Fri, Jul 31, 2020

The highly-publicized boardroom-family feud at City Developments appeared to have reached its conclusion, as executive chairman Kwek Leng Beng has decided to drop the legal actions he had taken against a group of directors, headed by his son and group CEO Sherman Kwek. The board now consists of four members, including the duo, as well as newly appointed independent directors Jennifer Duong Young and Su Yen Wong.

In a statement released by Kwek Leng Beng on behalf of the board, it was revealed that all members have agreed to put their differences aside for the sake of CDL and its stakeholders. They will now refocus on strengthening the company’s business, while upholding good corporate governance.

This includes completing ongoing landmark developments in Singapore and globally, expanding various brands under Millennium & Copthorne, continuing the capital recycling initiative, and ultimately maximizing shareholder value. The move comes after …

Steve Leung Design Group (SLD) is making its way into the European market by teaming up with renowned Italian designer Andrea Bonini. The highly sought-after interior design firm, founded by the talented Steve Leung, will establish its first branch in Europe under the brand SLD. This new venture, known as SLD. Andrea Bonini, will offer top-of-the-line interior design services and products to clients in Asia and Europe, ranging from opulent residences to lavish hospitality spaces.

The new brand will make its debut this April at Milan’s much-anticipated furniture fair, Salone del Mobile. Along with its grand debut, SLD. Andrea Bonini will present its first product line – a cutting-edge smart home lighting collection created in collaboration with smart home manufacturer Moorgen.

This partnership marks SLD’s first venture overseas. According to a press release on March 11, the move is part of the company’s new business strategy, which focuses on “rejuvenation, …

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CapitaLand Group has signed a memorandum of understanding (MOU) with Microsoft to integrate artificial intelligence (AI) and advanced technologies into their businesses.

Through the partnership, CapitaLand will be participating in Microsoft Singapore’s AI Pinnacle Program, enabling them to utilize Microsoft platforms, services, and solutions to enhance customer engagement and operational efficiency across their funds, investment, retail, lodging, and development sectors.

Areas of collaboration include infrastructure development, utilizing Microsoft’s Azure cloud computing platform to design and develop CapitaLand Investment’s data centers and products, and incorporating AI, data analytics, and machine learning to strengthen their digital and business transformation efforts.

“Our collaboration with Microsoft is a significant step in CapitaLand’s digital transformation journey. AI will play a key role in shaping our future by improving operational efficiencies and creating value for our stakeholders,” says Quah Ley Hoon, Group Chief Corporate Officer of …

SINGAPORE (EDGEPROP) – CapitaLand Group has signed a memorandum of understanding (MoU) with Microsoft, aiming to leverage artificial intelligence (AI) and advanced technologies to enhance its businesses. This collaboration will see the conglomerate enter Microsoft Singapore’s AI Pinnacle Program, giving it access to Microsoft platforms, services, and solutions to improve customer engagement and operational efficiency across its funds, investments, retail, lodging, and development businesses. It will also enable the identification of potential collaboration areas on infrastructure development and the development of CapitaLand Investment’s data centre design and products using Microsoft’s Azure cloud computing platform. Moreover, AI, data analytics, and machine learning will be integrated to strengthen the group’s digital and business transformation efforts. “Our collaboration with Microsoft is a significant step in CapitaLand’s digital transformation journey. AI will play a critical role in shaping our future, boosting operational efficiency and creating value for our stakeholders,” comments Quah Ley Hoon, group …

A group of 14 retail shops located at Peninsula Plaza, Sim Lim Square, and Far East Plaza are currently up for sale through an expression of interest (EOI) process. The properties are being marketed by ERA Realty Network and have a combined price of $26.46 million.

Of the 14 shops, two are located at Peninsula Plaza, a mixed-use development on North Bridge Road with a 999-year lease. These ground-floor units have a combined strata area of around 990 sq ft and are listed for sale at $8 million, or $8,081 psf. Peninsula Plaza is a 30-storey commercial building completed in 1980, consisting of a six-story retail podium and a 24-story office tower. It is connected to the City Hall MRT Interchange Station, providing convenient access to both the North-South and East-West lines.

