d’Leedon condominium marks its completion

SINGAPORE: Singapore's largest condominium project d'Leedon, near Farrer Road, marked its completion on Saturday (Oct 25). But the 1,715-unit development, which was launched for sale two years ago, still has 254 unsold units - comprising mostly four-bedroom units - as of last month.

And to move sales, its developer CapitaLand Singapore said it will be refurbishing 30 units with additional designer furnishings. Those units will be re-launched next month. 

Wong Heang Fine, CEO of CapitaLand Singapore Residential, said: "The focus is really on buyers who do not want to have the hassle of doing the interior decoration after they buy the units, they just want to move in. So literally, all the 30 units are such that you can just bring your suitcase and move in tomorrow after you purchased the units."

Last month, the developer gave 30 units at its The Interlace condominium a makeover to attract buyers. CapitaLand said it is marketing the units and none have been sold yet. The 1,040-unit development was completed in September 2013 but still has about 170 unsold units as of August 2014.

CapitaLand's Q1 net profit dips by 1.7%

SINGAPORE: Property group CapitaLand has posted a first quarter net profit of S$182.8 million, down 1.7 per cent compared to a year ago.

The lower profit was due to a S$58.7 million one-off gain recorded in the same quarter last year.

Excluding the one-off gain, CapitaLand's operating net profit rose nearly 30 per cent to S$155.7 million from the first quarter of 2013.

In a statement on Friday, CapitaLand attributed this to higher development profits and improved performance from its shopping malls.

Still, CapitaLand's group revenue declined 3.4 per cent to S$612.6 million from its restated figures in the first quarter of last year.

In Singapore, CapitaLand said it sold 34 residential units, which amounted to a total sales value of S$87.0 million in the first quarter.
However, sales picked up in April with 106 units sold at its development Sky Habitat with a total sales value of about S$157.6 million following a marketing campaign.
In China, CapitaLand reported higher revenue, up 56.2 per cent to S$82 million in the same quarter.
The company says this is in line with the increased number of units handed over from projects such as The Loft, La Cite in Foshan, and Lake Botanica in Shenyang.
Looking ahead, CapitaLand said it remains confident in the potential of the Chinese market.
The company added that it will continue to strengthen and deepen its presence in China through the five city clusters.

- CNA/ec

CapitaLand plans to take CapitaMalls Asia private through S$2.22 a share offer

SINGAPORE: Southeast Asia's largest developer CapitaLand has launched a voluntary conditional cash offer to take shopping mall arm CapitaMalls Asia (CMA) private by buying CMA shares that it does not already own for S$2.22 each.
The offer -- made via Sound Investments Holdings -- is conditional on receiving acceptances such that CapitaLand holds more than 90 per cent of CMA.
CapitaLand, which owns around 65.3 per cent of CMA, will have to pay around S$3 billion to buy over the remaining 34.7 per cent.
According to CapitaLand Group CEO Lim Ming Yan, taking over and delisting CMA will "significantly simplify" CapitaLand Group's structure.
"CapitaLand will be in a better position to capitalise on the growing trend towards integrated developments in our core markets of Singapore and China," he said.
CapitaLand said its offer price of S$2.22 in cash for each CMA share represents a premium of 27.0 per cent over CMA's one-month volume-weighted average price. The offer price is also 20.7 per cent higher than CMA's net asset value per share as of December 31, 2013.
CMA shares, which were suspended earlier on Monday, were last traded at S$1.805 apiece.
CapitaLand spun off CMA in late 2009 in what was then one of Singapore's largest ever initial public offerings. 

- CNA/ac

CapitaLand's The Ascott buys serviced residence in Hong Kong

By

Vivien Shiao vshiao@sph.com.sg

        

CAPITALAND's wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (S$88.8 million) - PHOTO: BLOOMBERG

CAPITALAND's wholly-owned serviced residence business unit, The Ascott Limited, has acquired an operating serviced residence in Hong Kong for HK$545 million (S$88.8 million).

