Singapore Money Launderer Condos on the Market and More Asia Real Estate Headlines

Units at Singapore’s Gramercy Park condo linked to a money-laundering case are on the market for $23 million, with that story leading Mingtiandi’s headline roundup today. Also making the news, a unit of Malaysia’s Sunway plans to acquire a 70 percent stake in Daiwa Sunway Development and Chinese developer Shimao faces its first court hearing on Wednesday.

Singapore Luxury Condos Linked to Money Laundering Case for Sale at $23M

A portfolio of four units at Gramercy Park, a luxury freehold condo along Grange Road, has been listed for sale at S$32 million ($23.6 million) via an expression of interest exercise, according to Huttons Asia.

The portfolio is part of a collection of properties linked to the S$3 billion money-laundering case that are said to have been put up for sale. The other properties on the market reportedly include units at South Beach Residences on Beach Road and The Marq on Paterson Hill. Read more>>

Malaysia’s Sunway to Acquire Shares in Daiwa Sunway Development for $5.4M

Sunway Iskandar, a 60 percent-owned joint venture company of Malaysian developer Sunway, plans to acquire a 70 percent equity interest in Daiwa Sunway Development from Daiwa House Malaysia for MYR 25.5 million ($5.4 million).

The move follows agreements made in 2015, when Sunway and Japan’s largest prefabricated home builder, Daiwa House Industry, formed DSD to develop residential properties using advanced prefabricated housing technologies. Read more>>

Shimao Sweetens Debt Revamp Terms Ahead of Liquidation Hearing

Shimao Group has sweetened its offshore debt restructuring terms to garner support from creditors, said three sources, as the Chinese developer scrambles to fend off a liquidation petition filed in a Hong Kong court.

Shimao on Wednesday will face its first court hearing into the liquidation petition filed by state-owned lender China Construction Bank (Asia) over unpaid loans of HK$1.58 billion ($202.3 million). Read more>>

Three Hong Kong Residential Projects Approved

Hong Kong’s Buildings Department approved construction plans for three luxury residential projects in April, including Agile’s redevelopment of Dragon Court in Kowloon Tong.

The department has approved a total of 13 projects in April, including six residential-related development proposals, three commercial plans, one industrial development and three applications for community services. Read more>>

Singapore Condo Resale Prices Up Slightly in May, Volumes Dip

Condominium resale prices continued to rise in May, albeit at a slower pace, while volumes dipped from the previous month.

Flash data from SRX and 99.co released on Tuesday showed resale prices inching up 0.4 percent month on month, and 4.2 percent year on year. Read more>>

Midea Real Estate’s Hong Kong Shares Surge 100% on Spin-Off Plan 

Shares of Midea Real Estate Holding more than doubled in intraday trading Monday after the company announced a plan to privatise its development arm, a move that could cut risks associated with mainland China’s crisis-ridden industry.

The Foshan-based developer will spin off the development and sales business by transferring shares to majority shareholders through “a distribution in specie”, according to a filing with the Hong Kong stock exchange on Sunday evening. Distribution in specie means transferring the ownership of an asset from one company to another in its current form. Read more>>

LMIRT’s Gearing Exceeds 45% Amid Currency Changes

Lippo Malls Indonesia Retail Trust’s aggregate leverage ratio is estimated to range between 45 and 45.2 percent, up from the last disclosed 43.7 percent at the end of March 2024.

The change came mainly as the rupiah appreciated by a significant 3.5 percent against the Singapore dollar, reducing the value of LMIRT’s assets after translation into the latter currency. Read more>>

China’s FangDD Expands Into Tech-Led Real Estate Management With $35M Patent Buy

FangDD Network Group on Monday announced its entry into an agreement to purchase certain patents relating to cloud computer technology in China. The transaction is part of the firm’s strategy to expand into tech-enabled real estate management as a supplement to its existing business.

The purchase price for the patents is $35 million. Additionally, the seller is entitled to receive an earnout payment for each fiscal year ending on 31 December 2024, 31 December 2025 and 31 December 2026. Read more>>

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