’, and that ‘there are now cycles within a cycle as globalisation impacts on us’, he said: ‘We see opportunities for business growth as Singapore transforms into a vibrant, global city that has an international marketplace for real estate and real estate products.’
Mr Ng revealed that its property sales operations have already been augmented with ‘a network of regional offices and multi-country marketing channels’.
A substantial portion of FEO customers now come from overseas, including the Middle East, Europe, Russia, India and China, revealed Mr Ng. ‘They are much more demanding especially of international products for which they are prepared to pay international prices,’ he added.
‘We need to be much more attuned to the life and living of other international cities and markets so that we understand the lifestyles and preferences of our customers,’ he added.
To this end, FEO has already made considerable headway in fashioning new products for the global set, including The Scotts Tower, designed by Pritzker Prize winner Rem Koolhaas’s architectural firm, Office for Metropolitan Architecture.
Also in the works is the 108-room hotel, Quincy, located off Orchard Road and styled after the trendy hotel chain, W Hotel.
To date, FEO has a development landbank of 11 million sq ft in Singapore. In 2007, it invested $1.15 billion to acquire development sites that will yield some 2.7 million sq ft of buildable area.
Source : Business Times – 25 Apr 2008
Posted in Developer News, General | Tagged: Far East Organization FEO, Ng Teng Fong, Quincy, Scotts Tower | 1 Comment »
Posted by luxuryasiahome on April 25, 2008
TWO listed units of Wing Tai Holdings have agreed to pool synergies in the hospitality and property management sector by forming a joint venture (JV) to acquire a 43-storey condominium in Kuala Lumpur, which will be jointly owned and operated as serviced apartments.
Bursa Malaysia-listed DNP Holdings on Wednesday entered into a joint venture and shareholders’ agreement with Hong Kong-listed USI Holdings for the joint-venture company Kualiti Gold to acquire en bloc 115 condo units and a similar number of parking bays in a condominium block for RM139.75 million (S$60.3 million) cash. It will also have the option to purchase up to an additional 115 parking bays.
The total price of RM139.75 million based on a net floor area of 199,639 square feet (excluding the parking bays) was based on a calculation of RM700 per sq ft.
The block is part of an ongoing high-end condo and service apartment development of three blocks of 43-storey condos, one block of 4-storey service apartments, a 5-storey multiple-level carpark block, and a swimming pool, currently being developed by Starpuri Development, a wholly owned subsidiary of DNP.
The development is within the Kuala Lumpur Golden Triangle fringe and is in the initial stages of construction, with the completion of the condominium block in question expected to take about three years.
DNP and USI will have an equal share in Kualiti Gold, their subscription of new shares in the company to be wholly satisfied by cash totalling nearly RM250 million. The balance RM67.25 million after paying for the condominium and parking bays will be used to fund the optional purchase of an additional 115 parking bays and other expenses.
DNP believes the condominium ‘will be able to generate consistent and recurring income in the future, including potential capital appreciation’.
A property investment company, Kualiti Gold is an existing wholly-owned subsidiary of DNP, but has been dormant since its incorporation in 1994.
Wing Tai Holdings has a 33.63 per cent indirect interest in USI; it also owns a 47.61 per cent direct and 7.65 per cent indirect interest in DNP.
The joint-venture shareholders’ agreement is conditional on a number of terms, including the approval of Malaysia’s Foreign Investment Committee.
Source : Business Times – 25 Apr 2008
Posted in Developer News, General, Overseas Property | Tagged: DNP Holdings, KL Property, Kuala Lumpur, Kualiti Gold, Malaysia Property, Starpuri Development, USI Holdings, Wing Tai | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
TWO listed units of Wing Tai Holdings have agreed to pool synergies in the hospitality and property management sector by forming a joint venture (JV) to acquire a 43-storey condominium in Kuala Lumpur, which will be jointly owned and operated as serviced apartments.
Bursa Malaysia-listed DNP Holdings on Wednesday entered into a joint venture and shareholders’ agreement with Hong Kong-listed USI Holdings for the joint-venture company Kualiti Gold to acquire en bloc 115 condo units and a similar number of parking bays in a condominium block for RM139.75 million (S$60.3 million) cash. It will also have the option to purchase up to an additional 115 parking bays.
The total price of RM139.75 million based on a net floor area of 199,639 square feet (excluding the parking bays) was based on a calculation of RM700 per sq ft.
