Co-living leads Asia’s real estate headlines today as Southeast Asia’s largest developer says it will add seven more properties to its shared living space portfolio. One of China’s biggest borrowers also makes the news after issuing $2 billion in bonds at double-digit interest rates and a fugitive Hong Kong developer is also back in the spotlight as he puts a $30 million painting on the market. All these stories and more are here as the region prepares for the lunar new year.
Southeast Asia’s largest developer is expanding its plans for co-living spaces, anticipating greater demand from millennials for affordable accommodation that also offers flexible terms and a sense of community.
Just four months after launching its first co-living space called “lyf” in Singapore, CapitaLand’s Ascott Group, the developer’s serviced residence arm, is planning another seven such properties. Read more>>
China Evergrande Group became the country’s latest property developer to tap international bond markets, offering double-digit yields on up to $2 billion of new dollar debt.
The Hong Kong-listed group sold $1 billion apiece of three- and four-year bonds, priced at par with interest rates of 11.5% and 12% respectively, according to a term sheet on Friday. Read more>>
Thailand’s largest retailer, Central Retail Corp, said Singapore sovereign wealth fund GIC and funds advised by U.S. investor Capital Research Management Company are among international cornerstone investors backing its IPO, worth up to $2.4 billion.
The IPO, first announced in July, comes after Thailand took the top IPO ranking in Southeast Asia in 2019 with $4 billion in fundraisings, according to Refinitiv data. A slew of large issues are in the pipeline for this year. Read more>>
The anonymous seller of a painting from David Hockney’s iconic swimming pool series is the Hong Kong real-estate tycoon Joseph Lau, according to a report by Katya Kazakina from Bloomberg News.
Hockney’s 1966 work A Splash is one of the most expensive offerings to appear in Sotheby’s contemporary art sale in London on February 11, where it is estimated to sell for £20 million–£30 million (around $26.1 million–$39.2 million). It last came to auction in 2006 at Sotheby’s, when it was acquired by whom the auction house identified as its current owner for £2.9 million. Read more>>
Office rents in Hong Kong’s Central district, the world’s most expensive commercial property market for a fourth straight year in 2019, might plunge by up to 40 per cent by 2022, according to the most pessimistic forecast yet.
“Office rents in Central and other mature decentralised areas are likely to continue falling – by around 30 per cent to 40 per cent over the near to medium term” in the next two to three years, said Harry Tan, head of research for Asia-Pacific at London-based real estate investment manager Nuveen Real Estate. Read more>>
China’s largest property developer by sales Country Garden is planning to start mass production of construction robots next year to cut costs and raise efficiency, it said on Friday.
The group, which started investing in robotics research and development in 2018, said it aims to have at least one robot at each of its sites across the nation. Read more>>
An upscale shopping mall vandalised last year during Hong Kong’s anti-government protests reopened on Thursday, but much was still to be fixed despite a closure of more than two months.
Returning for the first time, shoppers at Festival Walk in Kowloon Tong browsed in similar numbers to those before the mall was forced to shut on November 13, according to shop workers. Read more>>