Category Archives: Developers

CapitaLand basks in positive spin (-off)

Posted on 7 Oct 2009 | Comments Off on CapitaLand basks in positive spin (-off)

Its shares rise as investors eye special dividend; outlook rosy for CMA too

CapitaLand shares rose as much as 4.9 per cent yesterday on news that the property group will spin off its $20.3 billion retail portfolio into a separate listed entity.

Shares rose following analyst reports which said that the move was positive for both CapitaLand and the new CapitaMalls Asia (CMA). Many research houses also issued ‘buy’ calls on the stock and raised their target prices.

However, the news did not go down as well with shareholders of CapitaLand’s two retail property trusts – CapitaMall Trust (CMT) and CapitaRetail China Trust (CRCT).

One reason for the warm reception for CapitaLand’s shares was a potential special dividend, which CapitaLand said it could pay out post-IPO. The stock gained 8 cents, or 2.2 per cent, to close at $3.75 yesterday. Continue reading →

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Posted in Developers, Funds

Seven Palms smashes price records at Sentosa Cove

Posted on 7 Oct 2009 | Comments Off on Seven Palms smashes price records at Sentosa Cove

SC Global sells units at $3,100-$3,400 psf at the exclusive 4-storey project

Upmarket developer SC Global Developments is said to have sold six units at its Seven Palms at Sentosa Cove condo at between $3,100 per square foot (psf) and $3,400 psf – record prices for the upscale waterfront housing district.

On a lump-sum basis, the three and four-bedroom units were sold at about $9 million to $15 million each.

All units in the four-storey development will face either Tanjong Beach next door, or the sea or the Tanjong Golf Course at the Sentosa Golf Club.

Singaporeans are understood to have picked up two of the six units sold recently, with Singapore permanent residents buying the other four.

Market watchers reckon SC Global is probably looking at a project-average price of about $3,500 psf for Seven Palms at Sentosa Cove. The condo will comprise just 41 units.

Standard apartment sizes range from about 2,750 sq ft to 6,500 sq ft.

BT understands that the biggest unit in the 99-year-leasehold project, an 8,000-sq-ft penthouse, has a price tag of about $25 million to $30 million.

Prior to this, the highest median price achieved by a developer of a Sentosa Cove condo was $2,734 psf seen at Lippo Group’s Marina Collection, which was released in late 2007. Continue reading →

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Posted in Developers, New Launches, Property Price, Sentosa Property

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