Guocoland’s new site includes the former Beach Road police station
Half the region is on the beach this week or staying at home gorging themselves on mooncakes, but the team here at Mingtiandi is still at the controls of our information machine, and today we’re bringing you the inside story on a Malaysian developer’s plans for its newly purchased site at the fringe of Singapore’s CBD. Meanwhile, up in Hong Kong, privately owned Nan Fung is releasing its plans for its $3.2 Kai Tak project, and there’s much more if you just keep reading.
Guocoland Has Big Plans for $1.2B Beach Road Site
Developer GuocoLand’s S$1.622 billion bid has won the tender for the commercial site that includes the old Beach Road Police Station, the Urban Redevelopment Authority (URA) said on Tuesday (Oct 3).
The offer, in a joint venture with parent Guoco Group, was the highest of five bids when the tender exercise closed on Sept 28. It set a new record on a unit basis, at $1,706 per sq ft per plot ratio. Read more>>
Aussie Theme Park Operator Sells Stake in SG Movie Theatre for $130M
Theme park operator and movie distributor Village Roadshow has struck a fresh deal to sell its stake in a Singapore movie theatre to partner Orange Sky Golden Harvest Entertainment Holdings for about A$165 million.
The move will help the company, which last month proposed to sell the freehold of its iconic parks on the northern Gold Coast with price expectations of up to $100m, to cut debt after an initial deal to sell the interest to Singapore filmmaker mm2 Asia did not go ahead. Read more>>
Wanxiang JV Sells Illinois Warehouse for $62M
The developers of a brand-new refrigerated warehouse in Pilsen have cashed out for a healthy profit, selling the property for nearly $62 million to a New York investment firm.
A joint venture between Chicago-based Clarius Partners and Wanxiang America Real Estate Group, a unit of a Chinese auto-parts company, sold the 227,000-square-foot building at 2357 S. Wood St. to an affiliate of Gramercy Property Trust, according to Cook County property records. Read more>>
Nan Fung Announces Plans for $3.2B Kai Tak Project
Imagine your office across a big park, besides a river and next to an MTR station in the heart of the city.
Nan Fung Development has envisioned something similar with its commercial site in the Kai Tak area, which promises to be a unique selling point in the city’s next central business district, and something which is currently not on offer in Central. Read more>>
Developers Line Up to Feed Hong Kong’s Home-Buying Frenzy
Major Hong Kong developers are lining up to launch new residential projects and put more flats on the market. CK Asset Holdings’ (1113) senior sales manager Cannas Ho Ka-yan said the company will upload sales brochure for My Central – its joint project with the Urban Renewal Authority on Graham Street – and likely open show flats this week.
She said the first price list of the 185-unit project will comprise no less than 50 flats, and will include three- bedrooms between 906 and 996 saleable square feet. Read more>>
Oaktree Sees Opportunity in India, China Bad Debts
The Asia Pacific region is rapidly becoming more important for Oaktree Capital Group LLC in terms of both fundraising and investment opportunities.
The accelerated growth of debt in the region such as in China and India means more distressed situations are to come, according to Jay Wintrob, chief executive officer at the Los Angeles-based alternative asset manager, which has about $100 billion under management. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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