In today’s roundup of regional news headlines, SGX-listed Mapletree Industrial Trust has cut distributions despite rising income and a key Singapore official defends the city-state’s latest property tax hike. Over in the US, Japan’s MUFG is putting up for sale a nearly empty San Francisco office tower and GLP announces a LEED Platinum warehouse in Beijing.
Singapore-listed Mapletree Industrial Trust recorded a 1.7 percent decrease in distribution per unit for its fiscal year despite improvement in net property income.
According to its latest business updates, MIT’s NPI rose 9.7 percent year-on-year to S$518 million. But the REIT’s DPU fell to S$0.1357 from S$0.1380 the year before. Read more>>
Property investment demand in Singapore is rising after falling back in the last few years, and adding stress to the local housing market. So the government has moved to crimp investment demand — from both local and foreign buyers — to prioritise Singaporeans looking to buy homes for their own occupation, Minister for National Development Desmond Lee said Thursday.
The increase in Additional Buyer’s Stamp Duty rates for residential properties kicked in from Thursday. Foreign investment in residential property made up 7 percent of all private housing transactions in the first quarter of 2023, Lee said. Read more>>
Embattled developer China Evergrande said Thursday that holders of more than 77 percent of its Class A offshore debt by value submitted support for its restructuring proposal.
Evergrande said it would extend the deadline for receiving an incentive to 5pm Hong Kong time on 18 May. Read more>>
Singapore has the highest property tax rate for foreign buyers among major global markets after the city-state doubled the duty on Thursday.
The 60 percent Additional Buyer’s Stamp Duty that foreigners now pay for a home in Singapore means the city’s levies exceed those of other international hubs including Hong Kong, London and New York by a large margin, Savills said. Read more>>
Before the pandemic, San Francisco’s California Street was home to some of the world’s most valuable commercial real estate. The corridor runs through the heart of the city’s financial district and is lined with offices for banks and other companies that help fuel the global tech economy.
One building, a 22-storey glass and stone tower at 350 California Street, was worth around $300 million in 2019, according to office broker estimates. That building, owned by Japanese finance giant MUFG, is now for sale, with bids due soon. They are expected to come in at about $60 million, commercial real estate brokers say. That’s an 80 percent decline in value in just four years. Read more>>
GLP has received the Leadership in Energy and Environmental Design (LEED) Platinum certification for GLP Beijing Yizhuang Data Center.
This is the highest level of certification by LEED, the most widely used green building rating system in the world. GLP Beijing Yizhuang DC is one of the few data centre infrastructure projects in China to achieve this level of certification, GLP said Friday. Read more>>
Frasers Property Industrial has launched two new industrial estates in Australia: Edge, a premium estate spanning 74.4 hectares (183.8 acres) at Kemps Creek in Western Sydney, and Westcourse, a 23.4 hectare estate at Cobblebank in Melbourne’s outer west.
Both developments come in light of strong market conditions and customer demand for high-quality industrial assets in tightly held, sought-after locations. Read more>>