Gamuda founder and managing director Lin Yun Ling
Student housing leads today’s look at real estate news from around the region, as a Malaysian developer bets on PBSA in the UK. Also in the news, Singapore home prices continue to stretch skyward and Korea’s NPS is looking for a new chairman.
Malaysian Developer Buys UK Student Housing for $142M
Malaysia’s Gamuda Land has acquired a prime site at 14 Marshgate Lane in Stratford, London, to develop a purpose-built student accommodation project with an estimated gross development value of MYR 600 million ($142 million).
The development marks Gamuda Land UK’s first fully owned, self-developed and managed PBSA project. The Marshgate Lane project forms part of Gamuda Land’s plan to deliver up to 3,000 student beds across key UK cities within five years and expand its portfolio of recurring, income-generating assets. Read more>>
Singapore Home Prices Rise for Fourth Straight Quarter
Singapore private home prices rose for a fourth straight quarter, and signs of strong demand for new units suggest the boom is likely to persist.
An index for prices of private residences climbed 0.9 percent in the third quarter from the previous three months, according to final figures released by the Urban Redevelopment Authority on Friday. That was slower than an earlier estimate of 1.2 percent. A separate index for private home rents rose 1.2 percent. Read more>>
Korea’s NPS on the Hunt for a New Chairman
South Korea’s National Pension Service has embarked on its hunt for a successor to chairman Kim Tae-hyun, whose three-year term ended in August.
The pension scheme aims to appoint a new chief by mid-November, according to industry sources on Tuesday, ahead of chief investment officer Seo Won-joo’s term expiration at the end of this year with the NPS chair set to serve a three-year term. Read more>>
Blackstone Sells Stake in Sydney’s Grosvenor Place to GPT Group for $560M
GPT Group has emerged as a surprise winner in the contest for a stake in Sydney’s landmark Grosvenor Place, with the company buying a half-stake in the tower from Blackstone for A$860 million ($560 million).
The company was slotted into the deal after the Commonwealth Superannuation Corporation exercised pre-emptive rights it held as a 25 percent owner of the Harry Seidler-designed tower. Blackstone had been poised to sell its 75 percent interest in the tower to a consortium led by local office funds house Investa, which had teamed up with US group BGO to bid about A$1.35 billion for the interest. Read more>>
Las Vegas Sands Outperforms on Singapore, Macau Businesses
Las Vegas Sands on Wednesday topped Wall Street expectations for third-quarter profit on strong demand from both its Singapore and Macau businesses, sending its shares up more than 6 percent after the bell.
The Nevada-based company — which operates integrated resorts and casinos such as Marina Bay Sands in Singapore and six properties in Macau, including The Venetian Macau — cited strong demand from its properties. Las Vegas Sands increased its annual dividend to $1.20 per share and increased its stock repurchase to $2 billion. Read more>>
Malaysia’s Sunway Secures $462M Loan to Fund MCL Land Buy
Malaysian developer Sunway has secured a term loan facility of up to S$600 million ($462 million) to fund its acquisition of Hongkong Land’s MCL Land.
In its filing to Bursa Malaysia, Sunway said the term loan facility will raise its gross borrowings to MYR 12.78 billion ($3 billion) from MYR 10.91 billion at the end of 2024, while net borrowings are expected to rise to MYR 8.45 billion from MYR 6.57 billion. Gross gearing is projected to climb to 0.80 times from 0.68 times, and net gearing to 0.53 times from 0.41 times. Read more>>
Hilton Opens Waldorf Astoria in Pudong, Marks 888 Hotels in China
Hilton on Thursday announced the grand opening of Waldorf Astoria Shanghai Qiantan and celebrated its milestone of 888 trading hotels across Greater China and Mongolia.
After opening its first hotel in mainland China in 1988, Hilton has grown its room inventory nearly tenfold in the past 12 years. Read more>>
OUE REIT Income Dipped After Shanghai Divestment
Singapore-listed OUE REIT posted a 5.6 percent year-on-year decline in third-quarter net property income to S$57 million ($44 million).
Revenue fell 5.8 percent to S$70.5 million. Both declines were mainly due to the divestment of Lippo Plaza Shanghai in December 2024, the REIT’s manager said Thursday. This was partly offset by a 19.7 percent drop in finance costs to S$21.6 million, as interest rates eased. 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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