Keppel Land to sell one-third stake in MBFC
Property developer Keppel Land has announced that it has entered into a conditional share purchase agreement with K-REIT Asia to divest a one-third stake in Phase One of Marina Bay Financial Centre (MBFC) for S$1,426.8 million, including rental support. The divestment will give the developer a...
Continue Reading • 12 Oct 2010
Park Hotel Group eyeing SGX listing
Park Hotel Group is looking at being listed on the Singapore Exchange (SGX) in the second half of next year and possibly, a dual listing in Hong Kong.Plans for an IPO, most probably through a real estate investment trust (REIT) listing, are on course, said Allen Law, director of the Park Hotel...
Continue Reading • 11 Oct 2010
CapitaLand reaches out to investors
Property developer CapitaLand has distributed about $3.2 billion to shareholders through an in-specie and dividends distribution over the last ten years, while total shareholder return stands at $11.9 billion, an increase of 172 percent.The group has also recorded a total net profit of $7.5...
Continue Reading • 11 Oct 2010
BofA suspends foreclosures across the US
The Bank of America (BofA) has implemented a nationwide moratorium on foreclosures after the bank came under attack at how it handles documents to support the eviction process.The largest US mortgage servicer is the first bank in the US to impose a nationwide moratorium on foreclosures.“We...
Continue Reading • 11 Oct 2010
Asia to continue lead in global recovery despite risks
Asia will likely to continue leading the global economic recovery in the near term, with India and China taking the frontline, according to an International Monetary Fund (IMF) official.“We expect Asia to continue leading the global recovery in the near term and to grow by 8 percent in...
Continue Reading • 11 Oct 2010
KepLand unit invests in South Korean property
Macro Trends Fund, managed by Alpha Investment Partners (AIP), the wholly owned property fund management unit of Keppel Land, has invested US$210 million in the Seoul Square, an office building in South Korea.AIP established the US$1.2 billion Macro Trends Fund in 2007 to concentrate on prominent...
Continue Reading • 11 Oct 2010
Singapore's GDP growth to slow in Q3
Singapore is likely to see a sharp decline in its GDP growth in the third quarter, a deceleration that will be headed by the biomedical sector, according to a recent survey conducted by Reuters.The poll of 15 economists puts Q3 economic growth at 10.8 percent year-on-year, lower than the 16.9...
Continue Reading • 11 Oct 2010
Wincheer Investment tops bid for Petir Road site
The URA has announced that the public tender for the Petir Road site has attracted a total of nine bids, with Wincheer Investment Ltd offering a top bid of $177.4 million.This translates to around $3,714.09 psm per gross floor area (GFA). The second highest bid came from Sim Lian Land Ltd at...
Continue Reading • 8 Oct 2010
UK's new mortgage deals skyrocket
The number of mortgage transactions available in the UK through mortgage brokers has jumped 57 percent in the past six months, with more than 2,600 new mortgages that have been introduced since April this year, according to UK mortgage specialist Mortgage Brain.But the month of September recorded...
Continue Reading • 8 Oct 2010
LaSalle wins top accolades
Global real estate investment manager LaSalle Investment Management (LaSalle) has been named Asia’s Best Investment Manager and the Global Best Investment Manager at the Euromoney Real Estate Awards 2010.“We are delighted to have been awarded this prestigious accolade by the readers...
Continue Reading • 8 Oct 2010
Global Logistics to raise S$3.45bn in IPO
Global Logistic Properties Ltd., the overseas logistics unit of Government of Singapore Investment Corp., plans to raise S$3.45 billion in the largest public offering in Singapore since 1993, according to sources.Shares in Global Logistics were valued at S$1.96 per share, the top end of a range...
Continue Reading • 8 Oct 2010
HSBC UK cuts mortgage rates
HSBC UK has cut interest rates on some of its mortgage products to help struggling homeowners pay their monthly mortgage debt, said Martijn van der Heijden, head of lending at HSBC.The bank’s mortgage rates on its 80 percent loan-to-value (LTV) were reduced by 0.4 percent to help customers...
Continue Reading • 8 Oct 2010
Lippo selling 120.5m OUE shares
Golden Concord, a wholly-owned Indonesian unit of Lippo Group, is selling its shares in Singapore's Overseas Union Enterprise for up to 120.5 million, or around S$2.70 to S$2.80 a piece, according to Reuters.The company’s share represents 12 percent of OUE’s capital. OUE, which...
Continue Reading • 7 Oct 2010
GuocoLand unit acquires Shanghai site
Singapore-listed property developer GuocoLand Ltd has announced that its sister company and one of its wholly-owned subsidiary jointly acquired a land parcel in Shanghai for approximately RMB3 billion.GuocoLand said in a statement that the bid for the land parcel was made by Guoco Investments...
Continue Reading • 7 Oct 2010
BofA exits wholesale mortgage operation
The Bank of America, the largest US bank by asset, will exit wholesale mortgage business to focus more on operational resources to support its direct-to-consumer retail business, helping new and existing customers acquire mortgage loans.“By exiting the first mortgage wholesale channel, we...
Continue Reading • 6 Oct 2010
Capitamall Trust repurchases $100m worth of bonds
Capitamall Trust (CMT), the first Real Estate Investment Trust (REIT) in Singapore and a wholly-owned unit of CapitaLand, has announced that it has repurchased convertible bonds (CBs) for approximately $100 million (plus accrued interest) for a total cash consideration of $105.25...
Continue Reading • 6 Oct 2010
Small flats' high prices may dissuade homebuyers
Homebuyers who are looking for small flats located in urban areas in Hong Kong may be discouraged by escalating prices, such as the HK$6 million being asked for a new 400 sq ft flat in Wan Chai.Queen’s Cube, a joint project between HK’s Urban Renewal Authority (URA) and Nan Fung...
Continue Reading • 6 Oct 2010
Shenzhen tightens rule on home purchases
Shenzhen has become the first city in China to respond to the central government’s latest measure to curb property prices by limiting households with residency status to acquire only two homes.People living without residency status in Shenzhen, China will not be allowed to purchase any...
Continue Reading • 5 Oct 2010
Australian mortgage rates increase to be used as cover
Banks in Australia may use the next mortgage rates increase as a cover for raising interest rates, according to an analyst.Shane Oliver, chief economist at AMP Capital Investors, said that if the Reserve Bank of Australia (RBA) implements mortgage rate increases tomorrow, many Austalian banks may...
Continue Reading • 5 Oct 2010
Mapletree awarded for eco-friendly business
Integrated business hub Mapletree Business City (MBC) has received the Trane “Energy Efficiency Leader Award”, which recognises organisations that have made significant achievements in environmental sustainability.Developed by Mapletree Investments Pte Ltd, MBC uses innovative methods...
Continue Reading • 5 Oct 2010