KEPPEL Land is embarking on a large-scale residential project in Shanghai.
The Singapore-based developer announced yesterday that it has, through two subsidiaries, acquired full ownership of Shanghai Hongda Property Development for about $13.6 million.Shanghai Hongda owns a 26.4-hectare residential site in Xinchang Town, in Nanhui District in south-eastern Shanghai.
With the acquisition, Keppel Land said it is ‘poised to capitalise on the urban expansion and growing real estate market of Shanghai’.
Keppel Land already has three residential developments in Shanghai.
‘Shanghai is positioned as a global financial hub,’ said Ang Wee Gee, Keppel Land’s director of regional investments. ‘Its property market is poised for continuing good prospects.’
Nanhui District has in recent years received significant attention from the government, owing to its strategic location adjacent to China’s largest port facility, the Yangshan Deep Water Port off Hangzhou Bay.
The Shanghai government has pumped money into infrastructure and real estate development in the district. It also has plans to develop the south-eastern tip of Nanhui District into a harbour city to support the activities of Yangshan Port and trade-related industries and services, said Keppel Land. The harbour city will house 800,000 people and several industrial parks by 2020.
‘Earmarked as one of key housing zones in Shanghai, Nanhui District has taken off rapidly with a surge of public and private real estate investments,’ Mr Ang said.
‘Our latest project is well-timed to capture Nanhui’s growing housing demand, which is expected to be underpinned by strong owner-occupiers’ demand over the next few years.’
According to Keppel Land, more residents are expected to be drawn into Nanhui District by increasing economic activities and opportunities pouring into the area.
The project in Nanhui District is aimed at middle-income buyers. Keppel plans to build it in phases over five years into a mixed residential enclave of 3,000 homes ranging from terrace houses to low and mid-rise apartment blocks. The development will include a club house and retail shops.
‘Keppel Land has been present in Shanghai for more than a decade, during which we have established ourselves as a quality developer with keen market knowledge and strong business networks,’ Mr Ang said.
‘We are confident that with our valuable experience and expertise, Keppel Land is well-placed to identify and tap new opportunities, and to meet the demand for quality homes in this market.’
Keppel Land said the latest acquisition is not expected to have any significant impact on its net tangible asset and earnings per share for the financial year ending Dec 31, 2007.
Source : Business Times - 16 Nov 2007
Showing posts with label Reflections at Keppel Bay. Show all posts
Showing posts with label Reflections at Keppel Bay. Show all posts
Friday, November 16, 2007
Wednesday, October 24, 2007
KepLand sold 750 residential units in Singapore in the first nine months of the year and more than 2,200 homes overseas, mainly in China and India.
SINGAPORE’S booming residential home market sent Keppel Land’s (KepLand’s) net profit in the third quarter rocketing by 112.5 per cent to $81.8 million.
Turnover was at $382 million, up nearly 50 per cent from $255.6 million a year earlier.
Singapore proved especially lucrative.
KepLand earned $56.4 million in Singapore on strong contributions from sales at its Reflections at Keppel Bay and Park Infinia at Wee Nam condo projects. The company has sold 600 of the 1,129 units at Reflections.
KepLand sold 750 residential units in Singapore in the first nine months of the year and more than 2,200 homes overseas, mainly in China and India.
Earnings per share for the nine months ended Sept 30 reached 28.8 cents, up from 16.6 cents a year earlier.
Net asset value per share stood at $2.34 as at Sept 30, up from $2.12 at the end of last year.
KepLand will launch the posh Marina Bay Suites early next year and release other residential projects in line with market demand. There is also a slew of launches coming up in China, Vietnam and India later this year.
KepLand said demand for quality housing across Asia remains robust, supported by economic growth, home-owner aspirations, urbanisation and a rising middle class.
KepLand has interests in the Marina Bay Financial Centre, K-REIT Asia and Ocean Financial Centre.
Another property player, CapitaCommercial Trust (CCT), reported yesterday that it is achieving steady growth and expects to benefit from a strong office market.
It reported a distributable income of $29.6 million in the third quarter, up 52 per cent from a year earlier and 13.5 per cent above forecast.
Distribution per unit was 2.14 cents in the third quarter and 8.49 cents on an annualised basis, up 18.9 per cent from a year ago.
Third-quarter net property income was at $59.7 million.
CCT’s yield-accretive acquisition of Raffles City last year also helped lift its results.
Rentals committed at CCT’s prime assets have crossed $11.50 per sq ft a month, the highest rate reached during the office market’s peak in 1990, it said.
CCT said its acquisition of Wilkie Edge, if approved, will bring its asset size to $4.8 billion. It expects to grow this further to between $5 billion and $6 billion by 2009.
Source : Straits Times - 24 Oct 2007
Turnover was at $382 million, up nearly 50 per cent from $255.6 million a year earlier.
Singapore proved especially lucrative.
KepLand earned $56.4 million in Singapore on strong contributions from sales at its Reflections at Keppel Bay and Park Infinia at Wee Nam condo projects. The company has sold 600 of the 1,129 units at Reflections.
KepLand sold 750 residential units in Singapore in the first nine months of the year and more than 2,200 homes overseas, mainly in China and India.
Earnings per share for the nine months ended Sept 30 reached 28.8 cents, up from 16.6 cents a year earlier.
Net asset value per share stood at $2.34 as at Sept 30, up from $2.12 at the end of last year.
