Tembusu Grand attracted strong interest during its two-week preview (Image: City Developments Ltd)
In today’s roundup of regional news headlines, buyers rush to the latest residential project by CDL and Hongkong Land in Singapore’s Katong area, and Blackstone-backed India retail trust Nexus REIT reportedly readies its IPO.
Tembusu Grand Sells More Than Half of Units During Launch Weekend
Tembusu Grand, the first new launch in Singapore’s Katong area this year, sold 340 of its 638 units during its launch weekend, according to City Developments Ltd and Hongkong Land subsidiary MCL Land.
The 340 units, amounting to 53 percent of the project’s available homes, transacted at an average sale price of S$2,465 ($1,855) per square foot. About 90 percent of the buyers were Singaporeans, while the remaining 10 percent were permanent residents and foreigners from China, Malaysia, the US and other countries. Read more>>
Blackstone-Backed Nexus REIT Readies $488M IPO
Nexus Select Trust REIT, India’s maiden real estate investment trust with retail properties, is set to launch its initial public offering, a media report said.
The Blackstone-backed REIT plans to raise more than INR 4,000 crore ($488 million) via the IPO in the first week of May, the Economic Times reported, citing people with direct knowledge of the development. Read more>>
Institutional Investment in India Real Estate Up 37% From Last Year
Institutional investment in India real estate rose 37 percent to $1.65 billion during the January-March quarter, driven by higher inflow into office and housing properties, according to Colliers.
Inflows stood at $1.2 billion in the same period last year, the consultancy said. Foreign investors preferred to deploy funds in office assets, while domestic players put more money into housing. Read more>>
Singapore Tax Authority Probes Property Deals for Stamp Duty Avoidance
The Inland Revenue Authority of Singapore is investigating property transactions under an audit to uncover cases of avoidance of stamp duty, the agency said last Thursday.
It is looking into “various forms of property holding arrangements”, including “scenarios where buyers purchase properties under a contrived or artificial arrangement in order to reduce or avoid the additional buyer’s stamp duty (ABSD), or any other form of stamp duties they have to pay”, IRAS said. Read more>>
Temasek Buys 33% Additional Stake in Manipal Hospitals
Temasek Holdings has become the majority shareholder in India’s Manipal Hospitals by acquiring an additional 33 percent stake, according to a media report.
The Singapore state-owned investor bought the stake from the hospital chain’s promoters and existing shareholders. Read more>>
Mirae Should Think Twice About Manulife Deal: Columnist
The brief positive reaction in the market last month to news that Manulife US REIT’s manager might be acquired by Mirae Asset Global Investments was something of a surprise to me.
While Manulife US REIT has performed very poorly with the backing of Manulife Group, any new sponsor group that forks out a substantial amount of money for the manager will likely be motivated to rapidly expand the trust’s portfolio — which could mean dilutive placements and rights issues. Read more>>
Competition in Singapore Co-Living Sector Cranks Up
Demand for co-living spaces in Singapore levelled up over the last two years. But with more operators pushing into the niche residential space, competition has cranked up at a time when demand may be pulling back.
A wave of demand originated from Singaporeans turning to co-living as a more affordable solution when residential rents surged in 2021 and 2022. Operators also saw local renters who were waiting for their flats to be completed, and young professionals driven to look for space to work from home. The recent boost, however, may be winding back. Read more>>
Life Science Property Investors in China Expect Steady Growth
Life science property investors in China expect the sector to grow steadily in 2023 despite a plunge in biotech financing last year that has weakened leasing activity.
Their confidence is underlined by the resilient rental performance of life science real estate and companies’ solid spending on research and development, which is likely to drive demand for better laboratory facilities in industry parks. Read more>>
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