TikTok is leasing the Kaleidoscope building in Farringdon for 15 years.
In today’s roundup of regional news headlines, social media sensation TikTok sweeps aside diplomatic frictions and signs a 15-year lease in London, China vows to solve the housing problem plaguing the country’s biggest cities, and JP Morgan analysts foresee a “period of volatility” for Singapore’s industrial REITs.
TikTok Leases London Building Despite UK-China Tech Spat
TikTok, the social media company owned by China’s ByteDance, has agreed to lease a new London office building months after a spat between the UK and China threatened to derail its expansion.
The firm has signed a 15-year lease for the 88,500 square foot (8,222 square metre) Kaleidoscope building in Farringdon, according to a statement from developer Helical. The property was built above London’s still unfinished Crossrail train line and boasts a 5,000 square foot roof terrace. Read more>>
China Pledges to Tackle Housing Problem in Biggest Cities
China has pledged to solve the housing problem in large cities at its top legislative session, after monetary loosening after the COVID-19 pandemic spurred a rush to real estate in the biggest hubs and pushed home affordability there to the worst ever.
“We will address prominent housing issues in large cities,” Premier Li Keqiang told the National People’s Congress in Beijing on Friday. “We will make every effort to address the housing difficulties faced by our people, especially new urban residents and young people.” Li repeated President Xi Jinping’s mantra that houses are “for living in, not for speculation” in the key report, signalling that policymakers may maintain a tight rein on the bubble-prone sector. “We will keep the prices of land and housing as well as market expectations stable,” Li said. Read more>>
Kai Fook Mansion in Tiong Bahru Launched for Collective Sale at S$123M
Kai Fook Mansion, a walk-up apartment located at Kim Tian Road, is up for collective sale via public tender with an asking price of S$123 million ($91.2 million), sole marketing agent Huttons Asia said Monday.
This translates to a land rate of S$2,463 per square foot per plot ratio based on an existing total strata area of 49,944 square feet (4,640 square metres). Read more>>
Adjoining Singapore Bungalows for Sale at S$35M and S$31M
Two adjoining Good Class Bungalows (GCBs) on Ewart Park and Holland Road have been put up for sale with an indicative price tag of S$35 million and S$31 million ($26 million and $23 million) respectively, sole marketing agent Edmund Tie said Monday.
Both freeholds have a total site area of 32,800 square feet (3,047 square metres) — the GCB on Ewart Park occupies an area of 17,300 square feet, while the Holland Road GCB spans 15,500 square feet. This brings the average price per square foot to about S$2,023 and S$2,000 respectively. Read more>>
FCT Preferred Among S-REITs, Says CGS-CIMB
The year 2021 will be a year to gain back footing as “tenants and landlords evaluate their business prospects”, say CGS-CIMB Research analysts Eing Kar Mei and Lock Mun Yee, as they maintain overweight ratings on the sector in a 3 March report.
During the fourth quarter of 2020, pent-up demand saw higher tenant sales among Singapore REITs. Occupancy during the quarter remained high at over 95 percent, though rental reversions were in negative territory. Read more>>
JP Morgan Says SG Industrial REITs Are Vulnerable Amid Headwinds
Investors should brace for a correction ahead among Singapore REITS, analysts at JP Morgan reckon, as they issued a non-consensus underweight rating on industrial REITs.
JP Morgan is expecting a “period of volatility” for S-REITs due to the recent steepening of the yield curve. Historically, a steeper yield curve has led to a 16 percent correction in S-REITs. “Thus far, there has only been a 7 percent pullback,” the JP Morgan analysts said. Read more>>
K11 Musea Opening Up Legoland After COVID Shutdown
Lego’s first indoor playground in Hong Kong, at the K11 Musea shopping centre, has sold 3,000 tickets for its opening day, the mall said Friday.
The opening of Legoland Discovery Centre, which occupies 30,000 square feet (2,787 square metres) in the shopping centre’s basement, was originally slated for 1 March. But K11 was forced to shut after a COVID-19 super-spreader event at Mr Ming’s Chinese Dining on 28 February. The Legoland centre opened at noon on Saturday, along with the mall itself. Read more>>
Hong Kong’s Homebuyers Shun Evergrande Tuen Mun Project
Hong Kong’s weekend property sales saw mixed reception at two different projects, as homebuyers picked and chose their way through two projects that had been on the market for at least nine months.
At Lohas Park in Tseung Kwan O, CK Asset Holdings sold 117 of the 159 flats at the Sea to Sky project developed with MTR Corporation. Buyers were undeterred by the 12 percent increase in average price since the project’s launch last June, with about seven registered bidders vying for every available unit. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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