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Subscribe to this list via RSS Blog posts tagged in CapitaLand


Developments that are required to provide public spaces, as well as those seeking gross floor area exemption for a first-storey covered public space, will have to comply with the new design guidelines released by the Urban Redevelopment Authority (URA) on Tuesday (24 January).

This comes as some new sites are required to provide public spaces as part of the technical conditions of tender for Government Land Sales sites. Some redevelopment sites are also required to provide such spaces as part of the planning conditions for major alterations and additions works, or redevelopment proposals.

The design guidelines, which take effect from 24 April, include specifications on the size and configuration of the public space, signage, accessibility, and the need to provide public seating and amenities.

The URA is encouraging property owners, developers and qualified professionals to adopt the guidelines from project inception and design, to management and use of the space by the public.

It revealed that the recommendations included in the good practice guide will be considered during its assessment of development applications.

Meanwhile, property developer CapitaLand has expressed its support for the URA’s latest move to improve the quality of public spaces in Singapore, including those which are privately owned.

“As one of Asia’s largest real estate companies, CapitaLand has long been committed to building safe, accessible, vibrant and quality real estate developments that enhance the lives of the community. Even before government guidelines, we have catered for community spaces on our properties, which are considered from the start of the development process,” said Poon Hin Kong, Deputy Chief Development of Asia and Head of Design Management, CapitaLand.

Examples of community spaces that CapitaLand has created on its properties include the outdoor plaza at Plaza Singapura, the urban park at The Courtyard in Westgate and the plaza in front of Capital Tower.


Credits: Propertyguru

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CRL Realty, a wholly-owned subsidiary of property giant CapitaLand, has sold its 100 percent stake in Nassim Hill Realty (NHR) to Kheng Leong Company for $411.6 million.

In an SGX filing on Monday (16 January), CapitaLand revealed that NHR was responsible for developing The Nassim, a luxurious low-rise condominium located along Nassim Hill in District 10. It presently owns 45 units in the freehold property.

The consideration, which was satisfied entirely in cash, is subject to post-completion adjustment and comprises the estimated net tangible assets value of $138.7 million as at 16 January 2017.

It also takes into account the $407.2 million agreed property value for the 45 units in The Nassim, as well as an assignment of a $272.9 million shareholder’s loan.

Based on CapitaLand’s unaudited consolidated financial statements for the nine months ended 30 September 2016, and assuming the sale was effected on 1 January 2016, CapitaLand’s earnings per share would have increased from 17.9 cents to 21.7 cents.

However, assuming the sale was effected on 30 September 2016, the financial impact on CapitaLand’s net tangible asset per share would not be material.

Credits: Propertyguru


Take a look at CapitaLand Properties: Skyvue Bishan, Sky Habitat Bishan, Bedok Residences Bedok, D' Leedon Farrer Road, The Interlace Alexandra, Victoria Park Villa Tanglin, Cairnhill Nine Orchard
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Stronger home sales in Singapore and China and contributions from serviced residences and commercial properties lifted CapitaLand's third-quarter earnings.

Net profit for the three months to Sept 30 rose 28.4 per cent to $247.5 million from $192.7 million a year earlier.

Revenue was up 27.7 per cent to $1.37 billion, thanks to increased contributions from development projects here and in China.

The developer said yesterday that higher rental income from its commercial properties here and its serviced residences business also boosted turnover.

China and Singapore remained CapitaLand's core markets, accounting for about 83 per cent of its revenue.

"CapitaLand's operating performance has remained robust thanks to our optimal asset mix that provides us with stability and a strong recurring income stream despite a volatile market," said president and group chief executive Lim Ming Yan.

Its development projects The Nassim and Cairnhill Nine in Singapore, Riverfront in Hangzhou, New Horizon in Shanghai and Vermont Hills in Beijing all contributed to higher revenue in the quarter.

CapitaLand sold 206 homes here between July and September, bringing the total units sold in the first nine months of the year to 510, with a total sales value of $1.24 billion.

Sales hit 2,903 units in China in the quarter, taking the nine-month total to 9,176, with a value of 14.8 billion yuan (S$3.04 billion).

