CDL’s Grant Kelley says he’s on the hunt for office projects in Singapore
A US real estate investment firm has reached a final close of $645 million on a fund covering Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea. Meanwhile in Singapore, a Chinese developer is betting $218 million on a mixed-use project, as one of the city’s best-known local developers goes on the hunt for office deals. Read on for all the details.
PGIM Real Estate Hits Final Close for APAC-Focussed Fund at $646.2M
PGIM Real Estate – the US-based firm formerly known as Pramerica Real Estate Investors – has achieved a final close for its Asia Fund III with a corpus of €580 million ($646.21 million) to invest across mature and emerging markets in the Asia Pacific. PGIM Real Estate’s investment will include office, retail, residential and logistics properties in target markets like Australia, China, Japan, Malaysia, Singapore, Hong Kong and South Korea. Read more>>
Chinese Developer Buys Singapore Mixed-Use Site for $218M
A mixed commercial and residential site in Bukit Batok attracted a strong response from developers by the close of tender yesterday, with the highest bid of S$301.2 million coming from Chinese developer Qingjian Realty, showed Urban Redevelopment Authority (URA) data.
The 99-year leasehold site in Bukit Batok West Avenue 6, released from the Confirmed List of the Government Land Sales (GLS) programme for the first half of this year, sits on 158,194sqf and has a plot ratio of 3, giving it a maximum permissible gross floor area of about 474,591sqf. Read more>>
City Developments on the Hunt for Office Projects
City Developments Ltd., Singapore’s second-largest developer, may seek to buy offices this year as rising interest rates makes such assets cheaper worldwide. “We are coming into a very good time for acquisitions,” Grant Kelley, chief executive officer of City Developments, said in an interview in Singapore.
“The long-term trend line for assets for the next 12 to 24 months could be deflationary because I believe as interest rates go up fixed income will become more attractive and maybe liquidity will drain from real estate assets a little bit.” Read more>>
Anbang Taking Control of $1 Bil Bentall Centre in Vancouver
Anbang Insurance Group Co., one of China’s most active buyers of overseas real estate, is poised to gain full ownership of Vancouver’s largest office complex, according to people with knowledge of the transaction.
Anbang is purchasing a 33-per-cent stake in the Bentall Centre from GWL Realty Advisors Inc., said the people, who asked not to be identified because the details are private. The Beijing-based insurer earlier bought the 66-per-cent share of the property owned by Ivanhoe Cambridge, a unit of Canada’s second-largest pension fund. Read more>>
Bahamas PM Says $3.5B Chinese-Funded Resort is Back On
Bahamas Prime Minister Perry Christie announced during the 2016/2017 Budget Communication in the House of Assembly on Wednesday that an agreement to remobilize the construction and completion of the multi-billion dollar Baha Mar Resort has been reached and work is expected to resume soon.
Christie said the Export-Import Bank of China has agreed to finance the project with China Construction America (CCA), a subsidiary of China State Construction Engineering Company (CSCEC), completing the project, which has long sat in receivership. Read more>>
Gemdale Buys Suzhou Site at RMB 11,000/Sqm
Gemdale Properties (00535) said it was successful in its bid for the land use right of a parcel of land in Suzhou, the PRC, at Rmb514 million. The land is located at the west side of Remin Road and the south side of Xinshi Road, Gusu District, Suzhou with a site area of about 22,858 square metres and maximum permissible gross floor area of about 45,716 square metres.
The land is designated for commercial and business purpose. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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