KepLand will launch the posh Marina Bay Suites early next year and release other residential projects in line with market demand. There is also a slew of launches coming up in China, Vietnam and India later this year.
KepLand said demand for quality housing across Asia remains robust, supported by economic growth, home-owner aspirations, urbanisation and a rising middle class.
KepLand has interests in the Marina Bay Financial Centre, K-REIT Asia and Ocean Financial Centre.
Another property player, CapitaCommercial Trust (CCT), reported yesterday that it is achieving steady growth and expects to benefit from a strong office market.
It reported a distributable income of $29.6 million in the third quarter, up 52 per cent from a year earlier and 13.5 per cent above forecast.
Distribution per unit was 2.14 cents in the third quarter and 8.49 cents on an annualised basis, up 18.9 per cent from a year ago.
Third-quarter net property income was at $59.7 million.
CCT’s yield-accretive acquisition of Raffles City last year also helped lift its results.
Rentals committed at CCT’s prime assets have crossed $11.50 per sq ft a month, the highest rate reached during the office market’s peak in 1990, it said.
CCT said its acquisition of Wilkie Edge, if approved, will bring its asset size to $4.8 billion. It expects to grow this further to between $5 billion and $6 billion by 2009.
Source : Straits Times - 24 Oct 2007
KEPPEL Land, Singapore’s third-largest developer by market value, yesterday said that net profit for its third quarter more than doubled
KEPPEL Land, Singapore’s third-largest developer by market value, yesterday said that net profit for its third quarter more than doubled on strong home sales and higher office rents.
Net profit for the three months ended Sept 30, 2007, hit $81.8 million, up 112.7 per cent from the $38.5 million recorded a year ago.
Earnings per share rose 111.1 per cent to 11.4 cents, from 5.4 cents a year ago.
Profit was boosted by a 49.4 per cent increase in turnover to $382 million - from $255.6 million a year ago - which KepLand attributed mainly to robust residential sales in Singapore and abroad.
The developer saw higher revenues from Park Infinia at Wee Nam, The Suites at Central and Freesia Woods in Singapore. It also reported higher revenues from 8 Park Avenue and The Seasons in China and Elita Promenade in India. KepLand also saw maiden revenue contribution from its newly launched Villa Riviera in China.
Rental income from the group’s office buildings was also higher compared to the third quarter of 2006, KepLand said.
For the nine months ended September 30, 2007, KepLand’s net profit rose 74.1 per cent to $207.3 million, while turnover climbed 71 per cent to $1.04 billion.
Earnings per share rose 73.5 per cent to 28.8 cents.
KepLand sold a total of 750 homes in Singapore in the first nine months of 2007, it said.
Strong sales were achieved at Reflections at Keppel Bay, with all 600 launched units sold.
As a result, profit from Singapore grew a significant 184.6 per cent to $134.6 million for the first nine months of the year.
With the increase, the proportion of group profit from Singapore expanded to about 65 per cent, as compared to 40 per cent for the same period in 2006.
Going forward, KepLand, together with joint venture partners Cheung Kong Holdings and Hongkong Land will launch the 223-unit Marina Bay Suites early next year on the back of hot demand for private homes.
Official data shows that private home prices have climbed 22.6 per cent since the start of the year. Said KepLand: ‘The group will release other prime residential projects in tandem with market demand.’
The developer also added that it will benefit from rising office rents in Singapore, both through its own properties and through its listed trust K-Reit Asia.
Grade A office rentals hit $14.90 per square foot (psf) per month in the third quarter, up 70.7 per cent from $8.73 psf at end- 2006, according to data from CB Richard Ellis. KepLand owns about 40 per cent of K-Reit.
KepLand also said it sold more than 2,200 homes overseas in the first nine months of the year - mainly in China and India.
And riding on the strength of the overseas markets, the developer hopes to launch several new projects in China, Vietnam and India in the fourth quarter of 2007.
KepLand’s shares rose five cents to close at $8.25 yesterday. The stock has climbed some 19.6 per cent since the start of the year.
Source : Business Times - 24 Oct 2007
Net profit for the three months ended Sept 30, 2007, hit $81.8 million, up 112.7 per cent from the $38.5 million recorded a year ago.
Earnings per share rose 111.1 per cent to 11.4 cents, from 5.4 cents a year ago.
Profit was boosted by a 49.4 per cent increase in turnover to $382 million - from $255.6 million a year ago - which KepLand attributed mainly to robust residential sales in Singapore and abroad.
The developer saw higher revenues from Park Infinia at Wee Nam, The Suites at Central and Freesia Woods in Singapore. It also reported higher revenues from 8 Park Avenue and The Seasons in China and Elita Promenade in India. KepLand also saw maiden revenue contribution from its newly launched Villa Riviera in China.
Rental income from the group’s office buildings was also higher compared to the third quarter of 2006, KepLand said.
For the nine months ended September 30, 2007, KepLand’s net profit rose 74.1 per cent to $207.3 million, while turnover climbed 71 per cent to $1.04 billion.
Earnings per share rose 73.5 per cent to 28.8 cents.
KepLand sold a total of 750 homes in Singapore in the first nine months of 2007, it said.
Strong sales were achieved at Reflections at Keppel Bay, with all 600 launched units sold.
As a result, profit from Singapore grew a significant 184.6 per cent to $134.6 million for the first nine months of the year.
