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

Posted on 29 Sep 2009 | Comments Off

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

Tagged Capitaland, China Property, Developers, SZITIC Commercial Property

Bid to stop re-routing of road rejected

Posted on 29 Sep 2009 | Comments Off

A SPAT between two developers about the re-routing of an access road has gone all the way to the Court of Appeal.

Both Pacific Rover and Yickvi Realty have condominium projects on adjoining parcels of land off Newton Road. But Yickvi had a right-of-way access road to its new 11-storey property that cut through Pacific Rover’s land.

Pacific Rover, which had received planning permission to build two 30-storey residential units, wanted to optimise land usage and shift part of the access road nearer to the property’s boundary. Its condominium, called Trilight, is due to be completed in April 2011.

Yickvi initially agreed to the request, provided the subterranean electric cables, pipes and other service installations beneath the road were shifted in line with the newly adjusted road.

But talks broke down last year and the case went to the High Court, which ruled Yickvi could not object to the road shift as it would not cause a major inconvenience to the occupants of its building.

Yickvi, through lawyers from Rajah & Tann, appealed to the highest court, which agreed with the earlier ruling but ordered Pacific Rover to make sure Yickvi had immediate access, whenever reasonably required, to maintain and repair the cables running under the original route.

The Court of Appeal made clear the inconvenience caused by the realignment of the access road was not the real issue. Continue reading →