Tag Archives: Singapore Property Market

THE first phase of Guoco- Land’s Ascot Park project in Nanjing, China has been fully sold, the group said yesterday.

Phase 1 of Ascot Park – comprising 594 units with a mix of 2 and 3-bedroom units in sizes ranging from 87 to 130 square metres – has been sold at an average price of 7,100 yuan (S$1,500) per sq m. Phase 2, comprising the remaining 518 units, will be launched in a few months.

The development caters to a niche market segment for units with bare finishes, enabling homebuyers to fit out their homes according to their preference.

Construction of Phase 1 is expected to be completed by the end of this year.

Located 14 kilometres from Nanjing city centre, the Balinese-themed development includes a man- made lake, a clubhouse with an extensive range of amenities, and a multi-purpose commercial centre with a selection of eateries and retail stores.

The project is on a 90,000 sq m site with a total gross floor area of about 240,000 sq m. GuocoLand (China) group MD Violet Lee said: ‘The strong sales for Phase 1 affirm the demand for our niche products which provide a quality setting with lush landscaping for our homebuyers to fit out their individual units to their liking. We are confident that Phase 2, to be launched in the next few months, will also be well received.’

Source : Business Times – 28 Jul 2009

CapitaLand will inject A$281.6 million (S$333.1 million) into Australand by taking up its full entitlement in the Australian property unit’s A$475 million rights issue.

Sydney-based Australand – which yesterday posted a first-half net loss of A$268.8 million – says the proceeds will strengthen its balance sheet amid a challenging second half. It is the company’s second rights issue in about a year.

The exercise will ‘provide additional headroom against the covenant limits of Australand’s debt facilities, sufficient liquidity to meet all anticipated funding requirements over the next two years and (to) take advantage of selective opportunities in a disciplined manner’, Australand said.

To raise A$475 million – comprising A$380 million from an institutional tranche and A$95 million from a retail tranche – Australand is making a seven-for-10 non-renounceable pro-rata entitlement offer of new stapled securities at A$0.40 apiece. The offer price is a 20 per cent discount to the last closing price of A$0.50 on July 24.

CapitaLand, which has a 59.27 per cent stake in Australand, will take up its full entitlement for A$281.6 million cash. It does not expect its subscription or the rights issue to materially affect its net tangible assets per share or earnings per share for the financial year ending Dec 31. Its effective interest in Australand should stay the same. Continue reading →