With the increase, the proportion of group profit from Singapore expanded to about 65 per cent, as compared to 40 per cent for the same period in 2006.
Going forward, KepLand, together with joint venture partners Cheung Kong Holdings and Hongkong Land will launch the 223-unit Marina Bay Suites early next year on the back of hot demand for private homes.
Official data shows that private home prices have climbed 22.6 per cent since the start of the year. Said KepLand: ‘The group will release other prime residential projects in tandem with market demand.’
The developer also added that it will benefit from rising office rents in Singapore, both through its own properties and through its listed trust K-Reit Asia.
Grade A office rentals hit $14.90 per square foot (psf) per month in the third quarter, up 70.7 per cent from $8.73 psf at end- 2006, according to data from CB Richard Ellis. KepLand owns about 40 per cent of K-Reit.
KepLand also said it sold more than 2,200 homes overseas in the first nine months of the year - mainly in China and India.
And riding on the strength of the overseas markets, the developer hopes to launch several new projects in China, Vietnam and India in the fourth quarter of 2007.
KepLand’s shares rose five cents to close at $8.25 yesterday. The stock has climbed some 19.6 per cent since the start of the year.
Source : Business Times - 24 Oct 2007
Wednesday, October 10, 2007
KEPPEL Land will redevelop its Ocean Building and Ocean Towers office buildings into the new state-of-the-art Ocean Financial Centre
kKEPPEL Land will redevelop its Ocean Building and Ocean Towers office buildings into the new state-of-the-art Ocean Financial Centre (OFC), it said yesterday.
When completed in 2011, the 43-storey OFC will offer some 850,000 sq ft of prime Grade A office space.
Since KepLand owns the land OFC will come up on, it will only have to fork out for the development costs. Construction is expected to begin in the first quarter of 2008.
Ocean Building, which is now being demolished, has some 402,000 sq ft of net lettable area (NLA); Ocean Tower has another 229,000 sq ft.The new centre will be built on land cleared when Ocean Building is demolished, integrating with Ocean Towers’ podium.
Once OFC comes up, Ocean Towers’ office block - which is above the podium - will then be taken down, said Tan Swee Yiow, KepLand’s director of Singapore commercial.
He said that tenants in Ocean Towers as well as past tenants in Ocean Building have shown interest in taking up space at the OFC.
Ocean Building’s major tenants included financial companies Credit Suisse, Ernst & Young and HSBC, while big tenants at Ocean Towers included law firm Drew & Napier and DMG & Partners Securities.
‘Ocean Financial Centre, with its commanding location in Raffles Place and the New Downtown, will be the preferred business address of major financial institutions and multi-national corporations,’ said KepLand managing director Kevin Wong.
The development is smaller than two other comparable office developments nearby - the massive Marina Bay Financial Centre (MBFC) and One Raffles Quay (ORQ).
Two office towers in MBFC’s first phase will add up to about 1.65 million sq ft of NLA. The office tower in the second phase is expected to offer another one million-plus sq ft of office space as well.
Similarly ORQ, which was completed last year, has slightly over 1.3 million sq ft of NLA.
Marketing for OFC will begin next year, Mr Tan said. The building is not likely to be injected into KepLand’s listed trust K-Reit Asia until development is completed in 2011, Mr Tan added.
OFC is designed by world-renowned architectural firm Pelli Clarke Pelli, whose portfolio of commercial developments in major financial cities includes the World Financial Centre in Beijing and Petronas Towers in Kuala Lumpur.
The building will have some ‘green’ features, such as the largest solar panel system on a commercial building in Singapore and the first hybrid chilled water system on the island.
OFC will be the fourth building to rise at the same site following redevelopment. The first Ocean Building was built in 1864.
Source : Business Times - 9 Oct 2007
When completed in 2011, the 43-storey OFC will offer some 850,000 sq ft of prime Grade A office space.
Since KepLand owns the land OFC will come up on, it will only have to fork out for the development costs. Construction is expected to begin in the first quarter of 2008.
Ocean Building, which is now being demolished, has some 402,000 sq ft of net lettable area (NLA); Ocean Tower has another 229,000 sq ft.The new centre will be built on land cleared when Ocean Building is demolished, integrating with Ocean Towers’ podium.
Once OFC comes up, Ocean Towers’ office block - which is above the podium - will then be taken down, said Tan Swee Yiow, KepLand’s director of Singapore commercial.
He said that tenants in Ocean Towers as well as past tenants in Ocean Building have shown interest in taking up space at the OFC.
Ocean Building’s major tenants included financial companies Credit Suisse, Ernst & Young and HSBC, while big tenants at Ocean Towers included law firm Drew & Napier and DMG & Partners Securities.
‘Ocean Financial Centre, with its commanding location in Raffles Place and the New Downtown, will be the preferred business address of major financial institutions and multi-national corporations,’ said KepLand managing director Kevin Wong.
The development is smaller than two other comparable office developments nearby - the massive Marina Bay Financial Centre (MBFC) and One Raffles Quay (ORQ).
Two office towers in MBFC’s first phase will add up to about 1.65 million sq ft of NLA. The office tower in the second phase is expected to offer another one million-plus sq ft of office space as well.
Similarly ORQ, which was completed last year, has slightly over 1.3 million sq ft of NLA.
