The country of love leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a Singapore-listed real estate investment trust has finalised the acquisition of three offices in France for €80 million, part of a €247 million deal announced last month.
In other news around the region, a Chinese oil tycoon has bought an Australian hotel for $46 million, and a Singapore repository for art and jewellery where JPMorgan Chases keeps its gold stash is being sold for $74 million, while a proposed tax law targets property speculators in China.
Elsewhere, a Hong Kong developer launches its first residential development in almost three decades, selling flats for the cheapest prices in Tai Po.
Cromwell European Real Estate Investment Trust, a Singapore-listed REIT managed by Cromwell Property Group, has completed the acquisition of three freehold office properties in Greater Paris, France, which cost some €80.3 million ($90 million) in total, its manager said in a stock exchange filing.
This was through the direct acquisition of the Lenine asset and the acquisition of all the shares of two companies that hold the Paryseine asset and the Cap Mermoz asset. Read more>>
Hayman Island’s Malaysian owner Mulpha has sold the Rydges Esplanade hotel in Cairns for A$65 million ($46 million) to a company co-directed by Chinese oil boss Zhenxiang Huo.
The recently upgraded Rydges-managed 4-star hotel with 242 guest rooms on Abbott Street was put up for sale in July last year with an asking price of more than $70 million. Read more>>
Le Freeport, a multi-storey repository in Singapore for fine art, precious gems and even JPMorgan Chase’s stash of gold, has been seeking a buyer since as far back as 2017, so far without success, according to people familiar with the matter.
Owner Yves Bouvier, a Swiss art dealer, has been embroiled in a five-year legal brawl with a Russian billionaire and has been selling assets. Opened in 2010 at a cost of about S$100 million ($74 million), the vault sits on a large tract of government land with direct access to the runways of Changi Airport. Read more>>
Commercial developer Great Eagle Holdings is offering its first residential project in three decades with prices below the prevailing rate, having secured the land in Tai Po for a record low five years ago.
The builder, best known for its portfolio of hotels, is selling flats at the Ontolo project at Pak Shek Kok for a little as HK$11,446 ($1,467) per square foot, the cheapest on the market in the upscale area near the Science Park. Read more>>
Intensive government interventions creating unfavourable housing market conditions for foreign investment in Metro Vancouver have prompted a surge in Mainland Chinese investors down south to Seattle.
Despite new capital controls imposed by Beijing in recent years to reduce of outflows from China to foreign markets, some Mainland Chinese are still seeking safe places to park their capital, with many choosing foreign housing markets. Read more>>
General contractor Webcor Construction is suing the developer of the $1 billion Metropolis mixed-use project in downtown Los Angeles for alleged unpaid bills, The Real Deal reported.
Webcor claims that Greenland USA, the US arm of China-based Greenland Group, owes it $9.8 million for work performed under a negotiated $436 million contract that was supposed to cover the costs of extra and change order work plus expenses associated with any delays on the project’s Tower I and Tower II condominium projects. Read more>>
GIC is in preliminary talks with GVK promoter group to acquires its stake in Taj-GVK Hotels and Resorts as the Singapore sovereign wealth fund looks to consolidate its position in the Indian hospitality sector.
GIC, which already has an investment platform with Indian Hotels, a Tata Group firm and owner of the Taj, is expected to mandate the Indian partner to run the operations. The sovereign wealth fund entered the fray after GVK’s negotiations with Fairfax didn’t gather pace, according to people familiar with the matter. Read more>>
A draft law covering China’s land appreciation tax will extend the current four-tier tax system and bring real estate built on collectively owned land within the scope of taxation.
The draft shows the country’s resolve to curb property speculation, and it provides supplementary regulation of rural collectively owned land that will be transferred into the housing market, according to analysts. Read more>>