Read also: Two retail units at Sim Lim Square for sale at $3.38 mil

At Sim Lim Square, …

GuocoLand has recently secured a green club facility worth $367.1 million from DBS Bank for its upcoming project on Faber Walk. The residential land parcel was acquired last November through a Government Land Sale tender by GuocoLand and its joint venture partners, TID and Hong Leong Holdings. The consortium’s top bid of $349.86 million, equivalent to $900 per square foot per plot ratio, won the 277,659 square feet site.

With plans to build nine low-rise blocks, the development will feature 399 residential units. It will be located in the prestigious Faber Walk landed private residential enclave, adjacent to the Faber Hills estate. The project is situated along the waterfront, next to the Pandan River and the upcoming Old Jurong Line Nature Trail.

This green club facility for the Faber Walk development complements GuocoLand’s existing sustainable initiatives in other projects such as Guoco Tower on Wallich Street, Guoco Midtown on Beach …

The launch of Aurea, a luxury residential project in the Core Central Region (CCR), has received an encouraging response since its launch on Mar 8. Situated in the prime Downtown Core precinct and jointly developed by Far East Organization and Perennial Holdings, this development offers 188 units across 45 storeys.DP Architects has created a unique concept for Aurea, with a “hanging garden” design that sets it apart from other developments. The project’s prime location also gives residents access to a vibrant mixed-use development, Golden Mile Singapore, which was previously sold en bloc and has been conserved.Aurea’s phase one release included 78 units, consisting of a range of two- to four-bedroom apartments from levels 4 to 16. An impressive 23 units were sold, with an average price of $3,005 per square foot (psf). This translates to a sales rate of 30% based on the units released in this phase.The majority of …

The executive condominium market continues to thrive in Singapore as developer Sim Lian Group reported selling 682 out of 760 units at their project, Aurelle of Tampines, during its launch on Mar 8. This translates to a whopping 90% of the units being sold, with an average price of $1,766 per square foot (psf).

Situated in Tampines, one of Singapore’s most well-connected regional centres, Aurelle of Tampines offers thoughtfully designed and conveniently located modern homes, making it a highly sought-after option for first-time buyers and upgraders.

The project’s impressive sales figures also set a new benchmark for executive condominiums in the market. Ismail Gafoor, CEO of PropNex, notes that the average price of $1,766 psf is the highest launch price for an EC to date. He adds that the 90% take-up rate is also the highest since the 531-unit Hundred Palms Residences was sold out on launch day in July …

A three-bedroom unit at One Holland Village Residences has made headlines by topping the list of private condos with a new psf-price high. The 1,238 sq ft unit, located on the 25th floor, was sold for a record-breaking price of $3,781 psf on Feb 17. The sub-sale transaction marks the first sale at the 99-year leasehold development this year and surpasses its previous record price of $3,426 psf from a sale by the developer in August 2022.The sellers of the unit had previously purchased it from the developer for about $4.19 million, or $3,385 psf, in November 2023. This means they made a handsome profit of approximately $490,000.The highly sought-after One Holland Village Residences is a 296-unit development located along Holland Village Way and was launched in 2019. The District 10 condo comprises a mix of one-bedroom, two-bedroom, three-bedroom, four-bedroom, and five-bedroom units. All units were fully sold out upon …

A 9,009 sq ft, three-storey terrace factory at Midview City is up for sale at a guide price of $6.2 million or $688 psf. Colliers International, the exclusive marketing agent for the property, announced the sale.

Located along Sin Ming Lane in the heart of Sin Ming Industrial Estate, the factory can be found within a 60-year leasehold building that was completed in 2012. The property is zoned as a “Business 1” site under the URA Masterplan 2019 and comprises a basement and a roof terrace.

According to Colliers International, the property has been fully leased and currently operates as a childcare centre, with Star Learner as the current preschool operator. With a strategic location, it is easily accessible from Bishan and Upper Thomson residential areas and within walking distance to Bright Hill MRT Station on the Thomson-East Coast Line.

The property will be sold with the existing preschool operator …