A set of Singapore deals lead Mingtiandi’s list of noteworthy brokerage milestones this week with JLL assisting in the disposal of the Chinatown Point Mall on New Bridge Road and Cushman & Wakefield facilitating the sale of a pair of business park properties in suburban Tampines.
Activity was more subdued in mainland China and Hong Kong, however, a set of three office floors which had been marketed by JLL changed hands in Central for HK$1.8 billion ($230 million), and Colliers marketing the HK$2.8 billion collective sale of a residential project in Kowloon East.
Keep reading for all the details on which brokerage won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.
Perennial Real Estate announced on Monday that it had led a consortium including Singapore Press Holdings in signing an agreement to sell the Chinatown Point mall in Singapore for S$520 million ($383 million). JLL assisted the Perennial-SPH consortium in selling the shopping centre to a joint fund invested by Mitsubishi Estate and CLSA at the equivalent of S$2,450 per square foot of net lettable area. Read more>>
Cushman & Wakefield represented a joint fund invested by Alpha Investment Partners and Singapore-listed City Developments Ltd in the sale of two adjoining eight-storey Grade-A office buildings located at 7 and 9 Tampines Grande. A joint venture between Evia Real Estate and Metro Holdings agreed to purchase the pair of commercial buildings, which provide a combined net lettable area of 287,596 square feet at a valuation of S$395 million. Read more>>
JLL in late February advised a group of limited partners in the PGIM Real Estate Asia Retail Fund, a non-listed vehicle managed holding a set of Singapore malls in selling 17.13 percent stake in the fund to Frasers Centrepoint Trust for approximately S$342.5 million on the secondary market. Read more>>
Colliers International announced in mid-March that it had been appointed to broker the collective sale of Braddell View, Singapore’s largest private housing estate, which has the potential for redevelopment into 2.4 million square feet of new housing. The agency began marketing the hilltop site on 27 March in a tender set to close on 28 May, with the collective sale setting a minimum bid of S$2.08 billion. Read more>>
CBRE announced in mid-March that it has been appointed to broker the sale by public tender of two freehold redevelopment sites located at 2 and 21 Cavan Road, off Lavender Street. by public tender, proposed to be close on 30 April. The indicative pricing for the tender, which is due to close on 30 April is S$47.4 million for 2 Cavan Road, which can yield up to 60,301 square feet of gross floor area and S$12.6 million for 21 Cavan Road, which can yield up to 25,588 square feet. Read more>>
Knight Frank announced in late March that it has been appointed as the sole marketing agent for the sale or lease of 18 medical suites in the SBF Center, a commercial property on Robinson Road held by the Far East Organisation. The property is available for sale or lease in units ranging from 678 square feet to 2,842 square feet, situated in the heart of Central Business District, with leasing rates estimated at S$7 psf monthly and sale prices of S$4,200 per square foot. Read more>>
Billionaire Edwin Leong’s Tai Hung Fai Enterprise this month agreed to purchase the 21st through the 23rd floors of the Convention Plaza Office Tower in Hong Kong’s Wanchai district for HK$1.8 billion. JLL’s capital markets team had been retained to market the vacant 49,554 square feet property as part of the liquidation proceedings for assets of trouble mainland energy firm CEFC. Read more>>
Savills is brokering the compulsory sale of the remaining property at 13 and 13A Liberty Avenue in the Ho Man Tin area on behalf of China Vanke. The sale, which is scheduled for 23 April, values the property, which occupies a 2,445 square foot site, at HK$249 million. Read more>>
JLL announced earlier this month that it has been appointed to broker the sale of a duplex unit in the Henan Building at 90 Jaffe Road in Hong Kong’s Wan Chai district, according to a local media account. The property spans approximately 4,780 square feet on the second and third floor of the building and carries an indicative price of HK$244 million. Read more>>
Colliers International has been appointed as sole agent for the collective sale of a residential complex located at 23-34 Rose Street in the Yau Yat Cheun area of Kowloon East at an asking price of HK$2.8 billion. The 39,000 square foot site is zoned for residential use only in a low-density area and has the potential to be redeveloped into about 117,000 square feet of housing. Read more>>
JLL announced in April that it has been appointed by Country Garden Holdings as joint sole agents for the marketing of its Shanghai Country Garden Centre (碧桂园中心) project in the city’s Yangpu district. The 65,000 square metre office project includes including three saleable office buildings of 3,100 to 3,600 square metres each and a pair of 13 storey grade A office buildings for lease with 1,200 floor plates. 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.