CDL’s UK portfolio — which makes up 11% of assets — is also set to receive a boost from better-than-expected performance of UK economy.
CapitaLand is acquiring a prime commercial site in the CBD of Ho Chi Minh City to develop its first international Grade A office tower in Vietnam.
Wholly owned subsidiary, CRL Realty sold its 100% stake in Nassim Hill Realty (NHR) to unrelated third-party Kheng Leong Company.
The developments are located at Bogyoke Aung San Road and the former headquarters of the Burma Railway Company which will be turned into “The Peninsula Yangon”.
Under the contract, CapitaLand will oversee asset planning, pre-opening and retail management for a five-storey shopping mall — four levels above ground and one basement level — with a Gross Floor Area (GFA), excluding car park, of about 50,000 sq m.
For the development, subsidiary Yanlord Land has acquired a 541,000 sqm GFA prime integrated development site on the island for RMB7.84 billion (S$1.6 billion or RM4.95 billion) or an average of RMB14,486 per sqm in a public auction.
Property stocks have already reacted negatively to the long-awaited US Fed interest rate hike and are currently trading at 40% discount to RNAV.
This premium serviced residence, managed by Frasers Hospitality Group, offers a selection of one and two-bedroom fully-serviced apartments.
The divestment strategy comes after new board and management undertook a strategic review of the group’s present businesses and performances.