CapitaLand gave an update of the extension fees payable in this half of the year for unsold units at The Interlace and d'Leedon as at the "sell-by date" in its third-quarter earnings report.

These fees relate to Qualifying Certificate (QC) rules applying to foreign developers - including Singapore developers listed here but with foreign shareholders.

It estimated an extension fee of $2.36 million for The Interlace, which had 56 unsold units as at Sept 13, and $2.72 million for d'Leedon, assuming the 87 units still available at the end of September remained unsold by the Oct 21 deadline. The developer noted that these fees will have limited financial impact.

Quarterly earnings per share was 5.8 cents, up from 4.5 cents in the third quarter a year ago. Net asset value per share came in at $4.01 as at Sept 30, lower than the $4.21 at Dec 31, 2015.

Net profit for the nine months to Sept 30 dipped 7.1 per cent to $759.8 million, largely due to lower fair value gains from revaluation of properties and portfolio gains. Revenue was up by 12.5 per cent from the previous year to $3.4 billion.

CapitaLand expects property cooling measures to continue to weigh on the residential market here while the outlook for office occupancy and rents remains muted. Its portfolio of malls here is expected to continue to offer stable recurring income.

The counter closed three cents lower to $3.03 yesterday, after the earnings were announced.


Credits: St Property

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Posted by on in New Launches


Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark the completion of Sky Vue in Bishan Central. The event was jointly hosted by the project’s developers CapitaLand and Mitsubishi Estate Asia.

The 99-year leasehold condominium located close to Bishan MRT station obtained its TOP on 21 July.

Around 97 percent, or 672 of the 694 units have been sold as at end-August, said CapitaLand.

The remaining 22 units are mostly two-bedroom configurations measuring 678 sq ft to 829 sq ft, with prices starting from $1.16 million. Also available are a 484 sq ft one-bedroom unit and two penthouses of 2,045 sq ft each.

“We are confident of selling the remaining 22 units, especially with its completion,” said Wen Khai Meng, CEO of CapitaLand Singapore. “This is the fourth completion party we have organised for our home buyers, following those held at The Interlace, d’Leedon and Sky Habitat.”

In an update on its deferred payment scheme, called the stay-then-pay scheme, Wen revealed that 59 options were exercised for d’Leedon, and 42 for The Interlace between 20 June and 30 August. “This scheme is very well-received,” he said.

Under the standard payment scheme, 13 units were sold at d’Leedon and nine at The Interlace during this period.

CapitaLand will also be introducing a marketing scheme to move units at Sky Habitat. Meanwhile, Marine Blue will be completed in the coming months before being officially launched.


Credits: Propertyguru

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Despite softer market conditions, property developer CapitaLand will officially launch Victoria Park Villas on 3 September. The 99-year leasehold project in District 10 comprises a cluster of 109 luxury landed homes perched on elevated land next to a Good Class Bungalow (GCB) area in Bukit Timah.

The 403,000 sq ft site at the junction of Coronation Road and Victoria Park Road was awarded to CapitaLand in June 2013 after it submitted the top bid of $366 million ($908 psf) on the land. This is the first and only landed residential site to be awarded under the Government Land Sales (GLS) Programme since 1996 in the prime districts of 9, 10 and 11.

The project features 106 semi-detached homes ranging in size from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $5.9 million each for 100 of them. The other six semi-Ds are more expensive ($6.3 million to $7.6 million) as they each feature a swimming pool on the ground floor.

There are also three bungalows measuring 10,904 sq ft to 11,539 sq ft in floor area, which are priced between $11 million and $12 million each.

Famed architect Mok Wei Wei of W Architects was engaged to conceptualise the development’s master plan.

“The development will appeal to buyers who prefer move-in ready landed houses without having to bear the high costs and time needed to rebuild an existing house or build a house from scratch,” said Wen Khai Meng, CEO of CapitaLand Singapore.

He said the units were priced based on prevailing market conditions. “In a better market, it could have easily cost $1 million more.”

