Departing Keppel Land CEO Ang Wee Gee is making one last Indonesia deal on his way out
One of Singapore’s biggest developers leads today’s property news with a $45 million site acquisition in Jakarta, while two other SG-listed players fall short in their bid to buy out United Engineers. Also in the news, Hong Kong’s largest developer is offer more credit to wealthy buyers who still can’t afford a home in China’s priciest city. Read on for the details on all these stories and more.
Keppel Land Buys Jakarta Site for $45M
Property player Keppel Land has bought a prime site in Jakarta’s central business district, on which it intends to build a luxury apartment tower.
Keppel Land announced on Tuesday that it entered into the conditional sale-and-purchase agreement, through its wholly owned subsidiary PT Sukses Manis Tangguh, with Indonesia’s Bank Central Asia. Read more>>
Perennial-Yanlord Offer for United Engineers Falls Short
The takeover offer for United Engineers Limited (UEL) closed on Tuesday, but the offer for UEL’s ordinary shares has lapsed due to insufficient takers.
“As the minimum acceptance condition for the ordinary share as at the offer closing date needs to be more than 50 per cent, the ordinary share offer has not become unconditional and has lapsed,” Perennial said in an announcement. Read more>>
SHK Offering 90% Mortgages to High End Buyers
Sun Hung Kai Properties (SHKP) offered an array of financing schemes to draw potential buyers for its new project in Tseung Kwan O on Tuesday, including first mortgages of up to 90 per cent to “designated customers” such as doctors, dentists, lawyers and accountants.
According to the developer, the 90 per cent loan-to-value ratio for buyers of Wings at Sea in Lohas Park, will also extend to surveyors, veterinary surgeons, registered nurses, actuaries, chartered financial analysts, airline pilots, and Hospital Authority staff and civil servants who earn a monthly salary of at least HK$63,095. Read more>>
Tech Firms Take More Grade A Offices to Compete in Talent Wars
Tech firms are fast becoming the most willing to fork out for prime offices sites in some of Asia’s biggest city centres, according to the region’s top property agents, some in a simple effort to lure the best talent to work for them.
While some tech companies in London have already started clustering themselves around what’s now being dubbed “Silicon Roundabout”, which is close to the traditional financial district, The City – similar groupings are being formed in some of Asia’s equivalents. Read more>>
Texas Fund Commits $75M to Blackstone Asia Fund
Texas Permanent School Fund is making two new real estate commitments totalling $125m (€105m)
It is investing $75m in Blackstone Real Estate Partners Asia II and making a $50m co-investment in six office buildings in the Los Angeles metropolitan area. The fund — an endowment for the benefit of public schools in Texas — has made both investments on the advice of its real estate consultant Courtland Partners, according to a board meeting document. Read more>>
Analyst Predict Double-Digit Gains in SG Home Prices for 2018
After years of declining home prices in Singapore, analysts are expecting a turnaround as early as this year even as most of the government’s property cooling measures remain in place.
Singapore property prices will rise between 5 percent and 10 percent next year after bottoming out in 2017, analyst Vikrant Pandey at UOB Kay Hian Pte said. Morgan Stanley earlier this month said home prices will climb 2 percent this year and 10 percent by the end of 2018, turning around earlier and rising faster than people expect. Read more>>
Oceanwide Hopes for 2017 Genworth Closing After Winning US Approval
China’s Oceanwide Holdings Co Ltd (000046.SZ) is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial Inc (GNW.N) by the end of the year after securing approval from a U.S. government panel, a senior executive said on Tuesday.
The two companies in April refiled their application to the Committee on Foreign Investment in the United States (CFIUS), a U.S. government panel that examines foreign acquisitions with regard to national security concerns. Read more>>
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