Jho Low’s California party days are over
The ongoing unwinding of Malaysia’s 1MDB saga leads today’s real estate headlines from around the region, with the buyer of a Los Angeles hotel once owned by fugitive financier Jho Low revealed in a Wall Street Journal story.
Hong Kong’s New World also makes the news with a sell-out weekend in the New Territories and a shopping centre on Singapore’s east coast is up for collective sale.
Beverly Hills Hotel Seized from Jho Low Sold for $100M
A low-profile New York City-based hotel investor is the mystery buyer of the Beverly Hills hotel that the U.S. government sold in August, after seizing it from the fugitive Malaysian financier Jho Low.
EOS Investors LLC, a three-year old firm that owns and manages about 20 hotels, won the bidding process and on Thursday completed its purchase of the Viceroy L’Ermitage Beverly Hills hotel, according to the firm and the auction’s broker. A sales representative had said previously that the winning bid for the hotel was $100 million, but he didn’t disclose the buyer’s identity. Read more>>
New World Sells Out All Units at New Territories Project
Hong Kong’s property market has witnessed another robust weekend as buyers grabbed all units on offer at a New World Development project, as the government signalled the city’s recession is abating.
Homebuyers bought all 181 units on offer at The Pavilia Farm development in Tai Wai at 5.35pm local time on Sunday, according to property agents. The sell-out repeated the feat last weekend, the market’s best performance in a month, despite an average 14 per cent price mark-up. Read more>>
Singapore Shopping Centre Tries for S$120M Collective Sale
Siglap Shopping Centre along East Coast Road will be put up for collective sale via public tender with a reserve price of S$120 million, sole marketing agent OrangeTee Advisory announced on Monday (Oct 26).
The three-storey development with eight commercial units and eight apartments, was completed in 1980 and sits on a site of 3,682 sq m (39,635 sq ft). Read more>>
What Does CDL Board Resignation Mean for Its Share Price?
CITY Developments (CDL) has lost about 8 per cent of its market value since revealing last week that there were bitter divisions within its board in relation to its investment in Chinese real estate firm Sincere Property Group (SPG) and its management of Millennium & Copthorne Hotels (M&C).
Its shares closed at S$7.04 on Friday, which is just over 0.6 times the company’s net asset value (NAV) as at June 30 of S$11.66 per share. This is even lower than the trough price-to-book valuations at which the stock traded during the depths of the Global Financial Crisis (GFC), which some analysts see as sufficient justification to remain invested. Read more>>
CapitaLand, Shopee to Boost Retail Digitalisation
Mall operator CapitaLand and ecommerce platform Shopee are joining hands to help accelerate the digitalization of Singapore retailers, and thereby emerge stronger from the Covid-19 crisis.
Under the Alliance on Facilitating Smart Commerce in Singapore, the two entities aim to help Singapore retailers digitalise, diversify their revenue streams and export their brands overseas to address ever-evolving consumer preferences through new operating models. Read more>>
FamilyMart Shareholders OK Itochu Privatisation Plan
FamilyMart Co shareholders have approved a plan for trading house Itochu Corp to take the Japanese convenience store operator private as the coronavirus pandemic prompts a strategic rethink on how to compete in a shrinking domestic market and plans for overseas expansion.
Following the approval of a share consolidation at an extraordinary shareholder meeting, FamilyMart will be delisted from the First Section of the Tokyo Stock Exchange on Nov 12. Read more>>
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