8M Real Estate exercised an option to buy 28 Stanley Street for S$29 million (Image: JLL)
In today’s roundup of regional news headlines, a spate of deals lifts Singapore’s shophouse market, and SGX-listed property firms are dealt a setback by the government’s surprise property tax hike. Also, in the news Keppel Data Centres plans to import hydrogen from Australia and ESR-Logos REIT reaps post-merger benefits.
String of Shophouse Deals in Singapore’s Stanley, Telok Ayer and Amoy Streets
Singapore-based 8M Real Estate is boosting its shophouse portfolio in the city’s central business district with the S$29 million ($21.7 million) purchase of 28 Stanley Street.
The option on the purchase was exercised this month. The freehold property is in the Telok Ayer Conservation Area of the Chinatown Historic District. 8M is buying the shophouse with vacant possession. Read more>>
Singapore Property Shares Skid on Surprise Tax Hike
Shares of Singapore property companies fell sharply Thursday after the government raised taxes on private property purchases, including doubling stamp duty for foreigners to 60 percent.
By midday, shares of City Developments Ltd were down 6 percent and UOL Group down 5 percent, with both eying their worst sessions in 2 1/2 years as investors reckon their margins will be squeezed. Read more>>
Keppel Plans to Ship Hydrogen from Australia for Floating Data Centres in Singapore
Keppel Corporation is planning to ship massive amounts of liquid hydrogen from Australia to power its data centres in Singapore.
The data centre operator has signed an agreement with Australia’s Woodside Energy that could result in up to 1,000 tonnes of liquid hydrogen being shipped in tankers to Singapore from Woodside’s facilities, which include a giant hydrogen plant known as H2Perth. Read more>>
Chinese Police Query Bain’s Shanghai Office Staff
Chinese police have visited US management consultancy Bain & Company’s office in Shanghai and questioned staff there, a company spokesperson said Wednesday without elaborating.
“We are cooperating as appropriate with the Chinese authorities,” the spokesperson told Reuters by email. “At this time, we have no further comment.” Read more>>
China May Have to Bail Out One of Its Poorest Provinces
One of China’s poorest and most indebted provinces has admitted defeat in trying to sort out its finances and is appealing to Beijing for help to avert default.
Guizhou, located in a mountainous region of southwest China, has hired a top state-owned distressed debt fund, China Cinda Asset Management, to resolve its “urgent” problems. Its total debt, including the “hidden debt” issued by the government’s financing arms, had reached RMB 25 trillion ($3.6 trillion) by the end of 2021, according to the most recent available data. Read more>>
ESR-Logos REIT Posts 63.9% Rise in Q1 Gross Revenue
SGX-listed ESR-Logos REIT reported gross revenue of S$97.7 million (now $73.1 million) for the first quarter ended in March, up 63.9 percent year-on-year.
The REIT’s net property income rose by 78.2 percent year-on-year to S$70.4 million. Read more>>
CapitaLand India Trust’s Net Property Income Up 5% in Q1
SGX-listed CapitaLand India Trust reported 5 percent year-on-year growth in net property income to reach S$42 million (now $31.4 million) in the first quarter of 2023.
In a bourse filing, CLINT said the rise in net property income was boosted by the 8 percent year-on-year increase in total property income but was partly offset by the rise in total property expenses. Read more>>
Fosun Drops Plan to Sell Stake in Drugmaker Gland Pharma: Report
China’s Shanghai Fosun Pharmaceutical Group has withdrawn plans to sell its stake in Indian drugmaker Gland Pharma, ET Now tweeted Wednesday, citing sources.
Fosun Pharma holds a 57.86 percent stake in the Indian company. Both Fosun Pharma and Gland Pharma did not immediately respond to Reuters’ requests for comment. Read more>>
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