CDL Hospitality Trusts has picked up the Hotel Brooklyn in Manchester
In today’s roundup of regional news headlines, SGX-listed CDL Hospitality Trusts acquires a hotel in England, Singapore’s Q Investment Partners offloads student housing assets in Scotland, and Chinese authorities broaden property lending support to bigger cities.
CDL Hospitality Trusts Buys UK Hotel for $32M
Singapore-listed CDL Hospitality Trusts has indirectly acquired a four-star hotel in Manchester. The total acquisition cost is £24.1 million ($32 million), the managers said in a bourse filing.
The purchase consideration, which is subject to post-completion adjustments, amounts to £4.3 million — of which £3 million has been paid to the seller of the property. The remaining £1.3 million has been retained until certain conditions are met. Read more>>
Q Investment Partners Sells Edinburgh Projects to Core Fund for $58M
Private equity real estate firm Q Investment Partners on Tuesday announced its exit from two purpose-built student accommodation projects in Edinburgh.
With a combined value of £40 million ($58 million), the projects have been sold to a core-plus equity fund managed by Singapore-based QIP and backed by a consortium of institutional investors. Read more>>
China Broadens Real Estate Lending Support to Bigger Cities
China’s efforts to prop up the beleaguered real estate market are expanding to some of the country’s largest cities, with authorities moving to stem the economic damage from the slump.
The Shanghai branch of China’s central bank urged commercial banks to accelerate real estate loans and ensure growth in both residential mortgages and loans to developers over the next few months, people familiar with the matter said Tuesday. Meanwhile, banks in the southern metropolis of Guangzhou have started cutting mortgage rates for some homebuyers. Read more>>
Knight Frank Expands Private Client Advisory Business to Singapore
Knight Frank has expanded its private client advisory business in Singapore, establishing its fourth private client office globally, the real estate consultancy said in a press statement on Tuesday.
The Singapore private office comes after the launch of the New York location in December 2021. Read more>>
Thai Property Sector Recovery Delayed Amid Omicron
Thailand’s property market may not return to pre-pandemic levels until 2024, due to a slower-than-expected economic recovery amid a new coronavirus outbreak and higher inflation, according to the research unit of the country’s Government Housing Bank.
In November, the research centre had forecast the property market to normalise in 2023 after an easing of mortgage rules to revive a key sector that accounts for about 10 percent of GDP and employs 2.8 million people. Read more>>
Cantopop Star Joey Yung Sells Hong Kong Flat at a Loss
Cantopop star Joey Yung has sold her flat in Causeway Bay at a loss of HK$1.1 million ($140,966), according to sources familiar with the deal, joining a wave of Hongkongers selling their homes for a loss as they flee the city’s worsening COVID-19 situation.
The one-bedroom, 465 square foot (43 square metre) flat at Park Haven, which was held by a company jointly owned by Yung and her mother, sold for HK$10.25 million, the sources said. The selling price was 9.7 percent below the HK$11.35 million paid for it in 2012. Read more>>
SG Residential Mortgagee Sales Expected to Spike as Prices Plateau
Several prime residential properties in Singapore are going on the block this week in mortgagee sales — and industry players see more such bank sales in the second half as deferred payment plans end.
Marketing agent Knight Frank’s lineup boasts a four-bed duplex penthouse at Marina Bay Residences with a guide price of S$12.6 million ($9.4 million) and a 2.5-storey bungalow at Sentosa Cove priced at S$10.75 million. Read more>>
Elite Commercial REIT Reports Net Property Income Rose 62%
Elite Commercial REIT said its second-half net property income rose 62 percent year-on-year to £18.34 million (now $24.9 million), driven by the REIT’s first acquisitions and a lower tax rate.
Revenue for the six months ended 31 December increased 61.7 percent year-on-year to £18.84 million, the UK-focused REIT said in a filing with the Singapore Exchange. Read more>>
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