The 55-unit property will be rebranded as Citadines Mercer Hong Kong in the third quarter of 2014.

Located in Sheung Wan on Hong Kong Island, Citadines Mercer Hong Kong is next to the central business district, close to Soho and Lan Kwai Fong.

The serviced residence is only a minute walk to Sheung Wan Mass Transit Railway, a five-minute walk to Hong Kong- Macau Ferry Terminal and a 10-minute walk to the International Finance Centre where many multinational companies and financial institutions are based.

CapitaLand secures 60% stake in two adjacent residential Chengdu sites

By

Angela Tan angelat@sph.com.sg

         

CapitaLand has secured a 60 per cent interest in two adjacent prime residential sites in the New Southern Area of Chengdu, Sichuan, China, via a proposed share subscription in two Chinese companies for RMB752 million (about S$155 million) - PHOTO: BLOOMBERG

CapitaLand has secured a 60 per cent interest in two adjacent prime residential sites in the New Southern Area of Chengdu, Sichuan, China, via a proposed share subscription in two Chinese companies for RMB752 million (about S$155 million).

CapitaLand plans to build an estimated 4,600 apartment units on the 133,333 sq m sites to cater to first-time homebuyers and upgraders.

Construction is expected to begin in the second quarter of 2014 with the first phase targeted for launch by end 2014.
The two adjacent land parcels with a gross floor area of 479,850 sq m was secured by CapitaLand's subsidiary, Shanghai Zhong Da Industry Development Co.

CapitaLand's Q4 profit falls 45% on one-off loss

[SINGAPORE] Singapore's CapitaLand Ltd , Southeast Asia's largest property developer, said on Wednesday its fourth-quarter profit slumped 45.6 per cent on the year on a one-off loss on divestment of part of its Australand stake.

CapitaLand, which operates in Singapore and China among other countries, reported a profit after tax and minority interest (PATMI) of S$142.9 million for the October-December quarter.

The loss on the Australand Property Group stake sale in November also affected CapitaLand's full-year profit. Its 2013 PATMI dropped 8.7 per cent from a year earlier to S$849.8, undershooting an average forecast of S$976 million by five analysts polled by Reuters.

Operating PATMI, a gauge of profitability of core business, was S$527.7 million for the year, below a forecast average of S$555.7 million.

CapLand to focus China growth efforts in five city-clusters

By

Lynette Khoo lynkhoo@sph.com.sg

        

MR LIM
CapitaLand has a pipeline of over 60,000 residential units, having built over 40,000 units for mass-market and high-end projects. - FILE PHOTO

Singapore

CAPITALAND, marking its 20th year in China, is looking to deepen its presence in five city-clusters spanning the country.

The five city-clusters are Beijing and Tianjin in the north; Shanghai, Hangzhou, Suzhou and Ningbo in the east; Guangzhou and Shenzhen in the south; Chengdu and Chongqing in the west; and Wuhan in central China.

The chief executive of the real estate company, Lim Ming Yan, said: "The growing market trend towards larger integrated developments in these markets is an opportunity for us to harness synergies across our competencies in developing homes, offices, shopping malls, serviced residences and fund management.

CapitaLand China buys residential site in Ningbo for S$232m

SINGAPORE: CapitaLand China, a subsidiary of Singapore property group CapitaLand, has acquired a residential site in Sunjia, Ningbo for S$232 million.

The 57,370-square-metre site has been secured through a government land tender.

CapitaLand plans to build about 1,100 units of small and medium-sized units on the site, catering to both first-time homebuyers and upgraders.

Construction for the project is expected to begin in Q3 this year, with the first phase targeted for launch in 2015.

The site is also near CapitaLand's two other projects in Ningbo -- the Raffles City Ningbo and Summit Residences.

Raffles City Ningbo is a mixed-use development which was opened in 2012.