By comparison, four older semi-Ds at the nearby King’s Drive, with only 82 years left on their leases, were each sold for $3.45 million to $3.85 million between August 2015 and May this year. Based on their land areas of 2,605 sq ft to 2,756 sq ft, this translates to a psf price of between $1,323 and $1,395.

“(The) prices (for Victoria Park Villas) are very comparable and reasonable,” said Jack Chua, CEO of ERA Realty, the project’s marketing agent. Highlighting its rarity, he added: “There are not many landed properties for sale in this area.”

The listed prices include a 12 percent early bird discount. The developer is also offering additional discounts of up to three percent for certain buyers who qualify for other schemes, such as repeat customers, buyers of more than one unit, and those living within the project’s vicinity. The practice of offering discounts is common among developers looking to drive sales during the initial launch period.

To date, seven units, all semi-Ds, have been sold to Singaporeans after the project was soft-launched a month ago. Foreigners are not allowed to buy landed homes in mainland Singapore and must first seek approval from the Singapore Land Authority’s (SLA) Land Dealings Unit.

Meanwhile, in a first among landed housing developments in Singapore, CapitaLand is installing smart home features that will allow homeowners to remotely control the lighting, air-conditioning and a security system via their mobile apps.

There will also be bedrooms on the basement level, which can house elderly residents. To further support multi-generational living, private lifts which can hold up to five people each will be installed in every home, connecting the various floors. In Singapore, installing lifts in landed homes can cost anywhere between $80,000 and $100,000. CapitaLand is offering one year of free maintenance for the lifts. But owners will subsequently have to fork out their own cash for maintenance, which will cost about $2,000 to $3,000 a year.

In addition, there will be sheltered car porches connected to the basements, which can accommodate at least two cars each. Excluding the car park area, prices for liveable space within the project will average between $1,200 psf and $1,400 psf.

The development is close to the Botanic Gardens, as well as eateries and shops at Coronation Shopping Plaza and Holland Village. Established schools in the area include Nanyang Primary School, Hwa Chong Institution and National Junior College, and CapitaLand hopes the site’s proximity to these institutions will attract buyers with school-going children.

CapitaLand had previously revealed that Victoria Park Villas would be launch-ready around Q2 2014, but moved back the launch date due to less favourable market conditions at the time.

Commenting on the current state of the market, Wen said it remains “generally quite muted, although there have been some signs of improvement recently”. Despite this, the “overall market sentiment could have been more robust”, he added.

This isn’t the first landed housing development undertaken by CapitaLand, which also developed Holland Green off Bukit Timah Road. Completed in 1998, the 99-year leasehold project comprises 53 luxury bungalows.

Wen noted that landed properties only account for five percent of Singapore’s housing stock. As such, their scarcity offers a better resale value, from an investment point of view.

Victoria Park Villas is expected to be completed in 2018.


Credits: Propertyguru

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Posted by on in New Launches

Property giant CapitaLand has reported a net profit drop of 36.6 percent to S$294 million in Q2 2016, due to lower fair value gains from revaluation of properties, partially mitigated by improved operating performance.

However, group revenue rose 9.7 percent to S$1.131 billion on higher contributions from development projects in China and Singapore, as well as higher rental income from its serviced residence business and higher contribution from its CapitaGreen office development.

Residential sales that contributed to the group’s higher revenue during the quarter included Cairnhill Nine in Singapore, The Paragon in Shanghai and Vermont Hills in Beijing.

Launched in March this year, the Cairnhill Nine development in the Orchard area has sold 78 percent, or 208 of the total 268 units to date.

Despite the muted residential market in Singapore, CapitaLand found buyers for 304 homes during the first half of 2016, or nearly three times the 106 units sold during the same period last year.

The developer recently opened a private preview for Victoria Park Villas, a 109-unit landed housing development at Coronation Road, to gather interest from prospective buyers. At a results briefing on Thursday (4 August), Wen Khai Meng, CEO of CapitaLand Singapore, said there are plans to officially launch the project after the Ghost Month.

In China, the group sold 6,273 homes in the first six months of the year, up 50 percent over the same period last year. For the second half of 2016, CapitaLand has more than 3,000 launch-ready units.

