Leading today’s roundup, Dalian Wanda Group may have stepped back from its ambition to crush Disney in China’s theme park market, but that hasn’t stopped the developer from launching a 34,000 square metre indoor amusement park designed by KCC Entertainment in the eastern city of Nanjing. Also in the headlines, one of Singapore’s biggest non-government investment firms takes a stake in Savills Investment Management’s latest fund, and e-commerce titan Alibaba is teaming up with Beijing to bring a technological edge to the city’s retail scene — but there’s news below to give you pause about shopping in central China.
Award-winning experience design company, KCC Entertainment, is celebrating the opening of the Wanda Nanjing Indoor Theme Park in China. The park is the entertainment hub of a brand new mixed-use development by the country’s Wanda Group.
The Nanjing opening marks the latest collaboration between KCC Entertainment and China’s largest real estate and cultural development corporation. The new destination was opened by Chinese government officials on Friday. Aside from the Wanda Nanjing Indoor Theme Park, the development comprises a shopping mall, hotel, restaurant and residential accommodation. The park has a footprint of 34,000 square metres and features over 22 attractions. Read more>>
The Straits Trading Company will be investing in a fund managed by international property fund manager Savills Investment Management, via an indirect subsidiary. Straits Trading announced on Tuesday that its subsidiary, Straits Real Estate Pte Ltd (SREPL), through its wholly-owned subsidiary, SRE Venture 7 Pte Ltd (SRE Venture 7), has agreed to subscribe for the Savills Investment Management Japan Value Fund II, LP.
SRE Venture 7 will commit up to 8.0 billion yen ($73 million). The fund, which will be managed by Savills Investment Management Japan Value Fund II GP, is a limited partnership established in Singapore that focuses on acquiring office assets in the Greater Tokyo area and other cities in Japan, Straits Trading’s announcement said. Read more>>
Owners of the 226-unit Spanish Village development have launched the freehold residential site for collective sale, at S$882 million ($660 million). The asking price reflects a land rate of S$1,721 psf per plot ratio (ppr), inclusive of a development charge of about S$30 million.
However, if the 10 percent additional gross floor area (GFA) for the balcony area is included, the land rate will be reduced to S$1,659 psf ppr, including an additional development charge of around S$55 million, says Edmund Tie & Company (ET&Co), which is marketing the property. Read more>>
Alibaba has signed a strategic partnership with Beijing to turn the capital into a “city of new retail,” according to KrASIA. Alibaba will apply technologies including big data, cloud computing, artificial intelligence (AI) and online mapping across the municipality.
Beijing will serve as a test bed for several of Alibaba’s brands, including the Tmall e-Commerce supermarket offering one-hour delivery for neighboring communities, and Hema Xiansheng, a new convenience store concept with plans to open 30 locations in the city. Read more>>
A large shopping centre in China was turned into an inferno over the weekend after a fire engulfed it for more than two days. Over 1,000 firefighters and 200 fire engines were sent to the six-storey building to put out the flames in Sichuan Province.
No casualties have been reported. The fire occurred in the Tatuo Market, a wholesale market in the city of Dazhou that sells clothing, fashion accessories, home appliances, etc. Read more>>
Freehold Katong Plaza will be launched for collective sale tomorrow with a S$188 million price tag, sole marketing agent Huttons Asia announced yesterday.
The expected price translates to S$1,969 per square foot per plot ratio for the mixed commercial and residential development, after factoring in the payable development charge. The public tender closes at 2pm on July 16. The site has a land area of 34,044 square feet with a gross plot ratio of 3.0, and can yield a possible 102,133 sq ft of gross floor area (GFA) after redevelopment, Huttons Asia’s head of investment sales Terence Lian said. Read more>>