Stephen Schwarzman is ready to own those Japanese assets one more time
In the lead of today’s real estate news, Blackstone boss Stephen Schwarzman may get a chance to prove what a helpful guy he is as the billionaire PE boss talks over a takeover of $200 million of Japanese real estate assets that it sold to China’s Anbang Insurance only two years ago. Also in the news, office rents in Singapore continue on the upswing, while Hong Kong homeowners flinch at the prospect of a downturn. All these stories and more await you a bit further down the page.
Anbang in Talks to Sell Japan Assets Back to Blackstone
Anbang Insurance Group Co Ltd aims to sell $200 million worth of Japanese real estate to bidders including Blackstone Group LP, about two years after buying them from the U.S. investment firm, two people with knowledge of the matter said.
The debt-laden Chinese insurer, which was taken under the government control in February after spending more than $30 billion on acquisitions in recent years, is selling a portion of its Japanese residential assets to shore up its balance sheet, the people said. Read more>>
SG Office Rents Climb for Sixth Straight Quarter
Singapore office rents have increased for the sixth straight quarter in the third quarter of 2018, coming closer to beating the last high seen at the start of 2015, amid near-term tightening in CBD (central business district) space and strong demand from occupiers.
Research from consultancy JLL showed that gross effective rents of Grade A office space in the CBD edged up 2.3 per cent quarter on quarter in the third quarter (Q3) of 2018 to average $9.93 per sq ft (psf) per month. Read more>>
390 Room Singapore Hotel Site Up for Tender
A Chinatown site slated for hotel use is up for grabs, with the Urban Redevelopment Authority (URA) launching the land parcel for sale by public tender from the government land sales (GLS) programme’s confirmed list on Thursday.
The 99-year leasehold, 5,121.4 square metre (55,130 square foot) site, at the junction of Cross Street and Club Street, has a maximum gross floor area of 24,310 sq m and could yield up to 390 rooms. Read more>>
Freehold Commercial Project on SG’s Serangoon Road on Market for S$52M
A freehold commercial property in Serangoon Road has been put up for sale, with the marketing agent highlighting the possibility of naming rights for the buyer, in an announcement on Thursday (Sept 27).
The six-storey building at 291 Serangoon Road – also known as Serangoon Building – has an indicative guide price of $52 million, or $2,611 per square foot (psf), based on a gross floor area of 19,913 sq ft. Read more>>
HK Homeowners Sell at a Discount as Downturn Fears Bite
Fears of a drop in home prices are growing in the world’s least affordable housing market as at least five homes were unloaded at discounts of up to 16 per cent on Thursday, following higher mortgage lending rates unveiled by 11 local banks.
In anticipation of higher prime lending rates, more than 10 local homeowners reduced their asking prices by at least HK$1 million (US$127,951) in the last few days. Read more>>
Century Bridge Invests $11.7M in Guizhou Project
Century Bridge Capital announced today that it has invested $11.7 million in a middle-income, residential project in Renhuai, China. The investment will be made through a joint venture with Guizhou Chuangmeng Real Estate.
Commenting on the investment Century Bridge CEO, Tom Delatour, noted, “The investment represents the opportunity to invest in the final three residential phases of an established existing project which will include more than 1.1 million total square meters of residential, retail, hotel and office when completed.” Read more>>
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