Marketing for OFC will begin next year, Mr Tan said. The building is not likely to be injected into KepLand’s listed trust K-Reit Asia until development is completed in 2011, Mr Tan added.
OFC is designed by world-renowned architectural firm Pelli Clarke Pelli, whose portfolio of commercial developments in major financial cities includes the World Financial Centre in Beijing and Petronas Towers in Kuala Lumpur.
The building will have some ‘green’ features, such as the largest solar panel system on a commercial building in Singapore and the first hybrid chilled water system on the island.
OFC will be the fourth building to rise at the same site following redevelopment. The first Ocean Building was built in 1864.
Source : Business Times - 9 Oct 2007
Friday, July 27, 2007
Strong home sales boost KepLand profit by 42%
Strong home sales boost KepLand profit by 42%
Posted by propertyforesight in Facts & Figures. add a comment
STRONG residential sales and a thriving market for office space have helped boost Keppel Land’s (KepLand’s) second-quarter net profit by 42.3 per cent to $63 million.
For the quarter ended June 30, sales rose 55.1 per cent to $359.2 million, which the property developer attributed to the ’strong performance’ of its projects in Singapore and overseas.
Such examples include The Belvedere and Urbana in Singapore, Villa Riviera in China and Elita Promenade in India.
KepLand’s earnings from overseas represented 48 per cent of profits during the quarter, well down from 75 per cent a year earlier on the back of stronger sales in Singapore.
For the half-year, group turnover was $654.6 million, way higher than the $350.5 million in the year-ago period.
This was the result of revenue coming from existing projects and new projects launched this year, such as Sixth Avenue Residences in Singapore.
Rental income from the group’s office buildings was lower than that for the second quarter of last year, as KepLand had sold four of its office buildings - Bugis Junction Towers, Prudential Tower, Keppel Towers and GE Tower - in April last year.
However, revenues from KepLand’s hotels and resorts, fund management and property services were higher than in the year-ago period.
Earnings per share for the half-year rose to 17.4 cents, up from 11.2 cents, while net asset value per share rose to $2.24 as at June 30 from $2.21 as at Dec 31 last year.
Looking ahead, KepLand managing director Kevin Wong said Singapore’s property market is expected to remain strong.
Meanwhile, the group will continue to pursue residential and township developments in countries such as China and Vietnam.
Mr Wong said: ‘We are very bullish on the Vietnam market and we will continue trying to secure new projects.’
In Singapore, residential developments have also performed well, he said, due to strong demand from local and foreign homebuyers.
For example, sales of Reflections at Keppel Bay have reached about 97 per cent of the 493 units launched and Park Infinia at Wee Nam has hit the 89 per cent sales level. The Suites at Central, Urbana, The Linc, Freesia Woods and Elysia have all been fully sold.
Source: The Straits Times, 25 July 2007
Posted by propertyforesight in Facts & Figures. add a comment
STRONG residential sales and a thriving market for office space have helped boost Keppel Land’s (KepLand’s) second-quarter net profit by 42.3 per cent to $63 million.
For the quarter ended June 30, sales rose 55.1 per cent to $359.2 million, which the property developer attributed to the ’strong performance’ of its projects in Singapore and overseas.
Such examples include The Belvedere and Urbana in Singapore, Villa Riviera in China and Elita Promenade in India.
KepLand’s earnings from overseas represented 48 per cent of profits during the quarter, well down from 75 per cent a year earlier on the back of stronger sales in Singapore.
For the half-year, group turnover was $654.6 million, way higher than the $350.5 million in the year-ago period.
This was the result of revenue coming from existing projects and new projects launched this year, such as Sixth Avenue Residences in Singapore.
Rental income from the group’s office buildings was lower than that for the second quarter of last year, as KepLand had sold four of its office buildings - Bugis Junction Towers, Prudential Tower, Keppel Towers and GE Tower - in April last year.
However, revenues from KepLand’s hotels and resorts, fund management and property services were higher than in the year-ago period.
Earnings per share for the half-year rose to 17.4 cents, up from 11.2 cents, while net asset value per share rose to $2.24 as at June 30 from $2.21 as at Dec 31 last year.
Looking ahead, KepLand managing director Kevin Wong said Singapore’s property market is expected to remain strong.
Meanwhile, the group will continue to pursue residential and township developments in countries such as China and Vietnam.
Mr Wong said: ‘We are very bullish on the Vietnam market and we will continue trying to secure new projects.’
In Singapore, residential developments have also performed well, he said, due to strong demand from local and foreign homebuyers.
For example, sales of Reflections at Keppel Bay have reached about 97 per cent of the 493 units launched and Park Infinia at Wee Nam has hit the 89 per cent sales level. The Suites at Central, Urbana, The Linc, Freesia Woods and Elysia have all been fully sold.
Source: The Straits Times, 25 July 2007
Thursday, July 12, 2007
Keppel Land will embark on a joint venture to develop a residential township on a 509 hectare site north-east of Ho Chi Minh City (HCMC) in Vietnam.
Keppel Land will embark on a joint venture to develop a residential township on a 509 hectare site north-east of Ho Chi Minh City (HCMC) in Vietnam. The initial stage of development of the site, occupying 193 ha, is estimated to cost over US$357 million and will be undertaken in phases.
Called the Dong Nai Township, this latest project highlights a stepped-up drive to increase Keppel Land’s presence in regional markets. Keppel Land’s director of regional investments, Ang Wee Gee, revealed that overseas profits now account for 64 per cent of Keppel Land’s earnings. He added: ‘We want to do this because we want to broaden our earnings base geographically.’
