In this edition of Mingtiandi’s regional news roundup, Alibaba’s Lazada e-commerce unit leases an expanse of Singapore office space, China plugs loopholes exploited by buyers to load up on multiple properties, and Hyundai mulls a major design change for its planned Seoul headquarters.
Alibaba Unit Leases Most of ARA, Chelsfield Project in Singapore
Singapore’s ARA Asset Management and its partners from the UK’s Chelsfield have cashed in on the upswing in Singapore’s e-commerce market by leasing more than half of a recently renovated office project to a unit of Alibaba.
Lazada, an online marketplace owned by the mainland e-commerce giant, has leased 140,000 square feet (13,006 square metres) at 5One Central in Bras Basah, according to recent leasing data. ARA and Chelsfield had teamed up to buy the 241,000 square foot project (then known as the Manulife Centre) for $408.8 million in early 2019. Read more>>
China Cracks Down on Fake Divorces to Cool Housing Market
Shanghai officials unveiled policies late Thursday to cool the local market, including a measure designed to plug a loophole long exploited by buyers using fake divorces to become eligible to purchase more properties or obtain mortgages. The city will also levy a tax on sales of houses purchased within five years, up from the previous two-year barrier.
This is “aimed at resolutely enforcing the decisions of the central committee of the Party” and “firmly upholding the policy stance that ‘houses are for inhabiting, not for speculation’,” the Shanghai municipal government said in a statement, referring to President Xi Jinping’s vow to boost housing affordability. Read more>>
Hyundai Motor May Ditch Plan for 105-Storey Seoul HQ
Hyundai Motor Group is said to be tilting towards a major change in its new headquarters blueprint of erecting South Korea’s tallest landmark in southern Seoul.
US-based architectural, urban planning and engineering firm Skidmore, Owings and Merrill is reported to have embarked on a design of three 50-storey buildings instead of the original concept of a 105-storey skyscraper, according to industry sources on Tuesday. Read more>>
Gaw Lands HK$5.3B Green Loan for King’s Road Office Acquisition
Standard Chartered Bank Hong Kong Ltd and UOB have teamed up to provide a HK$5.29 billion ($680 million) green loan to a Gaw Capital Partners-led consortium to support its acquisition of 1111 King’s Road (previously called Cityplaza One) in Hong Kong.
1111 King’s Road currently holds a Platinum Green Building Certification under the BEAM Plus assessment scheme, which is recognised and accredited by the Hong Kong Green Building Council. The platinum certification is the highest possible rating based on a basket of criteria including water efficiency and waste management. It recognises buildings with sustainability incorporated into their design and operation, and which contribute positively to Hong Kong’s emission intensity reduction goals. Read more>>
Hong Kong Homebuyers Snap Up Flats at Wheelock Kai Tak Project
Enthusiastic homebuyers defied concerns that Hong Kong’s sky-high unemployment rate and economic malaise might undermine demand by snapping up new flats offered by Wheelock Properties at its Monaco project on Thursday.
The second round of sales at the development in Kai Tak saw almost all of the 133 units taken within five hours. All 13 flats offered by tender and all but three of the 120 on an open price list had been sold as of 9pm, Wheelock said. Read more>>
Singapore Private Home Prices Stable Despite 26% Drop in Sales
2020 was a standout year for the Singapore private residential market, which defied the pandemic and weaker economic conditions to notch a 2.1 percent gain in the fourth quarter, up from 0.8 percent from the previous three months and 0.5 percent growth a year earlier.
It was also a stellar year for the Housing Board resale market, which saw prices jump 5 percent in 2020 — the steepest growth since 2012, when resale flat values jumped 6.5 percent. Read more>>
Lippo Retail REIT Raises S$281M in Rights Issue
Lippo Malls Indonesia Retail Trust’s preferential offering has raised gross proceeds of S$281 million ($211.7 million) through a 53.84 percent subscribed rights issue, LMIRT’s manager said in a bourse filing on 18 January.
Issued at S$0.06 apiece on a pro rata basis of 160 rights units for every 100 existing LMIRT units, the company said it had received valid acceptances and excess applications for a total of S$352 million. Read more>>
Hong Kong’s MTR Brands Wong Chuk Hang Project
MTR Corporation has named its Wong Chuk Hang Station property development, which is expected to open in 2023, as The Southside. The mixed-use project can accommodate 5,200 flats and also includes a shopping mall.
The development, which has a site area of 771,772 square feet (71,700 square metres), will be developed in six packages, according to MTRC property director David Tang Chi-fai. The first package will hit the market this year. Read more>>
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