F&N buys Allco Reit stake, manager for US$132m
Singapore conglomerate Fraser and Neave (F&N) said on Tuesday its property unit has bought 17.7 per cent of Allco Commercial Reit and all of the real estate investment trust’s manager for $180 million (US$132 million). Fraser’s property unit Fraser Centrepoint said in a statement it would buy 125.6 million shares in Allco Reit for $0.83 … Read more
Frasers Centrepoint to buy over Allco S’pore & stake in Allco REIT
Frasers Centrepoint, a unit of Fraser and Neave, says it’s buying 18 percent of Allco REIT and all of Allco Singapore, which manages the trust. The deal is valued at S$180 million. Frasers Centrepoint will rename Allco REIT to Frasers Commercial Trust when the transaction is completed. Under the deal, Frasers Centrepoint will buy about … Read more
Property market in Las Vegas hits losing streak
Vacancy rates for apartments, offices up in Q2 As Las Vegas sees its hotel and casino businesses sputter and office, apartment and retail real estate markets flag, the rest of the country is hoping what happens in Vegas stays in Vegas. Despite its crushing housing market, one of the worst in the nation, Las Vegas’ … Read more
CBD offices still available at $6-9 psf a month
Small pockets of space can be found in older buildings in the central district THE average Grade A office monthly rental in Singapore touched $18.80 psf in Q2, while the vacancy rate for such premium space stands at a mere 0.6 per cent. However, small pockets of space ranging from a few hundred square feet … Read more
China Jingye to build Universal Studios S’pore
It clinches $705m contract for infrastructural work RESORTS World at Sentosa (RWS) yesterday said that it awarded a $705 million contract to a Chinese company for infrastructural work at Universal Studios Singapore. The contractor, China Jingye Engineering Corporation (Singapore branch), is a subsidiary of the Chinese government-linked China Metallurgical Corporation (MCC) group. China Jingye will … Read more
Sub-prime will take 1-2 years to sort out: Wee
UOB head calls it the worst crisis he has seen in 48 years FOR those caught up in the sub-prime crisis, the light at the end of the tunnel is going to take one to two years to emerge, according to United Overseas Bank (UOB) chairman Wee Cho Yaw. Mr Wee spoke at the start … Read more
Showy to buy HK developer in $545m deal
Showy International, which designs and manufactures sanitary, bathroom and kitchen products and accessories, is seeking to acquire Hong Kong-incorporated Fortune Court Holdings for $545.4 million. And the move will see the Singapore listed company leap-frog into property development in Chongqing in China. The proposed acquisition of Fortune Court will be satisfied by allotment and issue … Read more
Varying pace of sales at recently released projects
DEVELOPERS selling private homes had a mixed bag of results at the weekend. The 99-year-leasehold Livia in Pasir Ris, where previews started last Friday, has chalked up relatively strong sales of 160 units at an average of $650 per square foot (psf). But sales were slower for most other recently released projects. At Kovan Residences, … Read more
Active weekend for property launches
IT WAS another fairly active weekend for mass to mid-market property launches – most notably at Livia, a large Pasir Ris development where 160 units were snapped up. Elsewhere, however, slowing sales offered hints that the recent momentum in the property market, after a sustained lull, might be fragile. Market sentiment remains cautious, as buyers … Read more
