Richard Yue, chief executive officer of ARCH Capital, spent A$45 million down under
A Hong Kong-based fund manager leads the way in Mingtiandi’s roundup of real estate headlines today with the news of a A$45 million transaction down under, while a S$2 billion collective-sale flop in Singapore adds another duck to a litany of failures this year.
In other news around the region, Shenzhen is feeling Trumped, and a big Singapore-based developer is looking to add double the spice to its India logistics portfolio, while a Vietnamese beverage giant who once turned down Coca-cola finds $17 million of fizz in Vung Tau city.
Arch Capital Buys Sydney Office Block for A$45M
Hong Kong’s Arch Capital, and a new entrant to Sydney’s commercial property market, is in exclusive due diligence to buy 95 per cent of the strata office block at 68 Alfred Street in North Sydney for about $45 million.
The complex deal was initially struck with owners holding 75 percent of unit entitlements in the block – one of the last freehold blocks on the street alongside its neighbour, Kimberly Clark House – but a further negotiation brought the deal up to 95 per cent of the block being sold in one-line. Read more>>
S$2B Collective Sale Draws a Blank in Singapore
The collective-sale cycle appears to be running out of steam, with no residential projects having achieved a successful outcome so far this year; the mega Braddell View estate has become the latest to reach its tender close with zero bids.
Market watchers were unsurprised by the lack of takers for Singapore’s largest private residential site, the owners of which were angling for over S$2 billion ($1.45 billion). The size of the estate and the cooling measures implemented last July were cited as factors. Read more>>
Shenzhen Feels Impact of Trump’s Huawei Ban
Chen Xiao is under severe pressure. The property agent in Shenzhen, home to telecoms giant Huawei Technologies and other Chinese tech stars like ZTE and Tencent Holdings, has not closed a single deal this month.
With the escalating US-China trade war and Huawei banned from doing business in the US over security concerns, the darkening mood of the company’s employees has spilled over to the property sector. Read more>>
Ascendas-Singbridge to Double India Commercial Portfolio
Singapore-based Ascendas-Singbridge Group, which marks its 25th year in India this year, plans to actively expand its office portfolio in the country with logistics being a key growth engine, said a top company executive.
The investor-developer plans to double its commercial office portfolio in the country and may enter new businesses like setting up data centres and co-working spaces. Read more>>
New World’s Adrian Cheng Joins $100M Financing for Cancer Unit
Alphamab’s $100 million Series A last November for the oncology unit marked its first venture round in almost 10 years of existence.
The Suzhou-based company unveiled its latest financing on Tuesday, infusing $60 million into pipeline development and a potential commercial launch as well as a new R&D and manufacturing site. Hudson Bay Capital Management led the Series B and Adrian Cheng, the heir of a real estate empire in Hong Kong, participated alongside existing investors. Read more>>
Beverage giant Pays $17M for Vung Tau Land
The founder of Tan Hiep Phat Group, who turned downed a $2.5 billion purchase offer from Coca Cola, is venturing into real estate business.
Ba Ria Vung Tau provincial authorities have announced the owner of a prime land plot which is earmarked for high-rise apartment development in the downtown of Vung Tau city.
Tran Qui Thanh, the founder and CEO of beverage giant Tan Hiep Phat Group, has won the auction for a 18,165 square metre plot in Ba Thang Hai street, Ward 10. Thanh paid more than $17 million, or $6 million higher than the starting price set by Ba Ria Vung Tau Auction Centre. Read more>>
190M Victoria Harbour Footbridge Gets the Green Light
The proposed design of an eco-friendly footbridge meant to provide a faster, more enjoyable walk from central Wan Chai to the waterfront has been approved by Hong Kong’s harbour oversight body.
The Harbourfront Commission’s Hong Kong Island task force was in favour of the project on Tuesday, asking the government to merely fine-tune the proposed walkway with an eye to additional features such as food and drink concessions and more cover. Read more>>
Mitsubishi Eyeing Bangkok Logistics Investment
Mitsubishi Estate Group, one of Japan’s largest real estate firms, remains upbeat on Thailand, eyeing logistics in outer Bangkok as a next venture after co-investing with SET-listed developer Raimon Land Plc to build a high-end office tower this year.
Shigehiro Ono, executive director of Mitsubishi Estate Asia, said the company has confidence in the medium and long term in Thailand, though it has minor concerns in the short term. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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