Tag Archives: Developers

Ho Bee, MCL launching Parvis condo at $1,480 psf average

Posted on 5 Nov 2009 | Comments Off on Ho Bee, MCL launching Parvis condo at $1,480 psf average

As other developers mull over whether to release new projects this quarter or hold back until 2010, Ho Bee and MCL Land have moved to launch their Parvis condo at Holland Hill this week.

Parvis: 85 of the 248 units in the freehold project are being released, with absolute prices ranging from $1.62m for a 990 sq ft unit to $3.02m for a 1,991 sq ft unit

The average price is about $1,480 per sq ft for the initial batch of 85 units. The 12-storey freehold project has 248 units.

The pricing is considered fair for the location, said a property consultant who is not marketing Parvis, adding that it could easily be $1,500-1,600 psf on average.

The Lush on Holland Hill nearby is selling for about $1,500 psf on average. In the secondary market, units at Waterfall Gardens in Farrer Road are changing hands for about $1,450-1,500 psf.

The 85 units MCL Land and Ho Bee are releasing at Parvis will be priced between $1,400 psf and $1,600 psf. In absolute terms, prices range from $1.62 million for a two-bedroom unit of 990 sq ft to $3.02 million for a four-bedder of 1,991 sq ft. Continue reading →

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CapitaLand gets shareholder nod to list retail arm

Posted on 31 Oct 2009 | Comments Off on CapitaLand gets shareholder nod to list retail arm

CAPITALAND shareholders at an extraordinary general meeting (EGM) yesterday approved the company’s plan to spin off and list its $20.3 billion retail portfolio – after just one hour.

But many of them were concerned with two issues – how much the special dividend payout from CapitaMalls Asia’s (CMA) listing will amount to, and whether they will get preference when it comes to subscribing for CMA shares.

In response to their queries, CapitaLand’s management said it could not say at present how much the special dividend payout will be.

Market watchers have estimated that if CapitaLand floats a 30 per cent stake of CMA, it could book a pre-tax profit of $800 million to $1.4 billion from the IPO.

Chief financial officer Olivier Lim said the company will only pay dividends from IPO profits, not gross proceeds, and only after setting aside funds to take advantage of opportunities to grow the group’s other business divisions.

The company also reiterated that it will not give existing CapitaLand shareholders preference when it comes to applying for CMA shares. To do so would disadvantage overseas investors, Mr Lim said. Continue reading →

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