Daily Archives: 29 Sep 2009

Wee Hur Holdings to buy 70% stake in Villas@Gilstead development

Posted on 29 Sep 2009 | Comments Off on Wee Hur Holdings to buy 70% stake in Villas@Gilstead development

Wee Hur Holdings said it plans to buy a 70 per cent stake in the Villas@Gilstead development for S$9 million.

It said the proposed acquisition is in line with its growth strategy to diversify into the property development business.

Villas@Gilstead is a residential property project at Gilstead Road, near Novena MRT station.

It is a strata housing development comprising 10 semi-detached houses, 6 terrace houses and 2 bungalows.

It is around 50 per cent sold and is expected to obtain Temporary Occupation Permit (TOP) in the third quarter of 2011.

Source : Channel NewsAsia – 29 Sep 2009

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Posted in Developers, Property Market / Real Estate

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Capitaland and related entities take control of 22 retail malls in China

Posted on 29 Sep 2009 | Comments Off on Capitaland and related entities take control of 22 retail malls in China

CapitaLand said on Tuesday that its related entities have embarked on an asset swap arrangement to take full ownership of 22 retail malls in China.

The firm said its sponsored funds, CapitaRetail China Development Funds, agreed to an asset swap arrangement with SZITIC Commercial Property (SCP).

Under the deal, the development funds will swap their 65 per cent equity stakes in 4 projects and 50 per cent interest in Shenzhen’s Xiangmihu Mall.

In return, they will get SCP’s 35 per cent equity stake in 16 retail projects and SCP’s 49 per cent stake in 6 projects.

No additional investment outlay is required for the transactions.

Following the asset swap, CapitaLand, together with its development funds and CapitaRetail China Trust, will have full ownership interest of the 22 malls.

The malls are anchored by US bigwig, Wal-Mart.

CapitaLand said the deal will ensure a better integration of its retail operations and investments in China.

With the move, CapitaLand’s retail portfolio in China will comprise 46 malls across 32 cities worth a total asset value of S$6.2 billion.

Source : Channel NewsAsia – 29 Sep 2009

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Posted in Developers, Overseas Property

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