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CapitaLand, Lum Chang buy Frankfurt office building for 234.3m euros in cash

Singapore A JOINT venture between CapitaLand and Lum Chang Holdings has acquired an office building in Frankfurt for 234.3 million euros (S$375.1 million) in cash. CapitaLand, a real estate developer, holds 94.9 per cent of the joint venture and paid 222.3 million euros of the consideration. Lum Chang, a construction company, holds the remaining 5.1 per cent. The freehold, multi-tenanted building known as Main Airport Center will be CapitaLand's... ...more

Malaysian bedroom furniture maker plans Catalist IPO

Singapore MALAYSIAN bedroom furniture exporter LY Corp is planning an initial public offering (IPO) on the Catalist board, which will be done through a placement of new shares and vendor shares. LY Corp designs and manufactures wooden bedroom furniture that is typically rebranded by overseas dealers for sale outside Malaysia. It is controlled by Lian Yu Holdings. The business was founded in Johor in 1976. LY Corp is raising funds to expand its... ...more

Govt trims industrial land supply after market responds to previous spike

Singapore THE government is trimming its industrial land supply for the first half of 2018, after industrial prices and rents showed themselves to be responding as hoped to the government's supply spike in recent years. The Ministry of Trade and Industry (MTI) on Wednesday said that it is launching six sites in the Confirmed List and seven sites in the Reserve List, with a total site area of 12.56 hectares (ha) for the next six... ...more

Tender opens for firm to design, build and run High Speed Rail assets

Singapore THE tender for a company that will help develop key parts of the high-speed rail linking Singapore and Malaysia has been launched, with the winning bid to be chosen by the end of 2018. This company, called the assets company (AssetsCo), will be responsible for designing, building, financing and maintaining all rolling stock, as well as designing, building, financing, operating and maintaining all rail assets such as trackwork, power,... ...more

Choice of attractive sites beckons developers

Singapore A BEVY of attractive sites on the first half 2018 state land sale slate beckons developers. Most of the six residential sites, old and new, on the confirmed list are expected to be in good demand with their appealing attributes, say property consultants. A 0.57-hectare plot along Cuscaden Road in prime district 10 that can yield just about 170 units is expected to be keenly contested due to its plum location and relatively bite-sized... ...more

CapitaLand inks S$10m tie-up with EDB to upskill staff, test new technologies

Singapore PROPERTY developer CapitaLand has set out to accelerate its innovation push with a S$10 million programme in training and technology, in partnership with the Singapore Economic Development Board (EDB). Dubbed CapitaLand ELEVATE, the programme will focus on developing the company's staff in areas such as data analytics, digital marketing and digital product management. It will also explore new technologies which the firm said will enable... ...more

Two tender closings signal developers' unabating land appetite

Singapore DEVELOPERS' appetite for choice sites has shown no signs of letting up despite warnings from the government on over-exuberance in the property market. Two residential land parcels at Jiak Kim Street and Fourth Avenue under the government land sales (GLS) programme saw keen contest on Tuesday, with Frasers Centrepoint Limited (FCL) setting a new price benchmark for the Jiak Kim Street site. The Singapore-listed developer topped 10... ...more

Ensuring S'pore's construction industry reaches for the sky

AS one of the key pillars to Singapore's growth and development, the construction industry has always been an important component of the economy, accounting for five per cent of the nation's GDP in 2016. But, it is not spared from a sluggish cycle as data from the Ministry of Trade and Industry (MTI) indicated its continued contraction in the second quarter of 2017 by 5.6 per cent due to a decline in private and public... ...more