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Frasers opens serviced suites in Delhi

Posted on 20 Aug 2009 | Comments Off

FRASERS Hospitality has announced its first serviced apartments in India’s capital, as it moves to entrench itself further in a market that it sees as having potential topped only by China.

The nine-storey, 90-unit Frasers Suites is close to central New Delhi as well as Noida, an industrial-residential town across the Uttar Pradesh state border. It is scheduled to open in October next year, in time for the Commonwealth Games in New Delhi.

Frasers’ involvement in the New Delhi property follows its debut in the Indian market last November with the announcement of three properties in Bangalore. With the latest announcement, the total number of Fraser-managed residences to be available in India within three years will be 585. Fraser Suites New Delhi is being developed by India’s IFCI Infrastructure Development.

The deal with IFCI underscores the Singapore company’s bullish approach to the Indian market, where the government expects the economy Continue reading →

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Posted in Overseas Property, Property Market / Real Estate, Service Apartments

Tagged Fraser Suites New Delhi, Frasers Hospitality, India Property, Service Apartments

CapitaLand allots $1b to Ascott, China, Viet arms

Posted on 19 Aug 2009 | Comments Off

Group expects to reduce cash levels from $2.8b to $1-2b over 6-12 months

PROPERTY giant CapitaLand has deployed about $1 billion from its $1.8 billion rights issue earlier this year to grow its China, Vietnam and Ascott businesses. The money will be used to increase the respective capital base of these three wholly owned businesses of the group.

CapitaLand group CFO Olivier Lim said that, over the next 6-12 months, the group expects its corporate treasury cash levels to be reduced from the existing $2.8 billion to $1-2 billion, partly by pre-paying debt that matures in the next two to three years, and partly by deploying capital to investment opportunities that may arise.

The $2.8 billion corporate treasury cash is part of the $4.2 billion cash and cash equivalents as at June 30, 2009, as reported with CapitaLand’s first-half results last month.

Half or $500 million of the additional capital deployment will go to CapitaLand China Holdings, $299 million to CapitaLand (Vietnam) Holdings Continue reading →