Tuan Sing Bags Freehold Site in Central SG for $41M and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Tuan Sing wins a tender for a freehold site in central Singapore, Hong Kong’s Kerry Properties reports a blowout first-half profit, and Raffles Education puts its corporate building and college campus up for sale.

Tuan Sing Bags Freehold Site in Central SG for $41M

SGX-listed Tuan Sing Holdings has won a tender for a prime freehold site in Singapore’s Dunearn Road for S$56 million ($41 million).

The 1,592 square metre (17,136 square foot) property is located next to and shares the same boundary as Link@896, a mixed-use office and retail building acquired by the group in 2017, Tuan Sing said in a bourse filing Wednesday night. Read more>>

Kerry Properties H1 Net Profit Soars 251% to $480M

Kerry Properties’ first-half net profit in 2021 soared 251 percent from a year earlier to reach HK$3.737 billion ($480 million).

Underlying profit, which excludes the fair value change of investment properties, jumped 113 percent to HK$2.36 billion. An interim dividend of 40 Hong Kong cents per share will be paid. Read more>>

Raffles Education Flogging Merchant Road Building for $147M in SG 

SGX-listed private school operator Raffles Education Corporation is putting its corporate building and college campus up for sale at a guide price of S$200 million ($147 million).

Raffles Education Square, as it is known, is at 51 Merchant Road and has a land area spanning 27,669 square feet (2,571 square metres) and a gross floor area of 77,445 square feet. Based on the guide price, this works out to S$2,582 per square foot on the existing GFA. Read more>>

Singapore Digital Platform Tokenises US Residential Fund

Singapore Exchange-backed digital securities platform ADDX and investment management firm Investcorp have tokenised a private real estate fund focused on the US Sun Belt region.

Part of the $150 million fund was raised via tokens, but the sum was not disclosed. The funds raised were invested in five multi-family complexes with over 2,200 units in the states of Texas, Arizona and Georgia. The portfolio’s current occupancy rate stands at 95 percent. Read more>>

CDL, CapitaLand Launch Sales of Clarke Quay Condos

CanningHill Piers, a 696-unit development located between Fort Canning Hill and the Singapore River, is set to launch in the fourth quarter.

The development by CapitaLand and City Developments Ltd will feature two residential towers: one of them 48 storeys and billed as the tallest residential development along the Singapore River, the other 24 storeys and overlooking Fort Canning Hill. Read more>>

Edmund Tie Chosen for Collective Sale of Singapore’s Orchard Towers

Edmund Tie has been named the marketing consultant for the potential collective sale of Orchard Towers, while Legal Solutions LLC is the appointed law firm, the Business Times understands.

The next steps in the process will include determining the reserve price and the method of apportionment of the collective-sale proceeds. At least 80 percent of the owners will then have to consent before the marketing agent can launch an en-bloc tender. Read more>>

JLL Opens Seoul Office

JLL Hotels & Hospitality Group on Wednesday announced the opening of its South Korea advisory and investment services office in Seoul.

JLL becomes the first international advisor to offer a dedicated hospitality real estate practice in South Korea, which currently stands as one of Asia Pacific’s most active hospitality markets. Read more>>

Hyderabad to Get South India’s Tallest Skyscraper

South India’s tallest residential building is coming up in Hyderabad. The 57-storey SAS Crown will stand at 228 metres (748 feet) in the Golden Mile Layout at Kokapet. Spread across 4.5 acres (1.8 hectares), the building will have five towers comprising 235 residences.

According to industry experts, the SAS Crown will overtake a 50-storey building in Bengaluru to become the tallest skyscraper in South India. Read more>>

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