It will also start handing over around 9,000 sold units with a total value of about RMB13 billion (S$2.6 billion). CapitaLand noted that at least 60 percent of the said value is expected to be recognised in H2 2016.

Overall, the group has already sold more than 7,000 homes this year with a total sales value of nearly S$2.62 billion.

Looking ahead, CapitaLand President and Group CEO Lim Ming Yan said: “We will maintain our focus on our core markets of Singapore and China and the growth markets of Vietnam and Indonesia, as well as our serviced residence global platform.

“In addition to capital recycling and portfolio optimisation, we will also leverage our fund management platform and management contracts to grow our assets under management.”


Credits: Propertyguru

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Property developer CapitaLand has announced that two of its projects – d’Leedon and Jewel Changi Airport – were honoured at the International Architecture Awards 2016.

Now in its 13th year, the awards recognise real estate projects that display excellence in aspects such as design, construction, planning and sustainability.

Completed in 2014, d’Leedon was designed by the late British-Iraqi architect Zaha Hadid. The 1,715-unit condominium near Farrer Road MRT station is the largest residential development in Singapore.

According to Simon Yong, CapitaLand’s Chief Development Officer for Asia, the orientation and placement of the condo’s seven towers take environmental factors into account.

“d’Leedon’s petal-shaped floor plan allows for windows on three sides of every apartment and natural ventilation in all kitchens and bathrooms,” said Yong.

Meanwhile, Jewel Changi Airport is scheduled to open in early 2019. Designed by Safdie Architects, its distinctive architecture includes a stunning glass and steel façade and lush greenery indoors.

One of Jewel’s attractions will be the Forest Valley, a five-storey garden filled with thousands of trees and other plants, said Yong.

He added that another centrepiece will be the 40-metre high Rain Vortex, expected to be the world’s tallest indoor waterfall.

A mixed-use development, Jewel Changi Airport will house retail stores, facilities for airport operations, hotel facilities and a car park.

Organised by the Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies, about 130 projects from 43 countries were selected as winners out of the final shortlist of 370 developments.

Credits: Propertyguru

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(Artist Impression: The Interlace Depot Road (Left) ; D'Leedon Farrer Road (Right)

In a bid to move units, more property developers are offering deferred payment schemes, reported The Straits Times.

In fact, two more developers are now offering the option following the recent success of OUE Twin Peaks, which offered the scheme.

The scheme partly bets on whether current loan-to-value limits will be fine-tuned, since the majority of the buyer’s payment is usually required later.

OUE Twin Peaks has seen around 160 units snapped up since late March when the deferred payment scheme was introduced, together with another incentive which offers buyers a longer option-exercise date.

CapitaLand recently introduced its version of the scheme at The Interlace and d’Leedon condominiums, where about 20 units have since been sold.

Buyers at CapitaLand’s stay-then-pay plan enjoy a 15 percent discount, and can move into the unit once they have exercised the Option to Purchase (OTP). Buyers then make a 10 percent downpayment in eight weeks, while paying the remaining 90 percent one year from the OTP.

In contrast, a standard payment scheme requires buyers to pay the remaining 90 percent within eight weeks from exercising the OTP.

Foreign buyers, on the other hand, can pay a 15 percent downpayment from exercising the OTP, and pay the remaining 85 percent one year from the said date.

Buyers who take up the scheme are not allowed to rent out their unit. As at end-March, CapitaLand had 99 unsold units at The Interlace and 181 unsold units at d’Leedon.

A similar plan is also being used by the developers of The Boutiq in Killiney Road. Under the plan, a buyer can pay a one percent option fee and four percent two weeks later, 15 percent eight weeks from exercising the OTP, 30 percent 18 months from the OTP, and 50 percent two years from the OTP date.

Savills Singapore Research Head Alan Cheong noted that the increasing use of deferred payment schemes indicates that the market is having difficulty clearing unsold stock.

“Developer sales may have improved but there is still plenty of supply to be soaked up,” said Lee Liat Yeang, a senior partner in Dentons Rodyk’s Real Estate practice group.

Credits: Propertyguru

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SINGAPORE: Developers are starting to launch new projects in Singapore, following a quiet start to 2016. And while there is an underlying demand for homes, one analyst said developers must keep prices relatively low to attract buyers.

