Singapore’s City Towers Put on the Block for S$355M and More Asia Real Estate Headlines

Another collective sale leads the region’s real estate headlines again today as Asia gets back to work after the western holiday season, with the owners of a housing development hoping to bring in S$355 million to be homeless. Meanwhile, Guangzhou R&F is the latest mainland giant to report encouraging sales numbers and there’s much more if you just read on.

Singapore’s City Towers Put on the Block for S$355M

City Towers, a freehold property along Bukit Timah Road, will be launched for collective sale at an owners’ reserve price of S$355 million. This represents the owners’ fourth attempt at a collective sale.

Marketing agent for the collective sale, Colliers International Group, in a statement on Wednesday (Jan 3), added that the reserve price includes a development charge of S$3.505 million to intensify land use. Read more>>

Guangzhou R&F Says 2017 Sales Jump 35%

Guangzhou R&F Properties (2777) yesterday said that it sold HK$81.8 billion worth of properties last year, 35 percent up, with contracted area at 6,324,200 square meters.

Last month, the group recorded a 75 percent year-on-year growth in sales after selling properties with a combined area of 606,000 square meters. Read more>>

Zhong An Real Estatae Buys Qiandao Lake Project for RMB 850M

Chinese property developer Zhong An Real Estate said it agreed to acquire entire equity stakes in Beverly Resort Co. and Yanxin Co. for 850 million yuan ($130.5 million).

As part of the agreement, Zhong An Real Estate is buying Hangzhou Qiandao Lake Beverly Resort Development Co. for 160 million yuan and Hangzhou Yanxin Real Estate Development Co. for 524.9 million yuan, according to a statement with the Hong Kong stock exchange. Read more>>

Hilton Opens 366 Room Guangzhou Resort

Hilton Worldwide Holdings Inc recently announced the opening of Hilton Huizhou Longmen Resort, the first Hilton property in China with natural hot springs.

Developed by Guangzhou R&F Properties Co., Ltd and maintained by Hilton, the property is located in Yonghan Town of Longmen County and has easy access to the Guangzhou or Baiyun International Airport. Notably, the 366-guest roomed hotel marks a significant expansion of Hilton’s resort footprint in Southern China. Read more>>

Chinese Consortium to Invest $1B in Sri Lanka Property Project

A consortium led by state-run China Harbour Engineering Company Ltd will invest $1 billion to build three 60-storey office towers on reclaimed land of the Port City development in Sri Lanka’s capital, a government minister said on Tuesday.

The $1.4 billion development of Port City, a project of China Communication Construction Company (CCCC) (601800.SS), the parent company of CHEC, began in late 2016 as part of Beijing’s ambitious plans to create a modern-day “Silk Road” across Asia. Read more>>

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