The new township development of about 14,000 units brings Keppel Land’s pipeline of new homes in township developments across Asia to 65,000 units.
‘Today, with a potential critical mass of some 150.8 million sq ft of gross floor area for the development of townships across the region, our strategy is taking flight. We are confident that our focus and edge in townships will thrust the company into its next phase of regional expansion, and create sustainable streams of income for our shareholders,’ added Mr Ang. It is a strategy that will also help Keppel Land reduce its exposure to any single market. ‘Property markets can be very cyclical,’ he noted.
The joint venture involves Keppel Land subsidiary Portsville Pte Ltd, the Dong Nai General Agricultural Service United Cooperative (DONA Co-op) and Vietcombank Fund Management (VCBF). Portsville will take a 45 per cent stake in the joint venture company amounting to US$32 million. DONA Co-op and VCBF will hold the remaining 55 per cent.
The first phase of Dong Nai Township development is expected to be launched in 2009. It will be Keppel Land’s second township in Vietnam. Its first residential township, Saigon Sports City, is on a 64 ha site in HCMC.
Keppel Land also announced yesterday that it had signed memorandums of understanding (MOUs) to form joint venture companies to develop two residential townships in Hanoi.
One of the proposed joint venture projects is a township development on a 407 ha site in Long Bien District. The other development comprises two parcels totalling 949 ha and is located in the Dong Anh District.
Other smaller smaller projects in Vietnam include a high-end condominium in HCMC called The Estella.
The 101-unit waterfront villa development, Villa Riviera, in HCMC was launched in 2006 and fully sold out at between US$400,000 and US$1.5 million per unit.
For the whole region, Keppel Land says it has 78,500 residential units ready for launch from now to 2009. Ongoing launches include the 12,000-unit Taman Sutera in Johor, Malaysia; and the 5,800-unit Botanica in Chengdu, China. The 3,000-unit Saigon Sports City in HCMC, Vietnam; the 7,000-unit Jakarta Garden City in Indonesia and the 4,700-unit Wuxi Township in Wuxi, China will be launched in the second half of this year.
Source: The Business Times, 11 July 2007
Called the Dong Nai Township, this latest project highlights a stepped-up drive to increase Keppel Land’s presence in regional markets. Keppel Land’s director of regional investments, Ang Wee Gee, revealed that overseas profits now account for 64 per cent of Keppel Land’s earnings. He added: ‘We want to do this because we want to broaden our earnings base geographically.’
The new township development of about 14,000 units brings Keppel Land’s pipeline of new homes in township developments across Asia to 65,000 units.
‘Today, with a potential critical mass of some 150.8 million sq ft of gross floor area for the development of townships across the region, our strategy is taking flight. We are confident that our focus and edge in townships will thrust the company into its next phase of regional expansion, and create sustainable streams of income for our shareholders,’ added Mr Ang. It is a strategy that will also help Keppel Land reduce its exposure to any single market. ‘Property markets can be very cyclical,’ he noted.
The joint venture involves Keppel Land subsidiary Portsville Pte Ltd, the Dong Nai General Agricultural Service United Cooperative (DONA Co-op) and Vietcombank Fund Management (VCBF). Portsville will take a 45 per cent stake in the joint venture company amounting to US$32 million. DONA Co-op and VCBF will hold the remaining 55 per cent.
The first phase of Dong Nai Township development is expected to be launched in 2009. It will be Keppel Land’s second township in Vietnam. Its first residential township, Saigon Sports City, is on a 64 ha site in HCMC.
Keppel Land also announced yesterday that it had signed memorandums of understanding (MOUs) to form joint venture companies to develop two residential townships in Hanoi.
One of the proposed joint venture projects is a township development on a 407 ha site in Long Bien District. The other development comprises two parcels totalling 949 ha and is located in the Dong Anh District.
Other smaller smaller projects in Vietnam include a high-end condominium in HCMC called The Estella.
The 101-unit waterfront villa development, Villa Riviera, in HCMC was launched in 2006 and fully sold out at between US$400,000 and US$1.5 million per unit.
For the whole region, Keppel Land says it has 78,500 residential units ready for launch from now to 2009. Ongoing launches include the 12,000-unit Taman Sutera in Johor, Malaysia; and the 5,800-unit Botanica in Chengdu, China. The 3,000-unit Saigon Sports City in HCMC, Vietnam; the 7,000-unit Jakarta Garden City in Indonesia and the 4,700-unit Wuxi Township in Wuxi, China will be launched in the second half of this year.
Source: The Business Times, 11 July 2007
Friday, May 4, 2007
$700 million for the upcoming Marina Bay Financial Centre (MBFC)
Construction contracts worth more than $700 million for the upcoming Marina Bay Financial Centre (MBFC) have been awarded and the principal contractor for the two commercial towers is a consortium of Kajima Overseas Asia and Tiong Seng Contractors.
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Friday, April 27, 2007
Shareholders of Keppel Land will have much to be pleased about as they head into the developer’s annual general meeting today on the back of good first-quarter results, but there will no doubt be concerns that need to be addressed.
For starters, shareholders are likely to be very interested in the company’s plans for asset divestment. KepLand has previously said that it intends to go asset light by divesting all its investment properties. However, since it sold four office buildings to K-Reit in April 2006, the company has been quiet about its plans for the rest of its $1.8 billion worth of investment properties.