CapitaLand’s Cairnhill Nine is one of the latest projects to be unveiled on Tuesday (Feb 23). The integrated development, a 268-unit residential tower, is part of the same complex as the Ascott Orchard Singapore, a 220-unit serviced residence slated to open early 2017.

It will be the first residential project to be launched in the Orchard Road area in nearly three years, according to CapitaLand.

Other recent launches include Wandervale, an executive condominium in Choa Chu Kang, which saw strong crowds at its showroom over the weekend.

The starting prices for Cairnhill Nine range from S$1.35 million for a one-bedroom apartment to S$6.67 million for the most expensive penthouse. The average indicative price is S$2,500 dollars per square foot.

Despite a relatively quiet start for new developments this year, CapitaLand is confident the premium location and relatively low prices will draw interest.

"Cairnhill Nine is a very well-located project in the heart of Orchard Road,” said Mr Wen Khai Meng, CapitaLand Singapore CEO. “It's also very attractively priced with about 90 per cent of the units S$3 million and below, and about 50 per cent S$2 million and below.

“Given that there's not been any new condominiums in Orchard Road in the last three years, we are confident of a very good response to this project."


Property research firm DTZ said property measures such as the Additional Buyer's Stamp Duty (ABSD) have put a cap on prices, while potential property buyers have also become more selective.

"Generally there is still quite a substantial demand from potential buyers, it's just that there are sort of constrained by the TDSR (Total Debt Servicing Ratio) and ABSD,” said Dr Lee Nai Jia, head of research for Singapore at DTZ. “And in these later years, the ABSD - when it’s going to be lifted - is the main thing on most buyers' minds, because it is still quite substantial.

“So what we are seeing, at least from 2015, is buyers going for units of lower quantum, usually of S$1.5 million and below. And they usually go for value buys or value offerings when the project is close to amenities, MRT stations.”

Source: Channel News Asia

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Posted by on in HDB

CASH premiums for Housing Board flats have fallen further and faster than expected as housing curbs continue to bite.

The median cash-over-valuation (COV) dropped to $8,000 last month from $11,444 in October, ahead of predictions that it would hit $10,000 by the year end, according to Singapore Real Estate Exchange (SRX) flash estimates yesterday.

This might be due to more deals in less popular estates, rather than unexpectedly cool demand overall, said analysts.

"A lot of transactions were in places like Sengkang and Jurong West, where COVs are lower," said ERA Realty key executive officer Eugene Lim.

The fall was part of a weak housing market picture. Both public and private resale prices fell to the lowest levels this year. Transaction volumes dipped, reversing a slight rise in September.

Resale prices of non-landed private homes fell 1.5 per cent from October.

There were 387 non-landed homes resold last month, down from both October and the same time last year.

In public housing, the fall in median COV marked the first time since July 2009 that cash premiums fell below $10,000.

Analysts say it could slip to $5,000 in the next few months, on the back of more negative COV deals.

Last month, 13.1 per cent of resale deals closed below valuation, up from the SRX's estimate of 8.5 per cent in October.

"We are expecting COV to continue to moderate, especially during the festive period," said Mr Lim. But he does not expect it to hit zero, as flats in mature estates are still fetching reasonable premiums.

R'ST Research director Ong Kah Seng expects COVs to continue to dip until around the second quarter or middle of next year.

With more suburban condominiums being completed next year, "there is probably more competition by HDB upgraders to sell their flats from now (onwards)", he said.

Amid a buyer's market, HDB resale prices fell 0.6 per cent to the lowest level since September last year, and fewer flats changed hands. The estimated 1,051 transactions last month was down from October and 34 per cent less than the same time last year.

Though resale numbers are usually down in the festive season, analysts said last month's fall was due more to cooler buyer sentiment after loan curbs.

Completing the picture of weak demand was the rental market. Private non-landed rental prices remained flat, after three months of decline.

For HDB flats, median rents slipped 2.1 per cent to $2,350, the first drop since they reached $2,400 in June last year.


Credit ST Property

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