Latest news with #FrasersProperty
Independent Singapore
04-06-2025
- Business
- Independent Singapore
CDL's S$608M bid for Lakeside Drive could become one of the highest land rates outside central region in years, property expert says
Photo: Screengrab from URA SINGAPORE: City Developments Limited's (CDL) S$608 million bid — or S$1,132 per square foot per plot ratio (psf ppr) — for the Government Land Sales (GLS) site at Lakeside Drive was the highest of six bids and could become one of the highest land rates for a residential GLS site outside the central region in recent years, if the site is awarded to the property giant, said Wong Siew Ying, head of research and content at PropNex, EdgeProp Singapore reported. The Urban Redevelopment Authority (URA) closed the tender for the site at Lakeside Drive on Tuesday (June 3). The 145,314 sq ft plot is zoned for a mix of residential and commercial use. It sits right next to Lakeside MRT station and can yield about 575 housing units along with 10,764 sq ft of commercial space. The plot has a gross plot ratio of 3.6 and is near Jurong Lake Gardens. CDL's offer came in 10.4% above the second-highest bid of S$550.56 million, or S$1,025 psf ppr, from a joint venture between Frasers Property and Mitsubishi Estate Asia. A CapitaLand Development and Sing Holdings tie-up placed the third-highest bid at just over S$529 million (S$985 psf ppr). The fourth bid came from Wee Hur Holdings at S$503.9 million (S$938 psf ppr), followed by Hong Leong Holdings and TID at S$495.18 million (S$922 psf ppr), and Sim Lian Group at S$488.2 million (S$909 psf ppr). If awarded, CDL plans to develop five 16-storey residential blocks with 575 units and a ground-floor retail podium. Sherman Kwek, CDL's group CEO, said the site's location near Jurong Lake District 'stands out for its excellent connectivity and access to a rich array of amenities, schools and green spaces.' He added, 'With the last GLS site in the vicinity awarded nearly a decade ago, this site will be a strategic addition to our development pipeline.' Only two land rates have been higher than CDL's bid, which were transacted earlier this year: S$1,388 psf ppr for Bayshore Road and S$1,250 psf ppr for Clementi Avenue 1. The bid is also higher than the S$1,037 psf ppr for Media Circle (Parcel A) in the Rest of Central Region (RCR). Ms Wong estimates the future development at the Lakeside Drive site could have an average selling price of around S$2,400 psf. /TISG Read also: HPL receives green light to acquire entire Concorde Hotel and Shopping Mall strata area at S$821M
Business Times
03-06-2025
- Business
- Business Times
CDL places S$1,132 psf ppr top bid for plot next to Lakeside MRT station
[SINGAPORE] City Developments has placed the top bid for a 99-year leasehold site next to Lakeside MRT station in the Jurong West area. Its bid of S$608 million, which works out to about S$1,132 per square foot per plot ratio (psf ppr), was the highest of six bids received for the site at a state tender that closed on Tuesday (Jun 3). The plot, in Lakeside Drive, is zoned residential with commercial at first storey. It can be developed to a maximum gross floor area (GFA) of 537,065 sq ft. The plot can yield about 575 private homes. The commercial component is capped at 10,764 sq ft GFA, of which a minimum 7,535 sq ft has to be for supermarket use. The second-highest bid at the tender, from a partnership between Frasers Property and Mitsubishi Estate, came in at S$550.56 million (or S$1,025 psf ppr). Also bidding for the site was a tie-up between units of CapitaLand Development and Sing Holdings, which offered S$529 million or S$985 psf ppr. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Wee Hur Development bid S$938 psf ppr. Intrepid Investments and TID Residential offered S$922 psf ppr. The lowest bid, from Sim Lian Land and Sim Lian Development, was S$909 psf ppr. The plot is a stone's throw from Jurong Lake Gardens; it is also near schools such as Rulang Primary School, Shuqun Primary School, Yuhua Secondary School and Yuan Ching Secondary School.