Meanwhile, residential project Summit Residences launched its Phase 2 at the end of 2013.

CapitaLand China’s chief executive officer Jason Leow said in a statement: "Ningbo is China's second-largest port with residents' disposable income that is comparable to Shanghai's.

“Ningbo belongs to one of the five city clusters that CapitaLand is focused on, namely Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen, Chengdu/Chongqing, and Wuhan."

- CNA/gn

Buyback of 2 million shares in CapitaLand Limited

The Shares were bought back at the weighted average price of

S$3.0037 per Share. CapitaLand will hold the bought back Shares as treasury shares.

 

At approximately 17% discount to CapitaLand’s Net Tangible Asset of S$3.63 as at 30 September 2013,

Singapore property developer CapitaLand is planning to sell one-third of its stake in Australand

SINGAPORE: Singapore property developer CapitaLand is planning to sell part of its stake in Australand.

This comes after the Singapore property firm said earlier this year it will be retaining its stake in the Australian residential and commercial property developer after a strategic review.
In a filing with the Singapore Exchange, CapitaLand said it is now proposing to sell 115.66 million of the approximate 342 million stapled securities it currently owns in Australand.
This works out to about one-third of CapitaLand's 59.1 per cent interest in Australand.
Australand develops and owns properties mostly located in Australia's largest cities -- Sydney, Melbourne and Brisbane.
According to media reports, the deal is said to be worth up to S$507.5 million (A$434 million), with the securities reportedly proposed to be sold between A$3.685 and A$3.75 each.
Allocation and pricing of the securities is expected to take place on November 21. 

- CNA/gn

CapitaLand Q2 net profit slightly down on lower portfolio gains

[SINGAPORE] Southeast Asia's biggest developer CapitaLand Ltd said on Thursday its second-quarter net profit fell slightly from a year earlier due to lower portfolio gains.

The Singapore firm earned S$383.1 million (US$302.2 million) in the three months ended June versus S$385.9 million a year ago. Excluding portfolio gains, net profit would have risen 8.6 per cent to S$322.1 million.

"We will continue to focus on our core markets of Singapore and China to develop homes, offices, shopping malls, serviced residences and mixed developments," said chief executive Lim Ming Yan.

In the first half of 2013, CapitaLand sold 683 residential units with sales value of S$1.6 billion in Singapore, up from 259 units worth S$467 million a year earlier.

Australand to remain a key investment for CapitaLand Group

CapitaLand Limited ("CapitaLand") wishes to announce that it has completed the strategic review of its interest in its subsidiary Australand and concluded that Australand will continue as a key investment for CapitaLand. During the review, Australand had received indicative proposals for the whole and parts of its business but none of them have been sufficiently compelling.

Australand will continue to provide CapitaLand with a stable stream of recurring income. It is well-positioned to benefit from its portfolio of quality commerical and industrial properties and is one of Australia's largest industrial development businesses. It is also well placed to benefit from the improving outlook for the residential sector in key Australian cities.

CapitaLand bolsters self storage business

By ong chor hao

 

                         

        

PROPERTY giant CapitaLand can now lay claim to owning Singapore's largest self storage company, following a move to acquire the business behind four self storage facilities here.

In a regulatory filing yesterday, CapitaLand said it bought all of BSG Holdings through its wholly owned subsidiary StorHub Singapore Investment, from Invista Real Estate International Holdings.

It also acquired the Big Orange Self Storage Singapore business through another wholly owned subsidiary StorHub Management, which gives it control of the Big Orange brand that runs four self storage facilities in Singapore. The four properties were ultimately owned by BSG Holdings.

The consideration for the acquisition was $91.8 million, on a pro forma basis of consolidated closing accounts as at yesterday. The accounts will be audited and incorporate the adjustments to net assets of BSG Holdings as at the completion date of the deal yesterday. Any difference to the $91.8 million will be paid for or refunded by StorHub Singapore Investment or Invista accordingly.

