In today’s roundup of regional news headlines, Bank of America files a motion to dismiss the bankruptcy cases of Eagle Hospitality Trust entities, Singapore’s Perennial Holdings and partners win a bid to develop an HSR-adjacent plot in Hangzhou, and Hong Kong’s New World Development backs an emerging-market data centre venture.
Bank of America has filed a motion to dismiss the Chapter 11 cases of Eagle Hospitality Real Estate Investment Trust (EH-REIT) and Eagle Hospitality Trust (EHT) Singapore entities Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2.
The bank is the administrative agent of EH-REIT’s $341 million prepetition syndicated credit agreement, the trustee of EH-REIT said on Tuesday in a bourse filing. Read more>>
Perennial Holdings, together with its partners, has won a tender to develop a plot of land adjacent to the south square of the upcoming Hangzhou West High Speed Railway Station, the Business Times understands.
The tender, priced at RMB 2.873 billion ($440 million), covers a total land area of 96,931 square metres (1,043,357 square feet). Read more>>
Hong Kong property giant New World Development has formed a joint venture that will establish a pan-Asian network of data centres in emerging markets, helping close the infrastructure gap with the West and connect a fast-growing population of digital consumers in the region.
Called Turbidite and co-founded by telecom industry veterans Bill Barney and Wilfred Kwan, the venture will focus on developing so-called edge data centres, which are carrier-neutral and support the online businesses of multinational corporations, large internet companies and global hyperscale data centre operators. Read more>>
A 10,804 square foot (1,004 square metre) flat in Hong Kong’s exclusive The Peak neighbourhood has been leased for HK$1.35 million ($174,036) a month, Wharf Holdings, the landlord, said on Tuesday.
The rent for House No.1 at 11 Plantation Road translates to HK$125 per square foot, which makes it the most expensive in per square foot terms so far this year, agents said. In July last year, an 11,002 square foot house at Mount Kellett Road on The Peak was rented out for HK$1.4 million, or HK$127 per square foot. Read more>>
The Securities Investors Association of Singapore on Tuesday announced that it was exploring the possibility of having the unitholders of Eagle Hospitality Trust represented in EHT’s bankruptcy case by an official committee.
David Gerald, president and chief executive of the association, said in the announcement that the first step towards petitioning for appointment of an official committee is for EHT unitholders to form an informal steering committee comprising two to 10 unitholders, and ideally those who are “significant holders of EHT’s equity”. Read more>>
The proposed conversion of five parcels of commercial land at the former international airport site to residential use would incur a loss of 4.5 million square feet of office space, a move that could deal a blow to the role of Kai Tak in the transformation of East Kowloon into Hong Kong’s second core business district.
The rezoning of the five commercial plots would yield about 5,800 private flats, according to Financial Secretary Paul Chan’s budget unveiled last Wednesday — reducing the amount of commercial space originally planned for Kai Tak by about a fifth. “Kai Tak is no longer what we thought or dreamt it would be,” said Alex Leung, senior director at CHFT Advisory and Appraisal. Read more>>
A freehold 10-storey residential block, Fortune Park, has been put up for collective sale with an indicative price tag of between S$115 million and S$118 million ($86.5 million and $88.7 million), said sole marketing agent ERA Realty Network.
Comprising 68 apartments, the property has a land area of 44,878 square feet (4,169 square metres), which brings the price per square foot between S$1,140 and S$1,170 after factoring a 7 percent bonus gross floor area incentive. Read more>>
Singha Estate, a Thai property investment and development company, has revealed its hopes to triple its annual revenue by widening the scope of its business interests and integrating its traditional property businesses with industrial estates, power generation, engineering services and other related businesses.
Chief executive Thitima Rungkwansiriroj said Singha Estate aims to take annual revenue to THB 20 billion ($660 million) over the next three years and take assets from THB 65 billion to THB 80 billion. Read more>>