The market is bouncing back on Percival Street
In today’s roundup of regional news headlines, a plan to redevelop three buildings in Hong Kong’s Causeway Bay gets a boost, price growth eases for new homes in China, and a report labels Seoul the world’s fastest-growing commercial real estate market in price terms.
Causeway Bay Sale Could Set Stage for Major HK Project
The final hurdle standing in the way of plans to redevelop three dilapidated buildings in the heart of Causeway Bay may soon be cleared.
Two families have decided to auction off their 20 percent stake in the plot in one of Hong Kong’s busiest commercial districts, in a move that could pave the way for refurbishment if the majority owner successfully bids for it. Read more>>
China New Home Price Growth Slowed in July
Prices of new homes in China rose in July at the slowest pace since January, official data showed on Monday, after authorities further tightened curbs on the sector, including limits on some purchases.
Average new-home prices in 70 major cities grew 0.3 percent in July from a month earlier, slowing from a 0.5 percent rise in June, according to Reuters calculations based on data released by the National Bureau of Statistics. Read more>>
Seoul Property Prices Rise at World’s Fastest Rate
The commercial real estate market in Seoul saw the fastest rate of price growth among all gateway cities in the world over the past 12 months, with its transaction volume surpassing pre-pandemic levels in the first half of this year, according to Real Capital Analytics.
Institutional investors’ appetite for prime office space in Seoul surged during the pandemic era, as the base unit area value of Seoul offices remains below the level in other global cities. Read more>>
Kerry Spends $64.2M Buying Up 17 Kwu Tung Plots
Kerry Properties has splashed nearly HK$500 million ($64.2 million) for 17 agricultural sites in Kwu Tung, part of which will be converted for residential purposes.
The land is close to Kwu Tung Station of the Northern Link, which is proposed to be completed in 2027. Last month, Wheelock Properties purchased an 82,000 square foot (7,618 square metre) residential site in Kwu Tung for HK$4.19 billion. Read more>>
Far East Consortium, Cbus to Build $73M Perth Office Block
Joint venture partners Far East Consortium and Cbus Property have been given the green light to develop one of the largest sites in the Perth City Link precinct.
The A$100 million ($73 million) commercial project, dubbed King Street Campus, is located on the western corner of King and Roe streets and is on one of the five lots purchased by the local arm of Hong Kong-listed Far East Consortium in 2016. Read more>>
Oxley Chalks Up S$4.3B in Sales for Singapore Residential Projects
Property developer Oxley Holdings on Monday said it has secured S$4.3 billion ($3.2 billion) in sales for its development projects in Singapore.
About 91 percent of its residential units in the city-state had been sold as of 8 August, representing 87 percent of total gross development value, the group said in a bourse filing. Read more>>
Dasin Retail Trust ‘Reasonably Sound’ Despite Dire Finances
Dasin Retail Trust on Monday said its business fundamentals are “reasonably sound” amid the protracted COVID-19 crisis and it expects to generate sufficient cash flow to meet working capital needs.
The trust gave its response to several queries from the Singapore Exchange in relation to “significant” current liabilities of S$557.2 million ($410.1 million) and a cash and bank balance of only S$123.98 million for the first half ended 30 June. Read more>>
SPH to Vote on Proposed Restructuring on 10 September
Singapore Press Holdings will hold a virtual extraordinary general meeting at 2.30pm on 10 September to seek shareholders’ approval on its proposed restructuring and formation of a new constitution.
The ordinary resolution to be tabled relates to the proposed restructuring of SPH, which includes the transfer of its entire media assets to a newly formed public company limited by guarantee for a nominal consideration of S$1 ($0.74). Read more>>
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