AMK Hub in Ang Mo Kio is part of the Mercatus portfolio
In today’s roundup of regional news headlines, Singapore’s CapitaLand and Hong Kong’s Link REIT are reportedly working on bids for a $3 billion portfolio of shopping malls in the Lion City, while developer Chip Eng Seng pulls the plug on a Western Australia mixed-use project out of cost concerns.
CICT, Link REIT Said Vying for $3B in Singapore Malls
CapitaLand Integrated Commercial Trust and Link REIT are among bidders vying for NTUC Enterprise Co-operative’s S$4 billion ($2.9 billion) portfolio of shopping malls in Singapore, people with knowledge of the matter said.
CICT is sounding out sources of financing for the prospective transaction, while Hong Kong’s Link REIT is working with an adviser on a potential bid, said the people, who asked not to be identified discussing private information. Read more>>
Chip Eng Seng Scraps Mixed-Use Project in Perth, Citing Rising Costs
Property developer Chip Eng Seng is terminating its sale contracts with purchasers of units in 28 Lyall South Perth, a proposed mixed-use development in Western Australia by the group’s 70 percent-owned joint venture subsidiary.
Based on expressions of interest issued and sale contracts signed, about half of the residential units for the project have been sold since it was launched for sale in August 2020. Read more>>
Evergrande Says Hengchi EV Preorders Top 37,000
China Evergrande New Energy Vehicle Group said Wednesday that it had received non-binding preorders for more than 37,000 units of its first model, the Hengchi 5.
Preorders for the Hengchi 5 have far exceeded the company’s expectations, president Liu Yongzhuo said at an online event. Read more>>
Evergrande Struggles With Restructuring as Creditor Patience Wears Thin
China Evergrande has yet to reach an agreement with its international bondholders over a restructuring of the troubled property giant, according to people familiar with the matter, as a self-imposed July deadline to unveil a preliminary plan looms.
The Chinese developer, which has more than $300 billion in liabilities, defaulted on its dollar bonds in December 2021 after months of liquidity problems. In late January, after creditors demanded updates and threatened to sue the company, Evergrande pledged to release a preliminary restructuring plan within six months. Read more>>
Redevelopment of Singapore’s Keppel Club to Get More Green Space
More green spaces will be added along the eastern part of the Keppel Club redevelopment site in Singapore to provide an alternative connection for birds, a key official said Wednesday.
The idea to add more green spaces had come from the public, who provided feedback after an Environmental Impact Study was conducted at the site and its findings were released, National Development Minister Desmond Lee said in a Facebook post. Read more>>
CEO of Singapore’s Sinjia Land Assisting With CAD Probe
Singapore-listed Sinjia Land’s group chief executive, Cheong Weixiong, was recently interviewed by authorities in connection with an offence under the Securities and Futures Act.
In a bourse filing on Wednesday evening, the backpacker hostel operator said it received a letter dated 19 July from the Commercial Affairs Department and the Monetary Authority of Singapore requiring the company to provide certain information and documents relevant to the investigation. Read more>>
Sabana REIT H1 DPU Up 7.4% Amid ‘Improved’ Portfolio Value
Sabana REIT on Wednesday posted a first-half distribution per unit of S$0.0159 ($0.01), up 7.4 percent year-on-year.
Donald Han, chief executive of the trust’s manager, said the company has “improved” on its portfolio value over the past six months, which has translated to a higher net asset value per unit and higher net property income. “Together, these have enabled us to reward unitholders with a higher DPU,” he said. Read more>>
Hong Kong to Cut Lawyer Role in Mortgage Transfers in Pilot Plan
Hong Kong’s de facto central bank will formally cut out law firms as the middlemen in the transfer of residential mortgage payments, as it establishes a pilot plan to make remittances easier and faster and to protect property buyers.
Banks will be able to transfer approved mortgage loans directly, bypassing law firms through the Payment Arrangements for Property Transactions plan. Read more>
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