In its latest research note, OCBC Investment Research speculated that KepLand might want to redevelop its older prime office assets such as Ocean Building, therefore delaying divestment plans. However, this means that divestment plans will have to be put off for at least a few more years - by which time the real estate investment trust (Reit) market, which is red hot at the moment, could have cooled down substantially.
There should also be some questions about the company’s plans for its overseas division, which is underperforming KepLand’s Singapore unit.
The developer’s latest first-quarter results were boosted by the company’s Singapore business, where net profit grew 162.8 per cent to $45.2 million in the first quarter. However, profit from KepLand’s overseas ventures fell 9.4 per cent to $17.3 million. Earnings from overseas represented about 26 per cent of the company’s attributable profit, compared with 53 per cent for the same three months last year. KepLand attributed this to its strong performance in Singapore. However, the developer also said that it saw lower contributions from The Seasons and 8 Park Avenue in China, and Elita Promenade in India in the first quarter of 2007, compared to the last quarter of 2006.
China, where KepLand has a substantial amount of investment, is a particular concern. The fast pace at which the Chinese economy is growing has given rise to fears that the growth is a ‘bubble’ which might soon burst. Also, measures that could potentially be taken by the Chinese authorities to cool the market could affect KepLand’s business. Shareholders need some assurance from the management that the situation in China is being closely monitored.
Lastly, investors might want to know if KepLand is planning a stock split in the near future. KepLand’s stock has appreciated 30.4 per cent since the start of the year, and climbed 50 cents to close at $9 yesterday.
By most analysts’ estimates, the stock is trading above its fair value, leading to ‘hold’ calls by some research houses. A stock split will offer shareholders more liquidity.
Source: The Business Times, 27 April 2007
For starters, shareholders are likely to be very interested in the company’s plans for asset divestment. KepLand has previously said that it intends to go asset light by divesting all its investment properties. However, since it sold four office buildings to K-Reit in April 2006, the company has been quiet about its plans for the rest of its $1.8 billion worth of investment properties.
In its latest research note, OCBC Investment Research speculated that KepLand might want to redevelop its older prime office assets such as Ocean Building, therefore delaying divestment plans. However, this means that divestment plans will have to be put off for at least a few more years - by which time the real estate investment trust (Reit) market, which is red hot at the moment, could have cooled down substantially.
There should also be some questions about the company’s plans for its overseas division, which is underperforming KepLand’s Singapore unit.
The developer’s latest first-quarter results were boosted by the company’s Singapore business, where net profit grew 162.8 per cent to $45.2 million in the first quarter. However, profit from KepLand’s overseas ventures fell 9.4 per cent to $17.3 million. Earnings from overseas represented about 26 per cent of the company’s attributable profit, compared with 53 per cent for the same three months last year. KepLand attributed this to its strong performance in Singapore. However, the developer also said that it saw lower contributions from The Seasons and 8 Park Avenue in China, and Elita Promenade in India in the first quarter of 2007, compared to the last quarter of 2006.
China, where KepLand has a substantial amount of investment, is a particular concern. The fast pace at which the Chinese economy is growing has given rise to fears that the growth is a ‘bubble’ which might soon burst. Also, measures that could potentially be taken by the Chinese authorities to cool the market could affect KepLand’s business. Shareholders need some assurance from the management that the situation in China is being closely monitored.
Lastly, investors might want to know if KepLand is planning a stock split in the near future. KepLand’s stock has appreciated 30.4 per cent since the start of the year, and climbed 50 cents to close at $9 yesterday.
By most analysts’ estimates, the stock is trading above its fair value, leading to ‘hold’ calls by some research houses. A stock split will offer shareholders more liquidity.
Source: The Business Times, 27 April 2007
Wednesday, April 25, 2007
Keppel Land, Singapore’s third-largest property developer by market value, on Wednesday reported a 72 per cent surge in first-quarter profit on stronger luxury home sales and higher office rents.
The firm, partly owned by government-linked conglomerate Keppel Corp, said it earned $62.5 million (US$41.4 million) net profit in the January-March quarter this year, up from $36.3 million in the same period last year.
Keppel Land has a 40 per cent stake in K-Reit Asia, a property trust which has a portfolio of four office buildings in Singapore.
Source: The Business Times, 25 April 2007
The firm, partly owned by government-linked conglomerate Keppel Corp, said it earned $62.5 million (US$41.4 million) net profit in the January-March quarter this year, up from $36.3 million in the same period last year.
Keppel Land has a 40 per cent stake in K-Reit Asia, a property trust which has a portfolio of four office buildings in Singapore.
Source: The Business Times, 25 April 2007
Friday, April 20, 2007
AS property prices continue to rise, so has the cost of condo showflat displays.
AS property prices continue to rise, so has the cost of condo showflat displays.
But is it getting crazy when developers are splurging millions just for show - only to tear it down in a matter of weeks?
For instance, drool over these pictures of a lavish designer showflat.
Keppel Land paid $8 million to build it.
It is possibly Singapore's most expensive showflat, industry watchers said.
The previous record was held by City Developments Ltd (CDL) - its showflat promoting upmarket St Regis Residences cost $6m.
Average prices for a St Regis unit, which was launched last year, are about $2,700 psf.
