Singapore’s Golden Mile Tower has taken a step toward new ownership
In today’s roundup of regional news headlines, the collective sale of Singapore’s Golden Mile Tower enters the negotiation phase after its tender closes, and a Korean activist fund agrees to acquire Seoul-based Meritz Asset Management.
Golden Mile Tower Owners in Private Talks After S$650M En Bloc Tender
The owners of Golden Mile Tower on Singapore’s Beach Road have entered a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Monday with a few expressions of interest.
The property’s S$650 million ($488.2 million) reserve price translates to S$1,550 per square foot per plot ratio. There is no additional buyer’s stamp duty payable for buying the site, as it is zoned for commercial use. Read more>>
Korean Activist Fund Buying Meritz Asset Management for Reported $40M
A consortium led by Korea Corporate Governance Improvement Fund, a local activist fund, said Monday that it signed a share purchase agreement last Friday to acquire a 100 percent stake, or 2.6 million shares, in Meritz Asset Management.
The deal value was not disclosed, but market watchers said it amounts to KRW 50 billion ($40.2 million). The consortium includes local construction company Hwasung Industrial, sources said. Read more>>
China’s Jiayuan Preparing Case Against Winding-Up Petition
Jiayuan International is in the course of preparing an affirmation setting out all the relevant reasons in support of its opposition to a winding-up petition filed against the group.
“As at the date of this announcement, no settlement (written or verbal) has been reached between the company and the petitioner,” Jiayuan said in a Tuesday filing with the Hong Kong stock exchange. Read more>>
Row of Singapore Shophouses for Sale at $46.6M
A row of five adjoining two-storey shophouses, located at a corner plot of Singapore’s Joo Chiat area, has been put up for sale at an indicative price of S$62 million ($46.6 million). This translates to about S$12.4 million per shophouse.
The freehold properties are to be sold on a collective basis and sit on five individual land titles with a combined land area of 6,185 square feet (575 square metres). Read more>>
One Holland Village Residences Achieves 80% Sales in Singapore
The consortium behind Singapore’s One Holland Village has sold 237 out of 296 units or 80 percent of the project’s residential component since sales started in November 2019, describing the sales as “a strong take-up” rate.
The retail component of the 99-year leasehold mixed-use development has also attained 82 percent expected occupancy ahead of its launch by the end of this year. Read more>>
Singapore Finance Ministry Invested $52B in Temasek Over Last 20 Years
Singapore’s Ministry of Finance invested about S$70 billion ($52.6 billion) in new Temasek shares as capital injections into Temasek Holdings over the past 20 years.
This was revealed by Finance Minister Lawrence Wong in response to questions filed by MP Leong Mun Wai on the total amount of capital injection by MOF into Temasek Holdings in the last 20 years and the reasons for the capital injections. Read more>>
Kaisa Says 2021 Annual Report Pending Final Review
Kaisa Group said its auditor is making a final review of the company’s annual results for 2021.
The Chinese developer is also working on the interim results for the six months ending June 2022. Read more>>
Chinese Developers Face $141B in Maturing Bonds This Year
Chinese developers are facing growing pressure on debt repayment as RMB 958 billion ($141 billion) of onshore and offshore bonds come due by the end of this year, data from a property think tank show.
The figure is RMB 70 billion more than last year, Liu Shui, a senior researcher at the China Index Academy, wrote in a note on Monday. Bonds issued in the onshore market account for nearly two-thirds of the total, the academy said in a separate report on Friday. Read more>>
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