A rendering Bangan Logistics Park, a project being developed by Jalan Builders in West Bengal
In today’s roundup of regional news headlines, Xander Group becomes the latest player to tap the red-hot market for India sheds, Singapore property giant CapitaLand reports an operational recovery across portfolio asset classes, and SF REIT prices its Hong Kong IPO above the midpoint of the indicative price range.
Xander Buys West Bengal Warehouse Leased to Flipkart
Investment manager Xander Group has acquired a 31-acre logistics park in Bagnan, West Bengal, marking its first warehousing investment in eastern India as regional demand grows, two people familiar with the development said.
At the 800,000 square foot (74,322 square metre) logistics park on the Kolkata-Mumbai Highway, about 55 kilometres (34 miles) from Kolkata, roughly 50 percent of space is leased to e-commerce major Flipkart while the balance area is under construction. Read more>>
CapitaLand Reports Improving Performance for Q1
CapitaLand said its operational recovery across its portfolio asset classes has continued from the second half of 2020 into the first quarter of 2021, albeit at a varied pace across geographies.
In a business update on Wednesday, the property giant reported a recovery in its full suite of businesses in China and a resilient international portfolio, but it cautioned that residential development in Singapore may be “tempered by increasing construction costs”. Read more>>
India Cold Chain Logistics Expected to Grow by Over 20% Annually
The national cold chain sector is expected to grow at over 20 percent CAGR by 2025, according to JLL, due to its transformation from conventional cold storage to modern storage space.
The estimates are based on the sector’s performance over the past few months, where despite the post-COVID economic impediments, the organised cold chain segment has seen significant growth in countrywide footprint. Read more>>
SF REIT Prices IPO Above Midpoint
SF REIT, a spin-off of delivery giant SF Holdings, priced its Hong Kong initial public offering at HK$4.98 ($0.64) apiece, above the midpoint of the indicative price range, Bloomberg reported.
The institutional portion of the deal was oversubscribed within two hours, sources told The Standard. Investors include a large international insurer and real estate fund. Read more>>
Frasers Property Profit Rises 18% in H1 2021
Frasers Property posted an 18 percent rise in net profit to S$275.8 million ($207.6 million now) for the first half ended 31 March from S$233.8 million the previous year, though it saw revenue fall 26.6 percent to S$1.57 billion from S$2.13 billion.
The rise in profit was mainly because of a transfer of a portfolio of industrial properties in Australia and Europe from properties held for sale to investment properties. Read more>>
Sea to Replace Suntec REIT on MSCI Singapore Index
Following the results of MSCI’s May 2021 semi-annual index review (SAIR), Singapore-based Sea Ltd is to be included in the MSCI Singapore Index while Suntec REIT will be deleted as of the close of 27 May 2021.
This comes after MSCI announced in November 2020 that foreign listings would become eligible for the MSCI Singapore Indices from the May 2021 SAIR, after the Singapore market met the foreign listing materiality requirements. Read more>>
Singapore Condo Resales Hit 11-Year High in April
The private resale housing market remained robust with the number of condominium units resold in April hitting an 11-year high as prices rose 1.5 percent from the previous month.
Resale volume last month jumped by 7.9 percent to an estimated 1,993 units from 1,847 units in March, representing the highest monthly volume since April 2010, according to flash data from real estate portal SRX released on Tuesday. Read more>>
Hilton to Add Asia’s Largest Conrad Property in Shanghai
Hilton has signed a multi-hotel deal with Shimao Group Holdings Ltd to open four Chinese properties under its Conrad and Waldorf Astoria brands.
The agreement will see the group add the Waldorf Astoria Shenzhen, Conrad Shanghai, Conrad Wuhan and Conrad Zhuhai. 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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