In Mingtiandi’s latest roundup of regional news headlines, BlackRock and Australian partner Primewest complete the purchase of a storied office building in Perth, competition heats up among marketing agencies handling en bloc sales in Singapore, and Hong Kong’s housing market shows signs of recovery driven by buyers from mainland China.
Australia’s Primewest has confirmed its A$260 million ($202 million) purchase of the landmark Perth office tower at 140 St Georges Terrace from the AMP Capital Diversified Property Fund, which is set to be merged with the Dexus Wholesale Property Fund after a near-unanimous vote by its unitholders on Tuesday.
The ASX-listed fund manager said it had formed a joint venture with a fund advised by BlackRock Real Assets and had successfully exchanged contracts on the 28-level, A-grade property, which AMP has owned since 1910. Read more>>
JTC has launched two sites under the first half of the 2021 industrial government land sales (IGLS) programme, it said Tuesday.
The site at Gul Avenue (Plot D) is the second of three confirmed list sites for the first half of the 2021 IGLS programme and is up for tender. Read more>>
Dexus has triumphed in its bid to wrest control of the A$5.4 billion ($4.2 billion) wholesale property managed by AMP Capital, leaving the parent AMP business wounded.
The deal will enable Dexus Wholesale Property Fund to own interests in some of the most sought-after trophy assets across the country, including the A$2 billion Quay Quarter Tower in Sydney’s Circular Quay and Westfield Warringah Mall shopping centre on the northern beaches. Read more>>
Competition is stiffening among marketing agencies in Singapore’s collective-sale scene, with both incumbents and newcomers eager to grab a piece of the action amid renewed buying and selling interest.
Fresh faces joining the crowded arena have, at times, pushed into the scene by undercutting rivals on the commission rates or terms of appointment. That has also meant them proposing “unrealistically” high reserve prices as they vie for jobs, agents told the Business Times. Read more>>
Hong Kong’s housing market is showing signs of recovery thanks to “new Hongkongers” from mainland China, analysts said.
These are residents who have recently acquired permanent residency in the city. Their property purchases are helping to offset a slowdown in home prices caused by increased emigration, which contributed to more supply and kept prices from rising fast. Both the primary and secondary housing markets have shown an upwards trend in the first quarter of this year. Read more>>
Hong Kong homeowners may sell as much as HK$150 billion ($19.3 billion) worth of property this year when residents emigrate to the UK.
The city is expected to see 13,100-16,300 households move to the UK via their British National (Overseas) visas in 2021, Bloomberg Intelligence said in a report on Tuesday. The number represents 0.9 to 1.1 percent of households living in privately owned homes. Read more>>
SC Global Developments has sold another penthouse at its Hilltops condo in Cairnhill Circle, this time for S$33.5 million ($25.3 million) or S$3,995 per square foot on a strata area of 8,385 square feet (779 square metres).
It is being bought by Chen Liangbin, a Cambodian citizen, and Li Xiaoping, a citizen of China, the Business Times understands. Read more>>
Frasers Property Thailand is investing THB 1.8 billion ($57 million) to acquire and develop a commercial property located at the junction of Silom and Rama IV roads, near Bangkok’s Lumphini Park.
Adjacent to Sala Daeng BTS station and Silom MRT station, the 49,602 square metre (533,911 square foot) mixed-use project will consist of office and retail space serving premium office location demands in the market. Read more>>