Category Archives: Developers

Delays at CapitaLand Macau project

Posted on 28 Sep 2009 | Comments Off on Delays at CapitaLand Macau project

CAPITALAND’S joint casino project partner in Macau said that disagreements with its business partner New Cotai had led to delays in getting land-use approval.

CapitaLand – which owns a 20 per cent stake in the US$2 billion Macao Studio City through a joint venture firm with eSun Holdings Ltd known as EAST Asia Satellite Television (East) – said last Saturday that it will work with eSun on solutions to enable the project to progress.

It also said that it has the option to ‘put back’ its shares to eSun if certain conditions are not met by September 2011 ‘or such other date as may be mutually agreed’.

In a statement last Friday, Hongkong-listed eSun said that progress for Macao Studio City has stalled due to differences of opinion between East and its US partner New Cotai, which has a 40 per cent stake in the joint venture company in charge of the project, Cyber One.

The Macau government had not given permission for Cyber One to make modifications to the land and raise the developable gross floor area of the site to about six million square feet. Continue reading →

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Posted in Developers, Overseas Property

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CDL sells over 200 units at Hundred Trees

Posted on 27 Sep 2009 | Comments Off on CDL sells over 200 units at Hundred Trees

SALES at City Developments Ltd’s (CDL) Hundred Trees condo in the West Coast area crossed the 200-unit mark by 6pm yesterday.

MORE TO COME
The developer will release more units to cater to the ‘overwhelming response’ to the West Coast project

As at that time, CDL had released 280 of the total 396 units in the 956-year leasehold condo, the developer said in a release yesterday evening.

Earlier yesterday afternoon, CDL said that it had released a selected number of units for soft launch at an average price of $895 per square foot (psf).

However, BT understands that the above pricing was for the initial batch of about 150 units released on Thursday for a preview to former owners of Hong Leong Garden Condominium (from whom CDL bought the site for the project), CDL staff and a few special guests.

A further 130 units released yesterday were probably priced slightly higher, market watchers reckoned.

CDL is also offering interest absorption scheme (IAS) in exchange for a 2.5 per cent price premium. CDL did not provide a breakdown on how many buyers picked up their units on IAS.

Although IAS was scrapped on Sept 14, a developer can still offer the scheme if before that date, it had entered into an agreement on this with a partner bank and had already offered units in the development for sale under IAS before Sept 14.

BT understands that Hundred Trees’ 200-unit sales figure as at 6pm yesterday includes nearly 40 units sold on Thursday. All 22 one-bedroom units have been sold and the two-bedders are substantially sold too. Continue reading →

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Posted in Developers, New Launches, Property Market / Real Estate

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