Month: April 2023

Shui On Land, a Hong Kong-listed property company, has entered a joint venture with Shanghai Pucheng, a state-owned enterprise, to complete a redevelopment project located in Pujiang Town, in Minhang district of Shanghai, China. The project aims to restore the area’s unique historical and cultural identity and redevelop Zhaojia Lou Ancient Town into a “new landmark of Shanghai”.

The location, known for its canals and water towns, is already a popular tourist destination with an AAAA rating from Chinese authorities and over 500,000 visitors per year. It is conveniently located next to the Shanghai Shenjiahu Expressway, the Shanghai North-South Elevated Road, and two subway lines.

The joint venture between Shui On Land and Shanghai Pucheng will redevelop land parcels that stretch to Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The new development will include residential, commercial …

The most profitable condo resale transaction recorded during the week of April 4 to 11 was the sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive, off Stevens Road in prime District 10. A 3,466 sq ft, five-bedroom unit was sold for $7.86 million ($2,265 psf) on April 10, 16 years after it was bought for $5.2 million ($1,500 psf). This means the seller netted a profit of $2.65 million (51%) and it marks the highest psf-price recorded at Parc Stevens and the second most profitable transaction ever recorded at the development.

It is also the first unit to change hands this year at the 48-unit freehold condo which was completed in 2000. It comprises three lowrise blocks spanning four storeys each and consists of a mix of three- to five-bedders ranging from 1,722 to 3,466 sq ft. The condo is a five-minute walk to the …

The manager of CapitaLand Ascendas REIT (CLAR) has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. According to an April 20 filing, the REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement to sell KA Place to KA Place SPV 1.

The consideration sum is impressive, representing a 219% premium to CLAR’s purchase price of $11.1 million in March 2005 and a 55% premium to the property’s market valuation of $22.8 million as at Dec 31, 2022.

KA Place at 159 Kampong Ampat is a seven-storey high-specification industrial building with a carpark on the second storey. The property has a total gross floor area of 10,163 sq m and a remaining land lease tenure of about 35 years.

The proposed divestment is in line with the manager’s proactive asset management strategy to improve the quality of CLAR’s …

In the next five years, The Ascott Limited – the lodging business unit of Capitaland Investment – aims to double its fee revenue to more than USD500 million, off a base of USD258 million achieved in FY2022, which is its highest earnings on record. This growth was buoyed by robust signings and property openings, with the business having already achieved its target of securing 160,000 units by 2023 with the signing of over 4,000 new units in 1QFY2023.

Units span serviced residences, hotels, co-living and senior living brands that are positioned in the mid to luxury range. The fee revenue will be augmented by an anticipated growth rate of 8-10% annually over the next five years, driven by both new property openings and new signings.

CEO of Ascott and Capitaland Investment (CLI) Lodging, Kevin Goh, was optimistic, noting that “Ascott has doubled in units every five years, growing from about …

, The Star Vista mall, and the Greater Southern Waterfront on EdgeProp.sg
Over the past three days since its sales gallery opened on April 14, Blossoms By The Park has attracted 4,000 visitors, mostly locals, according to EL Development’s Managing Director Lim Yew Soon.

Set in one-north, the 275-unit private condo includes a mix of one- to four-bedroom units. Prices for its units start from $1.291 million for the one-bedroom-plus-study unit, $1.499 million for a two-bedroom, and from $1.585 million for a two-bedroom-plus-study. Three-bedroom dual-key units come in from $2.082 million, while three-bedroom units begin from $2.279 million. For the four-bedroom units, they start at $2.921 million, with four-bedroom premium units being from $3.335 million.

The launch is scheduled on April 29 and according to SRI Managing Partner Ken Low, the estimated average sale price will lie in the range of $2,350 to $2,400 psf. The project, mainly ideal for …