CapitaLand to jointly develop S$3.2b Danga Bay project

By

Carine Lee

         

CapitaLand is making a S$3.2 billion joint acquisition and development of one of the five flagship zones in Johor's Iskandar Malaysia its first direct large-scale township investment and development in the country.

The real estate company said on Tuesday that its wholly owned subsidiary, CapitaLand Malaysia Pte Ltd, had inked a heads of agreement with Iskandar Waterfront Sdn Bhd (IWSB) and Temasek to jointly acquire and develop parcels of land in Danga Bay.

CapitaLand Malaysia, IWSB and Temasek will hold 51 per cent, 40 per cent and 9 per cent stakes respectively in the joint venture.

The joint venture will acquire 3.1 million square feet of freehold net land in Danga Bay for a purchase price of RM811 million (S$324 million).

CapitaLand to reassess investments in India, Mideast and London

 

 

CW8888: Change of CEO. Change of strategies.

 

 

 

SINGAPORE: Southeast Asia's largest property developer CapitaLand is reassessing its investments in India, Middle East and London.

The company may divest some of its investments in office, commercial and residential properties in these three locations.

CapitaLand says it now plans to focus on Singapore and China markets.

Making his first major move since taking over the helm at CapitaLand, new President and Group CEO Lim Ming Yan has realigned the corporate structure.

This, the company says, is to sharpen its focus on key markets.

The Group will be simplified into four main business units - CapitaLand Singapore, CapitaLand China, CapitaMalls Asia (CMA) and The Ascott.

The CapitaLand Singapore unit will be headed by Wen Khai Meng, currently chief executive of CapitaLand Financial, while CapitaLand China will continue to be helmed by Jason Leow, chief executive of CapitaLand China Holdings.

Lim Ming Yan, President and Group CEO of CapitaLand, said: "There will be some things we have to change as we move forward. I think this is more to position CapitaLand for the future, where China will play a very significant role in this part of the world and also Singapore increasingly becoming a hub for Asia."

Analysts say the move has made it easier for investors to understand the company better.
Eli Lee, Investment Analyst at OCBC Investment Research, said: "This is a great move they made. Over the years, CapitaLand has grown organically and one common feedback, while it has pursued many avenues of growth in different markets, it has became sort of unwieldy and difficult to understand."

As part of the move, non value-added investments will come under review.

This may include selling their properties in London, the Middle East and India.

The property company is also planning to conduct a strategic review of its 59 per cent stake in Australand.
But, projects in Malaysia will stay put and placed under the portfolio of CapitaLand Singapore.

Their serviced apartment operator Ascott and mall owner CapitaMalls Asia will also continue their presence in UK and India respectively.

Lim Ming Yan added: "Whatever we do in GCC (Gulf Cooperation Council) is not going to add a lot of value to Singapore and China, and also similarly we can't add a lot of our presence in GCC. So, having one office building in London is not going to add a lot of value of whatever we are doing here.

He said what is most important is to realise that investments are "put into something, somewhere that it can help us grow our business".

CapitaLand has two properties in the Gulf states and an office building in London which are all owned through joint ventures.

But its property in India is wholly-owned by the company.
The company has also appointed current chief investment officer Olivier Lim as group deputy CEO.

- CNA/de

CapitaLand places $853 psf ppr top bid for Bishan condo site

By

Kalpana Rashiwala

         

 

In February last year, CapitaLand paid S$869 psf ppr for the next-door site, which it is developing into the Sky Habitat condo - PHOTO: BLOOMBERG

     

CapitaLand unit Allamanda Residential Development has placed the top bid for a 99-year leasehold private housing site at Bishan Street 14. Its bid of S$505.1 million, or S$852.94 per square foot per plot ratio (psf ppr), was 3.1 per cent higher than the next highest bid of S$490.1 million (S$827.61 psf ppr) from a joint venture involving Singland Homes, UOL Venture Investments, and Orix Investment and Management.

