In the top drawer of today’s roundup of regional news headlines, private equity heavyweight Blackstone finalises the terms of its big asset buy in India, a prime office floor in Singapore’s Suntec City goes on the market, and Chinese e-commerce giants join forces with property developers to sell discounted homes amid Singles’ Day hype.
US private equity major Blackstone Group and realty developer Prestige Group have finalised the terms of a $1.5 billion transaction in one of the largest real estate portfolio deals in India.
The deal, expected to be concluded by the end of 2020, will see Blackstone acquiring over 21 million square feet (2 million square metres) of completed and under-construction office projects and retail malls, said two people with direct knowledge of the development. Read more>>
A prime office floor spanning about 9,989 square feet (928 square metres) at Suntec Tower Two has been put on the market, carrying a guide price of S$33 million ($24.5 million).
That works out to an average price of S$3,303 per square foot based on strata area, said exclusive marketing agent Savills Singapore. Read more>>
Some of China’s biggest e-commerce platforms are teaming up with property developers to sell homes at discounts during this year’s Singles’ Day shopping festival.
The event, held on 11 November every year, was started by e-commerce giant Alibaba Group Holding in 2009 and has since surpassed other shopping events such as “Black Friday” and “Cyber Monday”. Read more>>
Transport International and Sun Hung Kai Properties are to jointly develop a project in Tuen Mun at a cost of HK$5.8 billion ($750 million).
Under the agreement, Transport International will sell half its stake in an industrial property in Tuen Mun, held by its subsidiary TM Properties Investment, to SHKP for HK$750.5 million. Read more>>
Real estate developer and manager Frasers Property has posted a 66.4 percent drop in net profit to $188.1 million for the full year ended 30 September 2020 from $560.3 million a year ago.
CapitaLand has launched a global open call for sustainability innovation in its inaugural CapitaLand Sustainability X Challenge (CSXC) to accelerate sustainability innovation and collaboration within the built environment. This is the first sustainability challenge by a Singapore real estate company on a global scale. Companies across the world with suitable sustainability innovations can participate in the CSXC from now until February 2021.
Two winning solutions, the High Impact Award and the Most Innovative Award, will be announced during the grand finale in May 2021. They will each receive S$50,000 ($37,075) to fund their projects, mentoring by a CapitaLand business leader and the exclusive opportunity to pilot, test and implement innovations at select CapitaLand properties in over 220 cities and 30 countries. Read more>>
Listed Singaporean developer Wee Hur is looking past COVID-19 and a slump in overseas students in Australia to buy a A$46.1 million ($33.6 million) site in Sydney’s inner-city suburb of Redfern with plans to develop the property into university accommodation.
The 1,366 square metre (14,704 square foot) site at 104-116 Regent Street, which had been owned by BP Australia, was bought by Sydney-based property investment management group Intergen Property Group on behalf of the Singaporean group. Read more>>
A surge in revenue from sales at its Clementi condominium helped improve SingHaiyi Group’s bottom line for the April-September period.
The real estate developer’s net loss narrowed to about S$4.6 million ($3.4 million) for the six months, from a S$12.8 million net loss a year ago. Loss per share stood at 0.109 Singapore cents for the first half of FY2021, compared with a loss per share of 0.302 cents in the year-ago period. Read more>>