In today’s roundup of regional news headlines, Singapore-listed Ascendas India Trust has agreed to buy a Chennai industrial facility set to be leased to a top electronics manufacturer, developer Evergrande envisions a “palace of Versailles” in Hong Kong’s New Territories, and public records link the mystery buyer of Asia’s priciest flat to mainland China.
Ascendas India Trust (a-iTrust) announced on Friday the proposed acquisition of an industrial facility in Chennai for INR 2.11 billion ($29 million) via a forward purchase agreement.
Estimated to be completed by the middle of this year, the manager said the proposed acquisition is expected to add 0.04 Singapore cents (0.03 US cents) to the FY2020 distribution per unit. Read more>>
Mainland property developer China Evergrande Group has paid HK$4.2 billion ($541 million) to convert a plot of farmland in Hong Kong’s New Territories for an ultra-luxury project, sources said on Wednesday. Evergrande will build a 240,000 square foot (22,297 square metre) villa “like the Palace of Versailles”, among others, on the land.
The company, which is chaired by Hui Ka-yan, one of China’s richest tycoons, has converted a 2.4 million square foot plot — about the size of New York’s Grand Central Terminal — in Yuen Long, according to people familiar with the matter. It bought the farmland, located near the Mai Po Wetlands, in 2019 from Hong Kong developer Henderson Land Development for HK$4.7 billion. Read more>>
The buyer who paid a record HK$459.4 million ($59.3 million) last month for an apartment at Hong Kong’s Mid-Levels has been revealed in a document filed with the city’s Land Registry.
Yin Xi was stated as the buyer of Flat 1 on the 23rd floor of 21 Borrett Road, according to Land Registry documents. The five-bedroom apartment was developed by CK Asset Holdings and sold through tender. Read more>>
Las Vegas Sands is selling Las Vegas. The price tag: $6.25 billion.
Vici Properties said Wednesday it will pay $4 billion for the real estate — the Venetian, Palazzo and the Sands Expo Convention Center. Apollo Global Management will buy the operations for $2.25 billion, roughly half financed by Sands. Read more>>
Wharf REIC, which owns Hong Kong luxury shopping centres Times Square and Harbour City, has projected a cloudy outlook for 2021, saying the COVID-19 pandemic might continue to drag on its retail and hotel operations this year.
The company on Thursday reported a 23.6 percent slide in 2020 net profit to HK$7.48 billion ($963.8 million), along with a net investment properties revaluation deficit of HK$13.77 billion. Read more>>
The government is monitoring trends accelerated by the COVID-19 pandemic and will factor the insight gathered into Singapore’s future land-use plans amid an ongoing review.
To guide future development, the Ministry of National Development and the Urban Redevelopment Authority have embarked on a review of the country’s long-term land-use plans. These long-term plans are reviewed regularly, and the last major review was conducted in 2011. Read more>>
As Singapore raises sustainability standards for green buildings under the refreshed Singapore Green Building Masterplan, it is targeting 80 percent of new buildings to be Super Low Energy buildings by 2030.
On Thursday in Parliament, National Development Minister Desmond Lee outlined plans to make Singapore’s urban environment greener and more sustainable under the Energy Reset pillars of the Green Plan. Read more>>
Hotels in Hong Kong are being transformed into residential developments to satisfy housing demand as the pandemic-hit tourism industry shows no signs of recovery.
Property developers and the government are both looking to repurpose hotels in the city, where apartments are in short supply. Read more>>