Keppel Land's latest project, Reflections at Keppel Bay, at an average unit price of about $1,900 psf, is a far cry from St Regis' prices.
Yet, this extravagant showflat is seen as a worthwhile marketing investment.
The 1,129-unit project, launched last month, will be designed by New York's Daniel Libeskind, who is known as the architect's architect in the industry.
Mr Libeskind also had a hand in designing this multi-million dollar showflat, Keppel Land said, which is why it looks like an offshoot of the designer development.
COSTLY INVESTMENT
The hefty $8m that Keppel Land spent is just the cost of constructing the temporary structure and landscaping.
It's even more expensive than most of the units it is selling.
The price tag doesn't include the uber expensive European designer furniture and fixtures in the three suites, which boast international lifestyle brands such as Hansgrohe, Miele and Starck.
There's even a Japanese baby grand piano in one of the suites.
It may look like an architectural marvel, but it won't be here for long.
Sheer wastage?
Businesswoman Christine Lee, 52, doesn't think so.
She was at the showflat with her friends and thinks it looks avant-garde from the outside.
Ms Lee said: 'The developer has to put its best foot forward. Its showflat is its best marketing tool. It is, after all, selling a lifestyle. If you dislike the showflat, you won't buy a unit.
'So it makes business sense for it to splurge on its marketing tool.'
Businessman Tay Y J, 49, said he didn't know showflats could cost so much.
'It's even more expensive than the units,' he said. 'But I guess if they're marketing a huge multi-million dollar project, it's justifiable to spend this money.'
The showflat, at 29,000 sq ft, is certainly one of the largest around with three different suites. It's about the size of 10basketball courts and took 41/2 months to build.
Knight Frank's research director Nicholas Mak said that the showflat creates awareness and is aimed at impressing well-heeled buyers.
He said: 'In this case, the developer has spared no expense in creating it. Yes, you can argue that it's excessive.
'But if the developer takes a while to sell this project, than it's a necessary expenditure in the long run.
'In the bigger scheme of things, how much is this expense compared to their potential earnings from the project?'
If you've been property hunting, you'd realise that showflats have been getting swankier and more luxurious in this buoyant property market.
All the better to lure the buyers in, some may say.
Even the Housing Board has started marketing its units using showflats in recent years, something unheard of in the early days.
For example, developer Sim Lian Group spent $1.7m on its showflat to market the hugely popular and privately-built HDB flats in Tampines last year.
Keppel Land doesn't think it is indulgent spending, since its showflat must be luxurious enough to attract its target audience - high net-worth individuals.
The unit sizes for Reflections range from 732 sq ft to 13,300 sq ft for the super penthouse.
An average three-bedroom unit at 1,109sq ft could set you back by at least $2m.
About 90 per cent of the 350 units launched so far have been sold.
The group's corporate communications assistant, Ms Catherine Tan, said it has received positive feedback about the showflat. Many visitors were simply struck by its sheer size.
'This is something that befits the property. If we're getting a world-renowned architect for the project, the showflat can't be lacking,' she said.
And if the developer has already paid a premium for the designer architect, why should they quibble over the cost of the showflat, one marketing agent asked.
Mr Colin Tan, head of research and consultancy at Chesterton International, said: 'If the selling point of this project is the design, the developer will want to show it off. And you can't capture the essence of the design just by plans and model alone.
'They'll also want to show off the 'wow' factor of this design through the showflat.'
--------------------------------------------------------------------------------
LIFE CYCLE OF A SHOWFLAT
1 Showflat is built by developer either as part of actual project or as stand-alone unit. Keppel Land's Reflections showflat at $8m (above and right) is probably the most expensive here so far This is something that befits the property. If we're getting a world-renowned architect for the project, the showflat can't be lacking.
2 Showflat will be opened during launch of project for prospective clients to view
3 Once the project is sold, which may take weeks, or months, showflat is demolished or sold off.
Furnishings which are on loan will be returned to shops, developer will keep the rest or reuse it GOT A VIEW?
But is it getting crazy when developers are splurging millions just for show - only to tear it down in a matter of weeks?
For instance, drool over these pictures of a lavish designer showflat.
Keppel Land paid $8 million to build it.
It is possibly Singapore's most expensive showflat, industry watchers said.
The previous record was held by City Developments Ltd (CDL) - its showflat promoting upmarket St Regis Residences cost $6m.
Average prices for a St Regis unit, which was launched last year, are about $2,700 psf.
Keppel Land's latest project, Reflections at Keppel Bay, at an average unit price of about $1,900 psf, is a far cry from St Regis' prices.
Yet, this extravagant showflat is seen as a worthwhile marketing investment.
The 1,129-unit project, launched last month, will be designed by New York's Daniel Libeskind, who is known as the architect's architect in the industry.
Mr Libeskind also had a hand in designing this multi-million dollar showflat, Keppel Land said, which is why it looks like an offshoot of the designer development.
COSTLY INVESTMENT
The hefty $8m that Keppel Land spent is just the cost of constructing the temporary structure and landscaping.
It's even more expensive than most of the units it is selling.
The price tag doesn't include the uber expensive European designer furniture and fixtures in the three suites, which boast international lifestyle brands such as Hansgrohe, Miele and Starck.
There's even a Japanese baby grand piano in one of the suites.
It may look like an architectural marvel, but it won't be here for long.
Sheer wastage?
