In our latest roundup of regional news headlines, Caesars cashes in its entire stake in a planned Korean casino project, logistics giant GLP secures green financing from a syndicate of banks, and Hong Kong developers report subdued demand for apartments to begin the Year of the Ox.
US-based casino brand Caesars Entertainment has disposed of its entire stake in a planned casino scheme for Incheon, South Korea, to its former partner, Hong Kong-listed Guangzhou R&F Properties Co Ltd. The project, which had been known as Caesars Korea Resort Complex, was due to have a foreigner-only casino.
The disposal occurred in late January, confirmed to GGRAsia by an official from the Incheon Free Economic Zone Authority, the public body overseeing the site. The official — who asked not to be identified by name — was unable to clarify what consideration, if any, was involved in the disposal. Read more>>
Global logistics property player GLP has obtained its first sustainability-linked (SL) loan of $658 million from 10 undisclosed banks that took part in the deal.
The three-year revolving credit facility is the largest SL loan for the real estate sector in the Asia-Pacific region excluding Japan, lead sustainability structurer and coordinator ING said in a press statement on Monday. Read more>>
Queen Astrid Gardens has been relaunched for collective sale again with a lower reserve price of S$123.8 million ($93.6 million), S$3 million less than the guide price listed in September 2020, exclusive marketing agent Knight Frank announced on Monday.
The four-storey condominium sitting in the Queen Astrid Park Good Class Bungalow Area has a site area of 5,782 square metres (62,237 square feet). This brings the property to a price of about S$1,989 per square foot on the land area. Read more>>
Hong Kong’s homebuyers made a tentative return to the market, giving their collective cold shoulder to older projects but picking up flats at a new launch to give a mixed response to the city’s first property sales in the Year of the Ox.
In Tuen Mun in the New Territories, Hong Kong Ferry Holdings and Empire Group sold 76 flats, or nearly 60 percent of the 128 units on offer, at the second-round sales launch of Skypoint Royale, with as many as 32 buyers bidding for every available flat, agents said. Read more>>
Hong Kong-listed Suncity Group Holdings has offloaded its mainland China property development business as it continues to focus on its growing Asian hospitality interests.
Suncity revealed overnight that it has reached an agreement to sell its entire interest in Access Achievement Ltd and all associated subsidiaries, including its principal asset Sun Century Property, for RMB 155.3 million ($23.9 million). Sun Century owns Hong Long Plaza and property development arm Shenzhen Zirui, which holds unsold units at a development in Shenzhen called Le Paysage. Read more>>
Realty firm Mahindra Lifespace Developers will invest INR 500 crore ($69 million) to build a new housing project in Pune as it seeks to expand business amid a strong recovery in the residential real estate market, a senior company official said.
The company will develop more than 1,000 units in the project, dubbed Happinest Tathawade, which is spread over nearly seven acres (2.8 hectares) of land. The project will be developed in two phases, with first one comprising over 600 apartments. Read more>>