City Developments Limited (CDL) has announced its intention to acquire all shares in New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK) for NZ$2.25 ($1.72) per share. This will be done through CDL’s wholly-owned subsidiary, CDL Hotels Holdings New Zealand Limited (CDLHH NZ).

The move will simplify the ownership structure of CDL’s New Zealand entities as MCK currently owns, leases or has under franchise 18 hotels in New Zealand. In addition, MCK has interests in properties in Australia through its Kingsgate Group subsidiaries and a majority stake in CDL Investments New Zealand Limited.

As of Jan 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake. If CDLHH NZ reaches the threshold to invoke the compulsory acquisition provisions of the New Zealand takeovers code, it may choose to acquire all outstanding shares in MCK. It may also redeem the non-voting redeemable preference shares issued by MCK.…

Bagnall Haus, a highly anticipated freehold condominium development, had an impressive sales launch on Jan 18, with 71 out of 113 units sold within the first day. This translates to an outstanding sales rate of nearly 63%. The average transacted price for these units was $2,490 psf, with majority of the buyers being Singaporeans.

According to Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, the developer of Bagnall Haus, the strong sales were mainly driven by end-users with varying budgets. All unit types were in high demand, with the two- and three-bedroom units being the most popular. Surprisingly, there was also interest in the larger five-bedroom units, showcasing the diversity of buyers’ preferences.

Bagnall Haus is located in the prime location of Upper East Coast Road in District 16. Spread across three five-storey blocks, the development boasts a total of 113 residential units, all of which are freehold. The units …

Commonwealth Towers, a 99-year leasehold condo along Commonwealth Avenue, set a new psf-price record during the period of Dec 27 to Jan 3. According to EdgeProp, the 845-unit development recorded the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million, translating to a new price high of $2,460 psf on Dec 27. This surpasses its previous record of $2,402 psf set just three months prior, when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024. This marks an 11.6% increase in average resale prices since 2022.The average resale price of condo units at Commonwealth Towers has been on the rise over the past three years, with the project recording average prices of $1,971 psf, $2,097 psf, and $2,200 psf in 2022, 2023, and 2024 respectively. By absolute price, the most expensive unit to change …

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HDB to Offer Over 25,000 New Flats in 2025

The Housing and Development Board (HDB) is set to launch more than 25,000 new flats in 2025, according to a joint press release by HDB and the Ministry of National Development (MND) on January 16. Minister for National Development Desmond Lee made the announcement, revealing that the new flats will be available through various sales exercises, including Build-to-Order (BTO) and Sale of Balance Flats (SBF).

Around 19,600 BTO flats will be offered across three sales exercises, while more than 5,500 SBF units will be available in one SBF sale exercise. The new units will be classified under the Standard, Plus, and Prime categories of the new flats classification framework.

The February BTO launch will offer approximately 5,000 flats in four different locations – Kallang/Whampoa, Queenstown, Woodlands, and Yishun.

HDB’s largest-ever SBF exercise will also be conducted next month, with over …

The penthouse unit at Orchid Mansion in District 15 was recently sold for a profitable $4.88 million on Dec 31, 2024, making it the most profitable resale transaction during the period of Dec 31, 2024, to Jan 7, 2025. The 2,842 sq ft unit on the 21st floor was sold at a price of $4.88 million, translating to a profit of $2.58 million (112%). This sale also recorded an annualized profit of 4.9% over the course of nearly 16 years.This transaction at Orchid Mansion is the most profitable resale deal recorded at the development so far, surpassing the previous record of $1.15 million (72.6%) when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf) in July 2022. The unit was previously bought for $1.58 million ($1,050 psf) in June 2007.Orchid Mansion, located at 11 Amber Road, is a freehold development that is …

City Developments Limited (CDL) has announced that it sold assets worth more than $600 million last year as part of its capital recycling efforts. The company also has several other divestments in the pipeline, although this falls short of the $1 billion target set in early 2020 before the volume of deals dropped off in most markets and asset classes.

Among the divestments completed last year were the Ransome’s Wharf site in London, the freehold eight-storey industrial building Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.

CDL also rolled out The Orie, a joint venture with Frasers Property and Sekisui House, in Toa Payoh, with prices starting from $1.28 million.

The mixed-use development Hong Leong City Centre in Suzhou is currently under contract and expected to be completed this quarter. CDL group CEO Sherman Kwek …

A freehold bungalow located at 11 Whitley Road is currently up for sale via tender with a guide price of $31.88 million. The two-storey property sits on an elevated freehold site of 15,276.27 sq ft, which translates to a guide price of $2,087 psf on the land area.

Originally built in 2016, the bungalow has undergone renovations with a rear extension added. It boasts five bedrooms, of which three are en suite, two living rooms, two dining rooms, a large well-equipped kitchen, and a helper’s room.

According to Aric Lim, associate district director of Huttons Asia – the exclusive marketing agent for the property at Whitley Road – the land parcel can potentially be subdivided for the redevelopment of eight terraced houses. Each site could range from 1,614 sq ft to 2,389 sq ft, with a gross floor area (GFA) of up to 21,528 sq ft, subject to land betterment …

Dublin-based HubSpot leases 55,000 sq ft at Guoco MidtownSingapore’s KL-Singapore high-speed rail station to be integrated with Guoco MidtownSINGAPORE (EDGEPROP) – Property developer GuocoLand has secured two green financing facilities from DBS Bank and Oversea-Chinese Banking Corporation (OCBC).The first facility is a $1.135 billion green facility for the refinancing of Guoco Midtown, which is the company’s largest to date. The second facility is a $105 million green facility for the refinancing of Midtown Bay.These green facilities were raised under GuocoLand’s Green Finance Framework, which was launched in 2019. The framework supports the company’s commitment to sustainability and aligns with global efforts to move towards a greener future.Under the framework, the company has secured about $5 billion of green financing, including green facilities for Guoco Tower and other developments such as Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.“This latest refinancing activity allows us to optimise …

The freehold mixed-use development Roxy Square, located in Katong, will be put up for collective sale again, according to a press release by JLL, the marketing agent for the property.The development, which includes 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender in July last year with a minimum price of $1.25 billion. However, the tender closed on Sept 26 without any successful bids.JLL has now revealed that the owners of Roxy Square are in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This new price will require the support of at least 80% of the owners to take effect, and currently more than 70% of owners are in favour.According to JLL, the reduced price would result in a unit land rate of $1,852 psf per plot ratio (ppr), which includes a Land …