One Raffles Place in Singapore’s city centre
In today’s review of real estate news from around the region, multiple suitors emerge for Singapore’s One Raffles Place as it is marketed for more than $1.8 billion, China Vanke seeks a one-year extension on four onshore bonds, and Mirvac and Australian Retirement Trust break ground on a $1.4 billion industrial precinct near Western Sydney’s new airport.
One Raffles Place Draws IOI, CapitaLand and Tycoons at $1.8B
One Raffles Place, the landmark office complex in Singapore’s city centre, is attracting interest from multiple suitors as it is marketed for more than S$2.3 billion ($1.8 billion), according to people familiar with the matter.
Interested parties include father-and-son property tycoons Raj Kumar and Kishin RK, Malaysian developer IOI Properties Group and Singapore asset manager CapitaLand Investment. Read more>>
Allianz Takes 78,000 Sq Ft at Singapore’s New Shaw Tower in Biggest Deal Yet
Allianz has leased 78,000 square feet (7,246 square metres) at the new Shaw Tower in Singapore’s Beach Road, marking the largest deal signed so far at the redeveloped building, according to market sources.
The insurer is expected to relocate from CapitaSky at 79 Robinson Road, where it currently occupies 88,000 square feet, when its lease there ends in March 2027. Read more>>
China Vanke Seeks One-Year Bond Extension with 40% Upfront Repayment
China Vanke is seeking to extend four onshore bonds by one year, offering to repay 40 percent of the principal upfront, Reuters reported, citing sources.
The bonds include two RMB 2 billion ($294.7 million) medium-term notes due in June and July, as well as two corporate bonds also due or puttable in July. A bondholder meeting is set for 5 June. Read more>>
Fuji Media Real Estate Segment Surges 37% as TV Slump Hits Group Profit
Fuji Media Holdings’ urban development, hotels and resorts segment posted net sales of JPY 193.5 billion ($1.2 billion) for the fiscal year to the end of March, up 37.2 percent year-on-year, driven by strong office leasing, condo sales and robust hotel occupancy from inbound tourism, the company said.
Overall, the group recorded a consolidated operating loss of JPY 8.8 billion for the year, as a decrease in the media and content segment weighed on earnings. Read more>>
Comforia Residential REIT Acquires Tokyo Property for $9.4M in Asset Swap
Comforia Residential REIT has agreed to acquire a residential property in Tokyo’s Kyodo neighbourhood for JPY 1.5 billion ($9.4 million), according to a filing by TLC REIT Management, which oversees the vehicle’s assets.
The property, currently called Residence Kyodo Sakuragaoka, will be renamed Comforia Kyodo about three months after acquisition. The deal is part of a mutual transaction involving the sale of Comforia Kyomachibori. Read more>>
Mirvac and Australian Retirement Trust Break Ground on $1.4B Sydney Airport Precinct
Mirvac and Australian Retirement Trust have broken ground on the first stage of their A$1.9 billion ($1.4 billion) SEED industrial and enterprise precinct near Western Sydney International Airport. The 90 hectare (222 acre) site sits 800 metres (0.5 miles) from the airport.
The first stage will deliver 139,855 square metres (1,505,386 square feet) of gross floor area across seven warehouses, with the first warehouse targeting completion in mid-2027. Read more>>
JD.com Weighs $2.7B Bid for UK Online Retailer The Very Group
Chinese e-commerce giant JD.com is evaluating a potential £2 billion ($2.7 billion) bid for The Very Group, a British online shopping platform, Sky News reported.
The move would follow JD.com’s earlier UK expansion efforts, including a failed takeover bid for appliance retailer Currys and its decision to walk away from talks to acquire Argos from Sainsbury’s. Read more>>
Sime Darby Q3 Net Profit Surges to $165M
Sime Darby reported a net profit of MYR 654 million ($164.8 million) for its third quarter to the end of March, up sharply from MYR 193 million a year earlier, driven primarily by a one-off gain of MYR 434 million from the disposal of Malaysia Vision Valley land.
On a core basis, net profit rose 55.6 percent to MYR 263 million, with all three divisions recording higher earnings, the company said. 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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