Tuesday February 6, 5:54 PM
Singapore's CapitaLand says pays $356 mln to redevelop site
SINGAPORE, Feb 6 (Reuters) - CapitaLand , Southeast Asia's largest property developer, said on Tuesday that it had paid S$548 million ($356 million) to buy an existing residential project for redevelopment.
The company, controlled by Singapore state investor Temasek Holdings [TEM.UL], said it had acquired the 22-year-old development for about S$363 per square foot per plot ratio.
A rebound in private property prices has prompted developers in the city-state to buy up residential buildings in prime areas in order to tear them down and replace them with more profitable, high-rise housing.