In this edition of our news roundup, Ascendas REIT sets its sights on an Australian logistics property as its next holding, Keppel Land prepares to divest itself of a London office building, and Swire announces a collaboration with Sino-Ocean on the expansion of a Beijing mixed-use project.
Ascendas Real Estate Investment Trust is proposing to acquire a new logistics property in Brisbane for A$70.3 million ($53.4 million), the Singapore-listed REIT’s manager said yesterday.
The property, which will be the REIT’s tenth project in Brisbane, will be developed at 500 Green Road in Crestmead by Goodman Property Services and is expected to be completed in the fourth quarter next year. Read more>>
Singaporean developer Keppel Land is divesting its 100 percent stake in First King Properties, which owns a London office building, for £73.6 million ($100 million) in cash.
The transaction is expected to be completed in the first quarter next year, Keppel Corp said in a regulatory filing on Thursday. Read more>>
Hong Kong developer Swire Properties has announced a collaboration with Sino-Ocean Group to develop an extension of Indigo Beijing, a mixed-use project, on a site adjacent to the existing development.
The total investment for the new development is expected to be RMB 23 billion ($3.52 billion). Swire Properties and Sino-Ocean Group will have a 35 percent and a 64.79 percent interest, respectively, in the new development. Read more>>
Keppel Land China’s wholly-owned subsidiary, Shanghai Fengwo Apartment Management, has formed a joint venture with Gemdale and Shenzhen Shengjun Investment Management to own and develop an 8.4 hectare (20.8 acre) residential site in the Jiading district in Shanghai.
The joint venture is in line with Keppel Land China’s strategy to deepen its presence in Shanghai, one of its focus cities in China, the company said in a statement on 23 December. Read more>>
UOL Group has notched up many achievements this year. In the residential market, the mainboard-listed property developer achieved 70 percent sales at Clavon on its opening weekend in December and claimed the top spot as the best-selling project of 2020 in terms of number of units.
The Tre Ver, a 729-unit development launched in August 2018, had been fully sold by November 2020. The developer’s other projects on the market also clocked strong sales momentum in 2020, which is commendable considering the digital pivot and industry disruptions brought on by the impact of the COVID-19 pandemic this year. Read more>>
In a response to queries from the Singapore Exchange, Eagle Hospitality REIT on Tuesday attributed a nearly 40 percent fall in its portfolio value since listing to a challenging outlook due to the COVID-19 pandemic, as well as comparatively higher risks in the markets where the properties are located.
EH-Reit reported a 38.1 percent decline in its portfolio value in an 8 December circular that it issued about a proposed change of managers, related matters and a termination proposal. This fell outside the projected average decline in values across the US, which the independent valuer expected to range between 15.1 percent and 28.1 percent. Read more>>
Wallis Wu, the daughter of Central China Real Estate chairman “Frank” Po Sum Wu, has continued her run of high-end property acquisitions of recent years to buy a terrace in the Sydney suburb of Kirribilli for A$10 million ($7.58 million).
The purchase comes just months after Ms Wu, who is a director on the board of the Hong Kong-listed developer, along with her mother, Lam Li Wu, bought a luxury apartment in nearby Milsons Point for $8 million and last year consolidated a Bowral weekender for $11.2 million. Read more>>