The block is part of an ongoing high-end condo and service apartment development of three blocks of 43-storey condos, one block of 4-storey service apartments, a 5-storey multiple-level carpark block, and a swimming pool, currently being developed by Starpuri Development, a wholly owned subsidiary of DNP.
The development is within the Kuala Lumpur Golden Triangle fringe and is in the initial stages of construction, with the completion of the condominium block in question expected to take about three years.
DNP and USI will have an equal share in Kualiti Gold, their subscription of new shares in the company to be wholly satisfied by cash totalling nearly RM250 million. The balance RM67.25 million after paying for the condominium and parking bays will be used to fund the optional purchase of an additional 115 parking bays and other expenses.
DNP believes the condominium ‘will be able to generate consistent and recurring income in the future, including potential capital appreciation’.
A property investment company, Kualiti Gold is an existing wholly-owned subsidiary of DNP, but has been dormant since its incorporation in 1994.
Wing Tai Holdings has a 33.63 per cent indirect interest in USI; it also owns a 47.61 per cent direct and 7.65 per cent indirect interest in DNP.
The joint-venture shareholders’ agreement is conditional on a number of terms, including the approval of Malaysia’s Foreign Investment Committee.
Source : Business Times – 25 Apr 2008
Posted in Developer News, General, Overseas Property | Tagged: DNP Holdings, KL Property, Kuala Lumpur, Kualiti Gold, Malaysia Property, Starpuri Development, USI Holdings, Wing Tai | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
TWO listed units of Wing Tai Holdings have agreed to pool synergies in the hospitality and property management sector by forming a joint venture (JV) to acquire a 43-storey condominium in Kuala Lumpur, which will be jointly owned and operated as serviced apartments.
Bursa Malaysia-listed DNP Holdings on Wednesday entered into a joint venture and shareholders’ agreement with Hong Kong-listed USI Holdings for the joint-venture company Kualiti Gold to acquire en bloc 115 condo units and a similar number of parking bays in a condominium block for RM139.75 million (S$60.3 million) cash. It will also have the option to purchase up to an additional 115 parking bays.
The total price of RM139.75 million based on a net floor area of 199,639 square feet (excluding the parking bays) was based on a calculation of RM700 per sq ft.
The block is part of an ongoing high-end condo and service apartment development of three blocks of 43-storey condos, one block of 4-storey service apartments, a 5-storey multiple-level carpark block, and a swimming pool, currently being developed by Starpuri Development, a wholly owned subsidiary of DNP.
The development is within the Kuala Lumpur Golden Triangle fringe and is in the initial stages of construction, with the completion of the condominium block in question expected to take about three years.
DNP and USI will have an equal share in Kualiti Gold, their subscription of new shares in the company to be wholly satisfied by cash totalling nearly RM250 million. The balance RM67.25 million after paying for the condominium and parking bays will be used to fund the optional purchase of an additional 115 parking bays and other expenses.
DNP believes the condominium ‘will be able to generate consistent and recurring income in the future, including potential capital appreciation’.
A property investment company, Kualiti Gold is an existing wholly-owned subsidiary of DNP, but has been dormant since its incorporation in 1994.
Wing Tai Holdings has a 33.63 per cent indirect interest in USI; it also owns a 47.61 per cent direct and 7.65 per cent indirect interest in DNP.
The joint-venture shareholders’ agreement is conditional on a number of terms, including the approval of Malaysia’s Foreign Investment Committee.
Source : Business Times – 25 Apr 2008
Posted in Developer News, General, Overseas Property | Tagged: DNP Holdings, KL Property, Kuala Lumpur, Kualiti Gold, Malaysia Property, Starpuri Development, USI Holdings, Wing Tai | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
GENTING International’s Resorts World at Sentosa (RWS) has completed the syndication of a $4 billion credit facility for its integrated resort (IR), at an interest rate of 175 basis points above the Singapore Swap Offer Rate. The tenure of the loan – one of the biggest undertaken in Singapore – extends to 2015.
On Jan 4, Singapore’s other IR operator, Las Vegas Sands, said it had entered into a credit agreement to provide finance of up to $5.4 billion, at an interest spread of 2.25 per cent above the Singapore Swap Offer Rate for maturities of one, two, three and six months.
RWS chief executive Tan Hee Teck yesterday thanked the lenders who ‘have shown incredible confidence in our management and our business model of a family entertainment destination’.
‘We are grateful to supporters who are rooting for us, and are operating at full throttle to deliver a top-class destination,’ he said.
Ten banks participated in the syndication, which was jointly underwritten and bookrun by five original mandated lead arrangers – DBS, OCBC, HSBC, RBS and Sumitomo Mitsui Banking Corporation.
