Latest news with #MitsubishiEstate
Independent Singapore
6 days ago
- 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
7 days ago
- 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.
Yahoo
19-05-2025
- Business
- Yahoo
Aditya Birla Real Estate Ltd (BOM:500040) Q4 2025 Earnings Call Highlights: Doubling Booking ...
Booking Value (Q4 '25): INR 5,738 crores, doubled year-on-year. Collection (Q4 '25): INR 1,073 crores, grew by more than 100% year-on-year. Booking Value (FY '25): INR 8,087 crores, more than doubled year-on-year. Collection (FY '25): INR 2,706 crores, increased by 100% year-on-year. Revenue (FY '25): INR 1,157 crores, grew by 11% year-on-year. Gross Development Value (GDV): Added projects with GDV of more than INR 25,000 crores, total GDV close to INR 70,000 crores. Joint Venture Funding: Raised USD 33 million with Mitsubishi Estate Company for Birla Evara, Bengaluru. Divestment of Paper Business: Approved divestment for INR 3,498 crores, expected to conclude by Q2 FY '26. Warning! GuruFocus has detected 5 Warning Signs with BOM:500040. Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aditya Birla Real Estate Ltd (BOM:500040) reported stellar sales performance with booking value doubling year-on-year to INR 5,738 crores in Q4 FY '25. The company successfully launched three new projects and two new phases across NCR, Bengaluru, and Pune, contributing to strong sales momentum. The divestment of the Pulp and Paper business is expected to sharpen the company's focus on real estate and improve the balance sheet. Aditya Birla Real Estate Ltd (BOM:500040) has raised USD 33 million through a joint venture with Mitsubishi Estate Company, indicating strong investor confidence. The company aims to achieve over INR 15,000 crores in annual presales in the next few years, highlighting its growth ambitions. The Bangalore project received a slightly lower response compared to the Gurgaon project, indicating market variability. The Mathura Road project is still stuck in the approval stage, causing delays in its progress. The Noida Sector 150 project faces uncertainties due to regulatory complications, with the agreement nearing expiration. The company anticipates limited EBITDA growth in FY '26 due to the absence of major project handovers. There is a potential risk of some project launches being delayed due to approval processes, which could impact the launch guidance. Q: What is the outlook for presales in FY '26, considering the planned launches? A: K T Jithendran, Managing Director and CEO, stated that the company plans to launch around INR 14,000 crores of GDV across 8-9 projects, mostly in Q3 and Q4. While hesitant to provide a short-term annual guidance due to the timing of launches, the company aims to reach INR 15,000 crores in annual sales over the next three years. Q: Can you explain the different market responses to the recent project launches in Gurgaon and Bangalore? A: K T Jithendran explained that the Gurgaon project received an exceptional response, selling out quickly, while the Bangalore project also performed well, achieving the highest launch sales for the company in the region. The difference in response is attributed to the exceptional nature of the Gurgaon launch. Q: How will the divestment of the Paper business impact the company's cash flow and debt position? A: Snehal Shah, CFO, mentioned that the divestment will allow the company to repay approximately INR 2,000 crores of debt tied to the Paper business. The remaining proceeds will be used for growth capital in the real estate business, with fresh borrowings considered if necessary. Q: What is the status of the Noida Sector 150 project, and do you expect it to be added to your portfolio soon? A: K T Jithendran indicated that the project is still pending regulatory approval and remains uncertain. The agreement is set to expire soon, and the company will evaluate its options. Q: How does the company plan to handle increased competition in the high-end apartment market, particularly for the Niyaara project? A: K T Jithendran acknowledged the competition but noted strong traction for Tower B of the Niyaara project. The company plans to introduce a new format for Tower C to maintain its competitive edge. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
18-05-2025
- Business
- Economic Times
Logicap, Mitsubishi Estate extend JV for industrial, logistics development in India
TIL Creatives Representational Logicap Management, a portfolio company of Singapore-based Rava Partners, has extended its strategic partnership with Japan's real estate major Mitsubishi Estate Co (MEC) through a follow-on investment for development of additional 3.5 million sq ft in India's industrial and logistics infrastructure. This latest transaction follows the initial joint venture formed between the entity that is part of the real assets platform of Hillhouse Investment and Mitsubishi in September to develop modern industrial and logistics facilities across key industrial hubs in India. The investment marks a significant expansion of the two companies' partnership and underscores growing international investor confidence in India's rapidly evolving logistics landscape.'This strengthened partnership with Mitsubishi Estate reflects the strong strategic alignment between our organisations and our shared long-term vision for India's infrastructure landscape. As global capital increasingly looks to India, our goal is to continue delivering high-quality, sustainable infrastructure at scale,' said Priyank Shah, head of fund management at new investment builds on Logicap and Mitsubishi Estate's existing portfolio of stabilised, fully leased assets in Delhi-NCR, developed through Pragati Warehousing, Logicap's development platform. It signals a broader commitment to developing grade A, institutional-quality assets across key markets such as Mumbai, Delhi, Pune, Chennai and Bengaluru. While Mitsubishi's earlier investment was for ready assets, this time the fund infusion is for under-development assets, indicating the confidence in India's long-term potential and the developer's execution latest investment includes a joint venture for around 3.5 million sq ft developments in the strategic locations of Chennai—Sriperumbudur and Mapeddu—suitable for manufacturing joint venture's initial portfolio included two large-scale facilities located in Gurgaon, Haryana, part of the NCR region. These projects are spread across a total site area of 29 hectares, with a combined effective area of over 1.9 million sq the new investment, the joint venture's portfolio will move up to nearly 5.5 million sq ft comprising ready assets acquired in September in NCR and the new development projects that are likely to be operational by next these assets are central to Logicap's plan to develop a 13.5 million sq ft pan-India portfolio, with a focus on high-growth corridors such as Mumbai, Pune, Chennai, Bengaluru and industrial and logistics sector is experiencing rapid growth, driven by the country's burgeoning economy, population growth and increased demand for efficient infrastructure. By 2025, India is expected to become the world's fourth-largest consumer market, intensifying the need for scalable, reliable logistics solutions. As key industrial hubs like Chennai and Pune continue to develop, driven by the government's 'Make in India' initiative, there has been a significant rise in demand for large-scale, high-quality logistics and industrial facilities. Both regions have become manufacturing powerhouses, attracting global corporations across industries, including automotive, electronics and consumer goods, contributing to the country's increasing need for modern infrastructure.
Nikkei Asia
23-04-2025
- Business
- Nikkei Asia
Mitsubishi Estate tackles London office projects worth $1.75bn
TOKYO -- Mitsubishi Estate has begun work on two office projects in London at a combined investment of 248 billion yen ($1.75 billion), the Japanese developer said Wednesday. One project is at the former headquarters and studios of British broadcaster ITV. The development along the River Thames will contain offices and restaurants, and construction is due for completion in 2029.
