Friday, November 26, 2010

CapitaLand (CAPL)

CapitaLand (CAPL) and Hotel Properties (HPL) unveiled d'Leedon a condo to be built on the site of the former Farrer Court. A total of 1715 units will be built, 1703 apts and 12 semi-detached houses on the 840k sq ft site. Preview sales will be to former owners of Farrer Court this wkend and the first public launch after will be for 200 units at $1,680 psf….

d'Leedon is developed by a consortium incld CAPL, HPL, a fund owned by Morgan Stanley Real Estate and Wachovia Dev Cor. TOP to be obtained in 2015. CAPL’s dev cost is est at S$3.0b, breakeven at $1350-$1450psf, at current price, margins are approx 16%-24%...

In separate news, CAPL divests its 30% stake in Meridian Atlantic (MA). MA owns 23 flrs of a building in Penang and has a net deficit of about S$3.0m. The stake was sold for RM3,000 and S$1.2m was returned to CAPL for debts owed by MA...

CAPL will recognise a $1.2m write-back in its financial statements. This is in line with CAPL's strategy of capital productivity and is not expected to impact Dec

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