Office property market slowing in Q2
Singapore’s office property sector market appears to be cooling a little. According to property consultant DTZ, the average office occupancy rate for the second quarter of this year saw a dip of 0.2 percentage point. Office rental prices have also been flat – suggesting that the market is resistant to rising prices. According to DTZ, … Read more
Katong Mall sold to Tuan Sing Group for S$219m
Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million. Including a premium of S$24.5 million to top up the site’s lease, the price works out to about S$865 per square foot of gross floor area. The tender for the 99-year leasehold commercial development in the Marine … Read more
Tuan Sing wins Katong Mall at $219 mln
Tuan Sing Holdings Limited today said its subsidiary, Golden Cape Investments Ltd, has been successful in its tender for Katong Mall in the first full retail collective sale site in Singapore. The bid was $219 million for the 99-year leasehold property. With a gross floor area of 281,369 sq ft, this translates into $778 per … Read more
Low Keng Huat in Vietnam property JV
Low Keng Huat (Singapore) Limited today said its subsidiary, LKH (Saigon) Pte Ltd (LKHS) has entered into a joint venture agreement to invest and develop about 267,000 sq feet of seafront land in Front Beach, Vung Tau City, Vietnam. The agreement was signed on June 27, 2008 with The National Oil Services Company of Vietnam … Read more
Lum Chang, LC Dev abort Guangzhou project
Lum Chang Holdings Limited and L.C. Development Limited said in a joint statement today that they have decided to abort a development project in Guangzhou, China. ‘We wished to advise that since then, the project and the framework agreement have been aborted after due consideration,’ the companies said in the statement. On December 17, 2007, … Read more
RA puts up Ophir-Rochor Road for sale by public tender
The Urban Redevelopment Authority (URA) has launched a white site for sale in the Ophir Rochor corridor. The announcement did not come as a surprise, as the government had already indicated it will be sold under the confirmed list of the land sales programme. The 2.7 hectare site is expected to be a mixed use … Read more
F&N to have 2 CEOs to head properties, F&B ops
Fraser and Neave Limited (F&N) on Monday said it would have two chief executives officers to head its two core operations — properties and food & beverage — due to the ‘difficulty of recruiting one person who possesses all the necessary combined skill sets to realise the full potential of these businesses’. With effect from … Read more
Japan May housing starts down 6.5%
Housing starts in Japan, hit hard by a regulatory change last year, fell 6.5 per cent in May from a year earlier, lower than a median market forecast for a 3.8 per cent drop, government data showed on Monday. It was the 11th straight month of falls. Orders received by major Japanese construction companies fell … Read more
Lafe to buy 50.1% in North American hotel group
Lafe Corporation Limited said it has entered into a non-binding memorandum of understanding (MOU) to buy 50.1 per cent of Kimbergold Capital Limited from the The Ho Family Trust Ltd (HFL) today. Kimbergold Capital Limited is the ultimate holding company of the Sutton Place Grande Hotels Group which owns and operates a chain of 4 … Read more
Millennium & Copthorne Hotels New Zealand completes Auckland hotel deal
Millennium & Copthorne Hotels New Zealand said it has completed its purchase of the Copthorne Hotel Auckland Harbourcity. But in a filing to the Singapore Exchange, it said the price of the deal was confidential. Millennium & Copthorne is funding the purchase with cash and a new loan facility. The area around the Copthorne Hotel … Read more
