Ascendas’ One Changi City project
Leading today’s headlines, Singapore has a new leader in its REIT race as investors bid up the value of Ascendas’ listed trust. Back in China, Vanke takes another look at rental housing and the mainland’s investment market has now surpassed Japan’s, says Colliers. Read on for all these stories and more.
Ascendas REIT Now Singapore’s Biggest by Market Cap
With a capitalisation reaching $7.2b, Ascendas Real Estate Investment Trust (REIT) has now become Singapore’s largest REIT by market capitalisation, surpassing CapitaLand Mall Trust’s $6.9b, a report from MySGX Gateway revealed.
As of December 31, 2016, however, CapitaLand Mall Trust was still the largest in terms of total assets, with total assets worth $10.3b compared to Ascendas REIT’s S$9.7b. Read more>>
Vanke Aims at Mainland Multifamily Market
China Vanke has vowed to give priority to its leasing business this year as the developer tries to cash in on the country’s rising demand for rental properties amid the increasing unaffordability of urban homes.
Zhu Xu, board secretary of the Shenzhen-based developer told an investor meeting on Tuesday that the company will seek expand its leasing services in key mainland cities this year. Read more>>
China Now Asia’s Biggest Real Estate Investment Market
China has surpassed Japan to become the most active property investment market in Asia Pacific, while the US remains the most popular destination for Asian investors.
Total property transactions in China increased by 10% to US$36.5 billion in 2016, exceeding volumes in Japan which fell by 37% in 2016 to $29 billion, according to commercial real estate services company Colliers International. Read more>>
Singapore’s HDB Puts Serangoon Road Mixed-Use Site on the Block
A mixed private residential and commercial site along Upper Serangoon Road has been launched for sale on Monday (March 6) by the Housing and Development Board (HDB), with analysts saying the tender is likely to see strong interest from developers because of its attractive location.
The 99-year leasehold site, released from the Confirmed List of the second half 2016 Government Land Sales programme, sits on 25,440.8 square metres, or about 273,842 sq ft, of land. With a maximum permissible gross floor area of 89,043 square metres, or 958,450 sq ft, the site can yield an estimated 825 non-landed housing units, while up to 15,000 square metres of GFA can be developed for shop and restaurant use. Read more>>
Singapore Plugs Gap in Stamp Duty
The Government intends to plug a loophole that allows property buyers to avoid stamp duty by purchasing shares in a holding firm rather than buying the property directly.
In recent times, some major developers have made bulk purchases of condo units in this way.
National Development Minister Lawrence Wong told Parliament on Tuesday: “In principle, we should treat transactions in residential property on the same basis, regardless of whether a property is transferred directly or through a transfer of shares in a company whose primary business is in residential property in Singapore.” Read more>>
Shanghai Second-Hand Home Market Shuts Down in February
Shanghai posted sales of under 10,000 pre-owned homes for the second straight month in February, and there is no sign of a major recovery soon, according to latest market data.
Last month, around 9,600 units of pre-occupied houses were transacted, up 2.4 percent from January but a year-on-year plunge of 64.1 percent, Shanghai Centaline Property Consultants Co reported. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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