Source : TODAY, Friday, August 17, 2007
TWO of Singapore’s biggest property developers have extended their reach overseas.
CapitaLand announced yesterday that it had entered into an agreement to acquire Gurney Plaza — Penang’s leading retail mall — for RM770 million ($336.8 million).
Located along the famous Gurney Drive promenade, the freehold asset has more than 700,000 sq ft in net lettable area (NLA).
CapitaLand also has an option to buy the mall’s new four-storey extension block, which is expected to be completed by the end of 2008.
Separately, CapitaLand inked an agreement to buy MINES Shopping Fair for a price not exceeding RM450.2 million. The retail mall located at the growth corridor south of Kuala Lumpur has about 650,000 sq ft in NLA.
CapitaLand said the latest acquisitions were seed investments for a proposed second CapitaLand-sponsored real estate investment trust in Malaysia.
In Korea, City Developments Limited (CDL) will invest US$150 million ($231 million) to US$300 million to build a commercial site in Incheon, host city of the 2014 Asian Games.
CDL said in a statement that its South Korean joint venture partner DC Chemical Company and its affiliates own most of the 383-acre site.
The proposed mixed-commercial development will include a five-star hotel, office tower, serviced apartments and a shopping mall. Construction is scheduled to start in 2009 and end three years later.
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