The tender attracted nine bids. The lowest bid, from Mezzo Development, was S$368 million (S$621.42 psf ppr)

The site is near Bishan MRT station and Junction 8 shopping mall. It can be developed into an estimated 645 homes, according to Housing & Development Board, which conducted the tender as land sales agent for the Singapore government.

In February last year, CapitaLand paid S$869 psf ppr for the next-door site, which it is developing into the Sky Habitat condo.

CapitaLand enters funding agreement with Chinese banks

By

Angela Teng

 

CapitaLand Ltd on Wednesday said it has entered into a strategic co-operation agreement with four Chinese banks for a credit limit allocation of up to 50 billion yuan (S$10 billion) for CapitaLand's China businesses.

The four banks are Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC).

The move will help CapitaLand provide funding for the group's growth plans in its residential, commercial, retail, serviced residence, integrated developments and financial services sectors across China, said Liew Mun Leong, president and CEO of CapitaLand Group.

Since the start of this year, CapitaLand has committed S$3.0 billion in new investments, with Singapore and China accounting for the bulk of the amount.

CapitaLand Q3 net profit jumps 85 pct, helped by portfolio gains

SINGAPORE, Oct 30 (Reuters) - CapitaLand Ltd, Southeast Asia's largest property developer, said its third-quarter net profit rose 85.1 percent, boosted by higher operating income and portfolio gains.

CapitaLand, about 40 percent-owned by Singapore state investor Temasek, earned S$148.5 million in July-September, up from S$80.2 million a year ago.

It reported portfolio gains of $$75.0 million in the third quarter, compared to S$34.9 million a year ago, mainly from the divestment of Ascott Guangzhou and Ascott Raffles Place to Ascott Residence Trust.

The property developer's revenue rose 12.9 percent to S$686.9 million from a year ago, driven by higher revenue recognised from development projects in Singapore, China and Australia as well as strong contribution from the group's shopping mall and fee-based income businesses.

"We do not expect a significant impact from these measures on new home sales in the short term. However, we are monitoring the situation closely," CapitaLand said, referring to measures by Singapore to cool property prices.

CapitaLand establishes US$215m housing private equity fund

SINGAPORE: Property group CapitaLand has set up a housing private equity fund that will invest in value housing developments in China.

The company said in a statement that the CapitaLand China Value Housing Fund (CCVHF) was successfully closed at US$215 million (S$264 million).

CapitaLand's wholly-owned unit, CapitaValue Homes, has a 58.6 per cent stake in the fund, totalling up to S$155 million.

Meanwhile, other corporate and institutional investors hold the remaining stakes.

The CCVHF is CapitaLand's 12th real estate private equity fund in China and has a fund life of five years.

Two value housing projects which are currently in development, The Rivervale in Guangzhou and The Floravale in Shanghai, will be injected into the fund as seed investments.

CapitaValue Homes' chief executive officer, Chen Lian Pang, said in the statement that "China is currently 51 per cent urbanised and seven million new households are expected to form every year. Value housing will meet the needs and affordability of many young and first time homebuyers."

Meanwhile, CapitaLand Financial' chief executive officer, Wen Khai Meng, added "the fund will offer investors an opportunity to gain exposure to the value housing segment in China."

CapitaLand currently has total assets under management of about S$36.1 billion from its six real estate investment trusts (REIT) and 15 private equity funds.

- CNA/fa

CapitaLand to jointly develop residential project in Japan

CapitaLand Limited said on Wednesday that it has signed a joint venture agreement with Mitsubishi Jisho Residence Co Ltd (MJR) and SECOM Home Life Co., Ltd to develop a 190-unit residential project in Tokyo, Japan.

The Parkhouse Nishi-Azabu Residence is scheduled for an official launch in the fourth quarter of 2012.

Construction has begun and is targeted for completion by the second quarter of 2014.
When completed, the 24-storey building will be the tallest residential building in the Nishi-Azabu area in Minato ward.