The expanded mandated lead arrangers include Malayan Banking Bhd, Bank of Tokyo-Mitsubishi UFJ (S), Bangkok Bank Public Company (S), CIMB Bank Bhd (S), BNPP (S), Calyon, Commerzbank (S) and National Australia Bank (S). DZ Bank Deutsche Zentral-Genossenschaftsbank (S) and JPMorgan Chase Bank (S) joined as arrangers.
Mr Tan said the loan syndication was completed in about two months despite the difficult global credit environment.
DBS managing director (syndicated finance) Boey Yin Chong said: ‘It’s a fantastic result given the current volatility of the markets and demonstrates again, the banks’ long-term belief in and support of the project, in RWS and in Singapore itself.’
Source : Business Times – 25 Apr 2008
Posted in General, Sentosa Property | Tagged: Credit Loan, Genting International, Resorts World, Sentosa | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
CAPITARETAIL China Trust (CRCT) has announced income available for distribution to unit-holders of $6.3 million for the period Feb 5 to March 31 – $0.5 million or 8.5 per cent higher than its forecast of $5.8 million.
Available distribution per unit (DPU) for the period is 1.02 cents (6.66 cents on an annualised basis), which is 8.5 per cent higher than its forecast of 0.94 cents (6.14 cents on an annualised basis). This translates to 9 per cent year-on-year DPU growth.
Based on the unit price of $1.50 on April 23, the distribution yield works out to 4.44 per cent.
CRCT explained that the last distribution was scheduled to take place in respect of its semi-annual distributable income for the period July 1 to Dec 31, 2007. ‘In order to ensure fairness to unit-holders in issue on the day immediately prior to Feb 5, 2008, the day on which the new units are issued under the equity fund-raising for the acquisition of Xizhimen Mall, the manager has made a cumulative distribution of 4.04 cents for the period July 1, 2007 to Feb 4, 2008,’ it added.
Lim Beng Chee, CEO of CRCT manager CapitaRetail China Trust Management, said: ‘Following a year of proactive asset management of our portfolio, the malls have registered robust top-line growth, with Wangjing Mall and Qibao Mall delivering a year-on-year revenue increase of 18.8 per cent and 45.6 per cent respectively. Tenants have also enjoyed remarkable sales growth, with same-store sales at Wangjing Mall, Qibao Mall and Xinwu Mall growing 30.9 per cent, 27.4 per cent and 51.8 per cent respectively.’
Gross revenue for Q1 2008 was 116.3 million yuan(S$22.5 million), representing a y-o-y increase of 29.8 million yuan or 34.4 per cent. This was mainly attributed to revenue from Xizhimen Mall, which was acquired on Feb 5, as well as occupancy growth at Wangjing Mall and Qibao Mall. Excluding Xizhimen Mall, gross revenue for Q1 2008 was 95 million yuan, a y-o-y increase of 8.5 million yuan or 9.8 per cent.
Net property income (NPI) for the quarter was 72.7 million yuan, a y-o-y increase of 18.5 million yuan or 34.2 per cent. Excluding Xizhimen Mall, NPI for the quarter was 59.2 million yuan, a y-o-y increase of 5 million yuan or 9.2 per cent.
CRCT’s unit price closed 10 cents higher at $1.60 yesterday.
Source : Business Times – 25 Apr 2008
Posted in General, REITS | Tagged: CapitaRetail China Trust, CRCT, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
MAPLETREE Logistics Trust (MapletreeLog) yesterday reported distributable income of $21 million for the first quarter ended March 31, up 37 per cent from the corresponding period last year.
This comes on the back of a 48 per cent jump in gross revenue from the year-ago period to $42.6 million.
The increase in distributable income came as MapletreeLog acquired an additional 23 properties within the past one year. As at March 31, the trust has a portfolio of 72 properties. Eight acquisitions are pending completion, which will raise the trust’s portfolio to 80 properties spread across Singapore, Malaysia, Hong Kong, Japan, China and South Korea, with a book value of more than $2.7 billion.
Unitholders will receive distribution per unit (DPU) of 1.90 cents for Q1 2008, which is 28.4 per cent higher than in the year-ago period.
MapletreeLog’s website shows analysts’ DPU forecasts for 2008, made in January, ranged from 6.70 cents to 8.01 cents.
MapletreeLog also reported an improvement in borrowing costs. Due to a sharp drop in interest rates for major currencies during the quarter, the trust’s weighted average annualised interest rate fell from 3.3 per cent per annum in the Q4 2007 to 2.9 per cent in Q1 2008.