Businesswoman Christine Lee, 52, doesn't think so.
She was at the showflat with her friends and thinks it looks avant-garde from the outside.
Ms Lee said: 'The developer has to put its best foot forward. Its showflat is its best marketing tool. It is, after all, selling a lifestyle. If you dislike the showflat, you won't buy a unit.
'So it makes business sense for it to splurge on its marketing tool.'
Businessman Tay Y J, 49, said he didn't know showflats could cost so much.
'It's even more expensive than the units,' he said. 'But I guess if they're marketing a huge multi-million dollar project, it's justifiable to spend this money.'
The showflat, at 29,000 sq ft, is certainly one of the largest around with three different suites. It's about the size of 10basketball courts and took 41/2 months to build.
Knight Frank's research director Nicholas Mak said that the showflat creates awareness and is aimed at impressing well-heeled buyers.
He said: 'In this case, the developer has spared no expense in creating it. Yes, you can argue that it's excessive.
'But if the developer takes a while to sell this project, than it's a necessary expenditure in the long run.
'In the bigger scheme of things, how much is this expense compared to their potential earnings from the project?'
If you've been property hunting, you'd realise that showflats have been getting swankier and more luxurious in this buoyant property market.
All the better to lure the buyers in, some may say.
Even the Housing Board has started marketing its units using showflats in recent years, something unheard of in the early days.
For example, developer Sim Lian Group spent $1.7m on its showflat to market the hugely popular and privately-built HDB flats in Tampines last year.
Keppel Land doesn't think it is indulgent spending, since its showflat must be luxurious enough to attract its target audience - high net-worth individuals.
The unit sizes for Reflections range from 732 sq ft to 13,300 sq ft for the super penthouse.
An average three-bedroom unit at 1,109sq ft could set you back by at least $2m.
About 90 per cent of the 350 units launched so far have been sold.
The group's corporate communications assistant, Ms Catherine Tan, said it has received positive feedback about the showflat. Many visitors were simply struck by its sheer size.
'This is something that befits the property. If we're getting a world-renowned architect for the project, the showflat can't be lacking,' she said.
And if the developer has already paid a premium for the designer architect, why should they quibble over the cost of the showflat, one marketing agent asked.
Mr Colin Tan, head of research and consultancy at Chesterton International, said: 'If the selling point of this project is the design, the developer will want to show it off. And you can't capture the essence of the design just by plans and model alone.
'They'll also want to show off the 'wow' factor of this design through the showflat.'
--------------------------------------------------------------------------------
LIFE CYCLE OF A SHOWFLAT
1 Showflat is built by developer either as part of actual project or as stand-alone unit. Keppel Land's Reflections showflat at $8m (above and right) is probably the most expensive here so far This is something that befits the property. If we're getting a world-renowned architect for the project, the showflat can't be lacking.
2 Showflat will be opened during launch of project for prospective clients to view
3 Once the project is sold, which may take weeks, or months, showflat is demolished or sold off.
Furnishings which are on loan will be returned to shops, developer will keep the rest or reuse it GOT A VIEW?
Sunday, April 1, 2007
Reflections at Keppel Bay
Location: Keppel Bay/Sentosa (D 3)
Developer: Keppel Land
Detail: 6 tower blocks (combination of 41 storeys / 24 storeys) and 11 blocks of low rise villas (6/7/8 storeys)
Tenure: 99-years leasehold
Site Area: 84,000 sq m
Expected TOP: 2011
Units Types:
1 br + study ~ 732 – 800 sqft
2 bedroom & 2bedroom + study ~ 743 – 1,001 sqft & 947 – 1,335 sqft
3 bedroom ~ 1,109 – 2,142 sqft
4 bedroom & 4 bedroom + study ~ 1,938 – 2,831 sqft & 2,530 – 2,874 sqft
Penthouses ~ 3,488 – 12,900 sqft
Price: expected $1500psf onwards
Remarks: The development is designed by renowned architect Daniel Libeskind - who is designing the masterplan for New York’s Ground Zero site - the six glass towers offer panoramic views of Sentosa, the city and Mount Faber, while the 11 villa blocks are situated less than 150 metres from the Keppel Bay shoreline.
PREVIEW SOON!!!
Call +65 987578808 or email- allieds88@gmail.com for more information or to register your interest.
Developer: Keppel Land
Detail: 6 tower blocks (combination of 41 storeys / 24 storeys) and 11 blocks of low rise villas (6/7/8 storeys)
Tenure: 99-years leasehold
Site Area: 84,000 sq m
Expected TOP: 2011
Units Types:
1 br + study ~ 732 – 800 sqft
2 bedroom & 2bedroom + study ~ 743 – 1,001 sqft & 947 – 1,335 sqft
3 bedroom ~ 1,109 – 2,142 sqft
4 bedroom & 4 bedroom + study ~ 1,938 – 2,831 sqft & 2,530 – 2,874 sqft
Penthouses ~ 3,488 – 12,900 sqft
Price: expected $1500psf onwards
Remarks: The development is designed by renowned architect Daniel Libeskind - who is designing the masterplan for New York’s Ground Zero site - the six glass towers offer panoramic views of Sentosa, the city and Mount Faber, while the 11 villa blocks are situated less than 150 metres from the Keppel Bay shoreline.
PREVIEW SOON!!!
Call +65 987578808 or email- allieds88@gmail.com for more information or to register your interest.
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