The Star
27-05-2025
- Business
- The Star
Second-richest Thai billionaire hands stakes in major companies to children
BANGKOK: Thailand's second-richest person Charoen Sirivadhanabhakdi (pic) transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday (May 26) filings of Asset World Corp. and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3 per cent, while shares of Asset World dropped as much as three per cent in Tuesday trading. The key benchmark stock index slid 1.6 per cent. Charoen, 81, has a net worth of about US$11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage Pcl, the nation's largest whiskey and spirits maker, Fraser and Neave Ltd., a Singapore-based food and beverage maker, and Frasers Property Ltd. Chaoren has been gradually pulling out of active leadership positions in his group companies. In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the US$3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. "I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. - Bloomberg
Business Times
27-05-2025
- Business
- Business Times
Thai billionaire hands stakes in major companies to his children
[BANGKOK] Thailand's second-richest person Charoen Sirivadhanabhakdi transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday (May 26) filings of Asset World and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3 per cent, while shares of Asset World dropped as much as 3 per cent in Tuesday trading. The key benchmark stock index slid 1.6 per cent. Charoen, 81, has a net worth of about US$11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage, the nation's largest whisky and spirits maker, Fraser and Neave, a Singapore-based food and beverage maker, and Frasers Property. Chaoren has been gradually pulling out of active leadership positions in his group companies. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the US$3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. 'I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. BLOOMBERG
Mint
27-05-2025
- Business
- Mint
Thai Billionaire Hands Stakes in Major Companies to Children
(Bloomberg) -- Thailand's second-richest person Charoen Sirivadhanabhakdi transferred ownership of two major listed companies to his five children as the octogenarian businessman pulls back from day-to-day management of his beer-to-property conglomerate. Charoen sold all of his shares in Sutthasup 9 Company to his offspring, according to late Monday filings of Asset World Corp. and Berli Jucker. Sutthasup 9 has indirect control of the companies. The statements did not say how much Charoen owned in the companies. Major shareholders' restructuring will have no impact on current management structures, business operations and strategic direction of the companies, the filings said. Berli Jucker's shares fell as much as 3.3%, while shares of Asset World dropped as much as 3% in Tuesday trading. The key benchmark stock index slid 1.6%. Charoen, 81, has a net worth of about $11.6 billion, according to the Bloomberg Billionaires Index. Charoen's business empire includes Thai Beverage Pcl, the nation's largest whiskey and spirits maker, Fraser and Neave Ltd., a Singapore-based food and beverage maker, and Frasers Property Ltd. Chaoren has been gradually pulling out of active leadership positions in his group companies. In February, he retired as the chairman of Frasers Property and assumed the title of chairman emeritus at the Singapore-listed developer. A month earlier, he quit as the chairman of Fraser and Neave. But he retains control of TCC Group, the conglomerate with significant holdings across beverage, real estate, consumer goods and retail companies. Earlier this month, Frasers Property said in a filing it was seeking to take Frasers Hospitality Trust private. Charoen appears to be avoiding a succession drama that has plagued other wealthy families in Asia. He began the restructuring of his holdings as part of plans for passing down the investments to his children, Wallapa Traisorat, Asset World's chief executive officer and Charoen's daughter, said in an interview last year. In March 2024, share transactions among two major shareholders of Asset World sparked a two-day jump in overseas investor net selling of Thai equities. Charoen's recent public appearance, in which he was photographed in a wheelchair, came at the opening of the $3.6 billion 'One Bangkok' property project in October, his family's biggest real estate venture. Charoen's children also include Thapana Sirivadhanabhakdi, Thai Beverage's chief executive officer, Thapanee Techajareonvikul, CEO of Berli Jucker, and Panote Sirivadhanabhakdi CEO of Frasers Property. Charoen's spouse, Wanna, passed away in 2023. 'I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity,' Charoen said during a recent interview with the Thai Chamber of Commerce. (Adds shares in the fourth paragraph and more details beginning in the sixth paragraph.) More stories like this are available on
