Savills Leads Brokerage Wins with Greystar Apartment Deal in Shanghai Mingtiandi Broker Battle

Savills tops the deal charts in this week’s edition of Mingtiandi’s roundup of brokerage wins with a victory in Shanghai that saw the property consultancy firm advise on the sale of a 36,000 square metre (387,500 square foot) serviced apartment property to a US multi-family giant.

In Hong Kong, Savills scored at New World Development’s K11 Musea, securing a lease for the Museum of Modern Art’s flagship Asia store, the biggest of MoMa’s pricey art shops in the continent.

In Singapore, List Sotheby’s International assisted in the sale of a super-posh home in the exclusive Tanglin Hill area to a Xiaomi Corporation former board member for $23 million, while a 38-year-old office property was re-launched for collective sale at an asking price of $573 million.

Keep reading for all the details on which brokerages won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Mainland China

Savills announced last week that it had brokered the sale of the Belvedere All Suites Serviced Apartments in Shanghai. According to Mingtiandi sources, Greystar Real Estate Partners acquired the property from local commercial real estate investment manager Go High Fund, which had purchased the asset in 2015. The US company now plans to renovate and reposition the 36,000 square metre building, which is located 300 metres from Zhongshan Park metro station. Read more>>

Colliers has been appointed by Vanke’s northern China division as sole leasing agent for Vanke Lake International Science and Technology Park in Beijing. Located in Zhongguancun Science City in Haidian district, the complex has 56,000 square metres of leaseable office space across four grade A buildings and ten low-rise HQ properties. Read more>>

Hong Kong

Savills acted on behalf of New York’s Museum of Modern Art to secure a lease for the MoMA Design Store in Adrian Cheng’s culture-meets-commerce hub K11 Musea on Victoria Dockside. With a leaseable area of 557 square metres, the art bookshop is the largest MoMa store in Asia and the first in Greater China. Read more>>

Savills has been appointed to sell the Hang Fat Industrial Building at 550-556 Castle Peak Road in Cheung Sha Wan. The 12-storey industrial property, which occupies a site area of 15,837 square feet, comes with permission for a commercial development of up to 190,000 square feet of gross floor area. Read more>>

Singapore

List Sotheby’s International brokered the sale of a Good Class Bungalow in Tanglin Hill for S$31.5 million ($23 million). The buyer, who is said to be former Xiaomi Corporation board member Koh Tuck Lye, paid S$1,915 per square foot for the property, based on the 16,446 square foot size of the site. Read more>>

Colliers has been appointed as the sole marketing agent to re-launch the collective sale of a commercial building next to Raffles Place at a ten percent discount from the price it was offered at in 2014. Zoned for commercial use, The Arcade, a 38-year-old office and retail property at 11 Collyer Quay, is being offered at an asking price of S$780 million. The 2,035 metre site comes with a 999 year land tenure effective from 1826, and can be redeveloped into a skyscraper reaching as high as 50 storeys, according to Colliers. Read more>>

CBRE has been appointed to sell via public tender two freehold shop units at 356 Alexandra Road in Singapore’s Queenstown area at an asking price of S$10 million. With a combined gross floor area of 3,068 square feet, the properties are being offered for the equivalent of S$3,259 per square foot. Read more>>

Colliers has been appointed to launch the collective sale of The Riverside Piazza at 11 Keng Cheow Street near Clarke Quay at an asking price of S$198 million. Zoned for commercial and residential use with a plot ratio of 2.8 and a maximum GFA of 8,260 square metres, the asking price represents the equivalent of S$2,602 per square foot. Read more>>

Colliers has been appointed to broker the sale of a four-storey conservation shophouse at 21 New Bridge Road near Clarke Quay at an asking price of S$19.5 million. Based on the proposed total gross floor area of 6,062 square feet, the asking price for the commercial property represents the equivalent of S$3,200 per square foot. Read more>>

Tokyo

Cushman & Wakefield brokered the lease of the entire third and fourth floors of the recently opened Shibuya Scramble Square tower in Tokyo’s Shibuya commercial hub. Acting on behalf of landlord Shibuya Scramble Square Co Ltd, the brokerage pulled in several luxury retail brands including Balenciaga, Givenchy and Tiffany to occupy the lower levels of the 47-storey tower. Read more>>

Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.