GLP co-founder and CEO Ming Z Mei
Industrial giant GLP leads the region’s real estate headlines on Boxing Day, with the company raising another $420 million with the closing of a mainland income fund. Also in the news, tiny Singapore is set to get a bit bigger thanks to a reclamation project near Tuas Port and second-hand home prices in the Lion City continue their upswing.
GCP Announces Completion of Fundraising for $420M GLP China Income Fund XI
GLP’s investment and asset management platform GCP has completed the fundraising for its latest Chinese income fund, GLP China Income Fund XI, with an investment scale of RMB 3 billion ($420 million), according to a Monday announcement on GLP’s public WeChat account.
The investor of the fund is said to be a leading domestic insurance institution and existing investment partner of GLP. GLP Capital Partners serves as the fund manager and asset manager. Read more>>
Singapore’s JTC to Reclaim Tuas Land for Industrial Use, Port Connections
New reclamation works are planned for Singapore’s Tuas area that will yield about 172 hectares (425 acres) of land for industrial use and to improve road connections to Tuas Port.
JTC Corporation, the government agency overseeing Singapore’s industrial spaces, told the Straits Times that reclamation works at Northern Tuas Basin are slated to begin in 2025 and end around 2029. Read more>>
Singapore Condo Resale Prices Continue to Rise, Volumes Flat in November
Singapore’s condominium resale prices continued to climb for the fourth consecutive month in November, though volumes were muted after showing signs of recovery in October.
Flash data from SRX and 99.co released Tuesday showed that overall resale prices rose 0.4 percent from the month before and were 7.4 percent higher year-on-year. Read more>>
India’s Godrej Properties Sells $312M in Homes at Gurugram Project
Shares of Godrej Properties were in focus on Tuesday after the developer said it sold inventory worth over INR 26 billion ($312 million) in its Godrej Aristocrat project located in Sector 49 on Golf Course Extension Road in Gurugram.
Godrej Properties said the project was the most successful launch ever in terms of the value of sales achieved, surpassing the previous best-ever launch worth over INR 20 billion at Godrej Tropical Isle in Noida last quarter. Read more>>
Closing Date for Boustead Projects Offer Extended to 10 January
The closing date for Boustead Singapore’s cash exit offer for its real estate unit, Boustead Projects, has been extended from 5.30pm on 27 December to the same time on 10 January.
On Tuesday, Boustead Singapore said the group and its concert parties received valid acceptances amounting to 309,385,609 shares, or 98.76 percent of the total number of Boustead Projects shares. Read more>>
Vietnam Proposes Support for Building Materials Market
Vietnam’s construction ministry has proposed reductions in taxes and interest rates together with measures to promote the use of building materials after the industry, especially cement, had its most difficult year in a decade.
Normally the peak season for construction takes place from September to December, when the construction material market is the most vibrant. This year was different as demand for building materials such as iron, steel, brick and cement was low. Read more>>
Japan’s Biggest Property Insurers Are Penalised for Price Fixing
Japan’s financial regulator penalised the country’s largest property and casualty insurers for colluding to fix prices in contracts with corporate clients.
The Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Holdings, MS&AD Insurance Group Holdings and Sompo Holdings, Finance Minister Shunichi Suzuki said at a Tuesday briefing. Read more>>
China Local Governments Find Few Takers for Home Exchange Scheme
In an effort to boost a stagnant housing market, China’s local governments have been urging residents to sell their old homes in exchange for new ones, but the call has so far yielded lacklustre results with prospective buyers fearing that poor market sentiment will force them to offer hefty discounts on their old homes.
Home prices have been on a downward trajectory since early 2022, with new home prices in major cities recording a 0.38 percent month-to-month decline in October of this year, the most in eight years, according to official data. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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