Month: February 2025

Executive chairman of City Developments (CDL), Kwek Leng Beng, has announced that the “serious lapses” in corporate governance at CDL have been rectified. According to a second statement issued by the executive chairman, following a court hearing on February 26th, the two new directors who were appointed on February 7th have agreed to not exercise any powers as directors until further notice from the court. The new directors, Jennifer Duong Young and Wong Su Yen, had been appointed as independent non-executive directors through directors’ resolutions in writing.

The senior Kwek also stated that his son, Sherman Kwek, Philip Lee, Wong Ai Ai, and the remaining directors who acted in concert with them, have agreed not to take any further action regarding their attempted changes to the board committees and management of certain CDL subsidiaries until further notice from the court. In addition, the “irregularly constituted” nominating and remuneration committee has …

Chin brings with her more than 20 years of experience in tenant representation and corporate real estate management, having previously worked at various global real estate firms in Singapore, Hong Kong and Shanghai. She will lead Colliers’ tenant representation practice in the region and work closely with the firm’s local teams to support clients’ corporate real estate strategies.Porter has been with Colliers since 2017 and has worked on various high-profile transactions across Europe, Middle East and Africa. In his new role, he will be responsible for developing and executing real estate strategies for enterprise clients in Hong Kong and across Asia Pacific.“We are delighted to have Leanne and Ali on board to strengthen our occupier services team in Asia Pacific,” says David Hand, chief executive officer for Asia at Colliers International. “As the world’s most global real estate company, we are continuously looking for ways to better serve our clients …

The popular Ching Shine Industrial Building is now up for collective sale by tender, with an asking price of at least $113 million, as per JLL, the sole marketing agent for the property. Comprising of 52 strata units, the freehold building spans a 100-meter frontage along Shaw Road and sits on a substantial land area of 49,308 square feet, with a gross floor area of approximately 137,341 square feet.

Having been built in the early 1980s, the building is currently zoned as “Business 1” and boasts a gross plot ratio of 2.5 under the URA Master Plan 2019. Reportedly, more than 80% of the owners have already given their consent for the collective sale at the stated minimum price of $113 million, which translates to a unit land rate of around $823 per square foot per plot ratio at the existing gross plot ratio of 2.79.

In view of the …

City Developments Limited (CDL) has released a statement in response to the trading halt it called for earlier today. The halt was requested due to a disagreement within the board regarding the composition and constitution of the board and its committees.

CDL clarified that despite the temporary suspension, its business operations remain fully functional and unaffected. Sherman Kwek will continue to serve as the group CEO until there is a resolution from the board to change company leadership.

The company has also stated that further announcements will be made in accordance with the listing rules of the Singapore Exchange (SGX) should there be any significant developments in this matter.

In a subsequent statement, Sherman Kwek expressed disappointment that the chairman and a minority of the CDL board have taken drastic actions due to their disagreement over the size and makeup of the board. He emphasised that the focus of himself …

PropNex, Singapore’s largest real estate agency, has announced a profit of $21.9 million for the second half of its financial year, which ended on December 31, 2024. This is a 14.9% decrease from the previous year. Overall, its full-year earnings for FY2024 were $40.9 million, a 14.4% drop compared to FY2023.

The company’s revenue also experienced a decline of 6.6% in FY2024 as compared to the previous year, largely due to the soft property market. However, in celebration of its 25th anniversary, PropNex plans to pay a special dividend of 2.5 cents per share, in addition to a final dividend of 3 cents. This will bring the total dividend payout for FY2024 to a record of 7.75 cents, representing a payout ratio of 140.1% and a yield of 8.2%.

Despite the lower earnings for the year, PropNex has seen a rise in activities in the last quarter of 2024, led …

A shophouse with a unique corner location in the vibrant Jalan Besar district is now available for sale through private treaty. This two-storey building with an attic, situated at 209 Jalan Besar, is being marketed by Gracelynn Zhu from PropNex Shophouse Elites. According to Zhu, the 999-year leasehold property is listed at a price below $20 million.

Measuring approximately 5,502 sq ft in total, the shophouse is zoned for commercial use. The first floor has already been approved for restaurant operations, while a portion of the second floor is also designated for the same purpose. With a price tag of $20 million, the per square foot (psf) price works out to be $3,635 based on the floor area.

Located within the Desker Road Conservation Area in District 8, this property is situated in a prime location close to Little India. It is also conveniently within walking distance to the Jalan …

According to a recent survey by CBRE, the Asia Pacific (Apac) hotel sector is expected to continue seeing a strong wave of investment activity in 2025. The 2025 Asia Pacific Hotel Investor Intentions Survey revealed that over 72% of hotel investors surveyed in November and December last year are planning to purchase more hotel assets this year.

Out of the respondents, 45% indicated that they are looking to increase their purchasing volume by more than 10% in 2025. Steve Carroll, head of hotels, capital markets, Asia Pacific, CBRE, stated that due to the resilient performance of the sector over the past 18 months, investors are optimistic about the pricing expectations for hotel and living assets in Apac in 2025.

The survey also found that the rebound in tourist arrivals, particularly in Japan, Singapore, and Australia, has contributed to the healthy buying intentions. This has led to an increase in room …

ETC (formerly Edmund Tie) and OrangeTee Group announced on February 24 that they will merge to form a new holding company, whose name has yet to be revealed. According to ETC CEO Desmond Sim, this is a “meeting of minds” and not an acquisition.

Sim will serve as CEO of ETC and group CEO of the merged entity, while OrangeTee’s current CEO Justin Quek will be the deputy group CEO. The merger will see ETC focus on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business with support from their network of 2,803 registered salespersons from the Council for Estate Agencies (CEA).

The combined entity, which will have over 520 staff and 2,803 salespersons, aims to drive growth, create value for stakeholders, and achieve scale in today’s dynamic real estate landscape. This merger builds on the 2017 joint venture between the two companies, …

Joint developers UOL Group and CapitaLand Development (CLD) have reported the successful launch of ParkTown Residence, their latest project in Tampines North. The launch weekend saw the sale of 1,041 units, which represents over 87% of the total 1,193 units available.

UOL’s general manager of residential marketing, Anson Lim, stated that the project achieved an average price of $2,360 per square foot (psf), with the majority of buyers being Singaporean homebuyers or investors. The most popular unit types were two-bedroom and three-bedroom apartments, which accounted for 92% of the units sold.

One of the key reasons for the project’s success is its unique status as a fully integrated residential and lifestyle development, connected to a retail mall, future Tampines North MRT station, bus interchange, green boulevard, community club, and hawker centre, according to a spokesperson for UOL and CLD.

Prior to the launch weekend, ParkTown Residence had received 2,367 cheques, …

On February 22nd, MCL Land and CSC Land Group successfully sold 326 out of 501 units at their joint venture project, Elta, located at Clementi Avenue 1. This translates to a sales rate of about 65%, with an average price of $2,537 per square foot.

The majority of buyers were Singaporeans, making up 90% of the total, while the remaining 10% were permanent residents. Most of the buyers came from districts 19, 5, and 23, with the highest number of buyers coming from districts 19, which primarily includes Hougang, Serangoon, Sengkang, Punggol, and the northeast region.

Among the units sold, the most popular were the two-bedroom units, with 98% of the 179 units sold at prices starting from $1.388 million ($2,261 psf). Additionally, 81% of the 108 three-bedroom units have also been taken up, with prices starting from $2.198 million. The one-bedroom plus study units were also in high demand, …