According to Mapletree Logistics Trust Management (MLTM) CEO Chua Tiow Chye, the trust has started the year with a strong performance.
‘We will continue with our yield plus growth strategy but in the current environment, we will remain focused on optimising yield from the existing portfolio while continuing to identify selective acquisition opportunities which we can undertake when the environment normalises,’ Mr Chua said.
MapletreeLog had announced a $500 million rights issue in December last year but deferred the plan in January when the capital market softened.
On this, Mr Chua said: ‘We will continue to monitor and review when it will be conducive to re-visit an equity fund raising.’
MapletreeLog also reported a higher leverage ratio of 54.7 per cent as at March 31, up 1.3 percentage points from Dec 31 last year. This was largely due to borrowings drawn down to fund the trust’s committed acquisitions in Q1 2008.
Source : Business Times – 25 Apr 2008
Posted in General, REITS | Tagged: Mapletree Logistics Trust, MapletreeLog, REITS, Singapore REITS | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
CAPITALAND said yesterday that its associate Loma IT Park Developers has bought a 121,450 sq m site at the Trans Thana Creek industrial area in Navi Mumbai, India, for $79 million. The seller is Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India.
CapitaLand and its partner plan to build an information technology park and a Grade A office complex on the site, which is in the heart of the Mumbai-Pune ‘Knowledge Corridor’. The project will be CapitaLand’s first such development in India.
Loma is a wholly owned subsidiary of Arc-CapitaLand India – a joint venture set up by CapitaLand and Bahrain-based Arcapita Bank to develop the site. The proposed development will comprise 2.5 million sq ft (about 232,342 sq m) of built-up space, roughly half of which will be set aside for IT companies.
Construction is expected to begin by the first quarter of 2009. Completion will be in phases over the next five years. CapitaLand president and chief executive Liew Mun Leong said: ‘India has been identified as an important new market in Asia for the CapitaLand group. Its immense potential as a high growth market cannot be ignored.’
Arc-CapitaLand India has appointed London-based Foreign Office Architects to design the project.
The development is expected to set quality benchmarks to meet the demands of multinational companies and high-tech businesses. It will also be one of the first major developments in Mumbai to feature environmentally sustainable commercial space.
Source : Business Times – 25 Apr 2008
Posted in Developer News, General, Overseas Property | Tagged: Arc-CapitaLand India, Arcapita Bank, Capitaland, Foreign Office Architects, India Property, LOMA IT Park Developers, Navi Mumbai, Trans Thana Creek | Leave a Comment »
Posted by luxuryasiahome on April 25, 2008
DBS Bank is losing two more senior staff – managing directors Wong Ban Suan and SF Wong.
Sources told BT that Wong Ban Suan, head of the bank’s group central treasury unit, is leaving. He is in charge of centralising the management of the bank’s overall asset and liability position, and is responsible for investing the firm’s excess liquidity.
A veteran of treasury and global markets, Mr Wong joined DBS Bank after about 20 years in global markets and treasury activities at JP Morgan. There, he was a managing director and head of its interest rate and proprietary trading operations.
The other managing director leaving is SF Wong. Mr Wong, who heads advisory sales at the bank’s global financial markets division and is also regional head of the investment product group, has resigned and his last day at the bank is the end of the month.
DBS spokeswoman Karen Ngui confirmed that he was retiring from the bank and would be replaced by an internal candidate. She added that ‘people leaving and retiring are part of corporate life’.
Wong Ban Suan reports to chief operating officer Frank Wong, who has said he is retiring from the bank at the end of this year. SF Wong reports to David Lau, managing director and joint head of global financial markets, who is also leaving, to set up a private hedge fund.
Market watchers had speculated that with Frank Wong leaving, the wholesale banking and treasury business which he built up would see a spate of departures.
Consumer banking also saw its head Edmund Koh and two other employees leaving for US private equity group Carlyle.
DBS’ central treasury unit has been hit with losses arising from its investments in collateralised debt obligations. Last year, the unit saw its net profit plunge nearly 70 per cent from the year before. The unit made a net profit of $51 million, dragged down by allowances of $262 million. The provisions include allowances set aside for the bank’s CDOs. In contrast, in 2006, the central treasury unit made $166 million after tax, and instead of allowances, recorded a writeback of $5 million.
Source : Business Times – 25 Apr 2008
Posted in Finance, General | Tagged: DBS, SF Wong, Wong Ban Suan | Leave a Comment »
