Singapore Real Estate

GuocoLand sells Beijing development project to China Cinda Asset Management

Singapore-listed developer GuocoLand is selling a large development project in Beijing for RMB10.5 billion (S$2.3 billion), in a deal that is expected to generate a net gain of RMB1.58 billion. The sale of the Dongzhimen (DZM) mixed-use development to China Cinda Asset Management provides an opportunity for GuocoLand to realise the development's capital value, the developer said in a stock marketing filing on Thursday (Aug 20).

Companies' Brief

First Reit

First Reit's recent Q2 2015 results were within our expectations and exhibited continued stable growth. We project First Reit's DPU growth to remain steady at 3 per cent for FY15 and one per cent for FY16, and have not factored in any potential acquisitions in our assumptions.

Raymond Chia is back, with new outfit in tow

Raymond Chia, who resigned as CEO of Chip Eng Seng late last year, has emerged on the property scene again. LGB Corporation, the Singapore-incorporated outfit he set up in April this year, was in the news earlier this week for awarding the management contract for a 250-room hotel in Adelaide to Park Hotel Group.

How much can landlords ask for in this renter’s market?

Private apartment rents slipped another 0.3 per cent in July, SRX Property data showed. Since their peak in January 2013, private apartment rents have fallen 12.5 per cent, as the market has clearly shifted in favour of renters with landlords facing increasing competition from new supply amid decreasing demand.

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