Japan leads Asia’s real estate news today as a French asset manager makes its latest residential investment in Nagoya, adding to growing flow of capital into rental apartments in the country.
Also in the news, two of Singapore’s biggest real estate firms have completed a transaction which paves the way for redeveloping a Clarke Quay site and India’s Embassy Group is set to absorb 11 projects into its pipeline as it takes over Indiabulls’ real estate business.
AXA Investment Managers – Real Assets has acquired a 10-storey residential tower in Japan’s third-largest city, Nagoya, marking its 13th investment in the country.
The new acquisition, Axa IM’s fifth in the Nagoya residential market, pushes the firm’s total investments in Japanese residential assets on behalf of clients to more than ¥36.5 billion ($340 million). The 171-unit Aden Imaike East is a six-minute walk from Imaike subway station, which connects to the central retail and business districts within five and 10 minutes respectively. Read more>>
CDL Hospitality Trusts (CDLHT) has completed the sale of its entire stake in Novotel Singapore Clarke Quay, while Ascott Residence Trust (ART) has sold its interest in the land which includes Somerset Liang Court Singapore.
These form part of the transaction for the Liang Court site’s redevelopment – by a consortium comprising real estate heavyweights CapitaLand Limited, City Developments Limited (CDL) and ART – that was announced last November. On the site sits Liang Court mall, mid-scale hotel Novotel and serviced residence Somerset Liang Court Singapore. Read more>>
Indian developer Embassy Group and Indiabulls Real Estate NSE -4.29 % will amalgamate their real estate assets under a deal that will see the Indiabulls Group’s exit from the real estate business.
The definitive agreement for the merger is expected to be placed before the listed company’s board by August 15, Indiabulls Real Estate said in a stock exchange filling on Wednesday. As per the plan, Embassy’s 62 million sq ft of real estate assets will be merged with the Mumbai-based company’s 31 million sq ft of assets under development. Read more>>
Growing vacancies in Singapore’s shopping malls are expected to put further downward pressure on retail rents in the city as more businesses shutter for good, said Cushman & Wakefield (C&W) in a report on Thursday.
Many activity-based tenants such as those in food and beverage (F&B) and health and wellness will not be able to operate at full capacity with safe-distancing measures remaining in place, despite most retail businesses resuming operations since June 19 after Singapore’s “circuit-breaker” period. Read more>>
Housing sales in eight major cities of the country declined 54 per cent during January-June period to 59,538 units – the lowest in 10 years – as demand crashed after the imposition of the coronavirus pandemic-led lockdown late March, according to property consultant Knight Frank.
In its India Real Estate: H1 2020 report released on Thursday, Knight Frank India said that housing sales fell 27 per cent in January-March to 49,905 units across eight major cities – Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, Hyderabad and Ahmedabad. Read more>>
Home-grown property consultant Anarock on Wednesday said it has partnered with the UK-based Mace to provide project management services to Indian real estate developers and infrastructure firms.
The two companies have signed a pact to provide a new and integrated project management service to the Indian developers, helping to deliver real estate projects and vital infrastructure, Anarock said in a statement. Read more>>