Dash Living Raises Cash for APAC Expansion and More Asia Real Estate Headlines

In our latest roundup of regional news headlines, Hong Kong co-living operator Dash raises funds for an expansion into key Asian cities, Singapore-listed Far East Hospitality Trust scores a five-year green loan from a local bank, and South Korean investment manager Meritz arranges mezzanine financing for a Los Angeles skyscraper.

Hong Kong Co-Living Group Raises Funds for Asia Pacific Expansion

A Hong Kong co-living space operator is looking to venture into Tokyo, Sydney and other major Asia Pacific cities after raising $8.8 million amid sustained demand from young professionals and expatriates for dormitory-style shared homes in expensive metropolises.

Aaron Lee, founder of Dash Living, told Nikkei Asia in an interview that the new funding round highlighted investor interest in the booming co-living sector, which has proved resilient amid the COVID-19 pandemic. Dash Living’s residential units in Hong Kong and Singapore have sustained occupancy rates of 90 to 95 percent even during the worst periods of the coronavirus outbreak. Read more>>

Far East Hospitality Trust Secures S$125M Green Loan From OCBC

Far East Hospitality Trust (FEHT) has secured its first sustainability-linked loan facility worth S$125 million ($92.8 million) for a term of five years from OCBC Bank, which is the sole lender for the transaction.

The loan will be used to refinance FEHT’s existing bank borrowings, with the loan’s interest margin tied to selected sustainability targets that were set together with OCBC Bank. They include the reduction in the energy consumption of its portfolio and improvements in the Building and Construction Authority of Singapore’s Green Mark Certification for its properties. Read more>>

Meritz Arranges $60M Mezzanine Loans on L.A. Skyscraper

South Korea’s Meritz Alternative Investment Management has arranged KRW 72 billion ($60 million) worth of mezzanine financing for a skyscraper in downtown Los Angeles from South Korean insurance companies.

The five-year loans are secured on the Gas Company Tower owned by Brookfield Properties, set up jointly with US pension funds, according to financial industry sources. Read more>>

Korea’s Global Real Estate Funds Brace for Losses

The combined balance of overseas real estate investment funds sold in South Korea saw a drop in their net asset value below the original value by KRW 400 billion ($353 million) at the end of last year. It marked the first time for global property funds marketed in the country to log a month-on-month decline in their net value since February 2008, at the height of the global financial crisis.

A total of 854 overseas property funds, including those for both institutional and retail investors, were valued at KRW 59.5 trillion at the end of December 2020, according to the Korean Financial Investment Association. That compared with their original value of KRW 59.9 trillion, based on the value when they were launched. Read more>>

Hong Kong Retail Rebounded in February

Hong Kong’s protracted retail slump finally turned around in February, with sales jumping 30 percent from the same period last year, when they hit a record low as the coronavirus pandemic began to hobble the global economy.

Provisional figures released by the Census and Statistics Department on Tuesday showed that retail sales totalled HK$29.5 billion ($3.8 billion) in February. For the first two months of 2021 combined, retail sales value saw a 2.7 percent rise compared with a year ago. Read more>>

Singapore’s JTC Launches Tampines Site for Tender

JTC has launched one site at Tampines North for tender under the first half of the 2021 Industrial Government Land Sales Programme. It is located at Tampines North Drive 5 (Plot 10) and has a site area of 0.5 hectares (1.2 acres).

The gross plot ratio is 2.5 and it is zoned B2, with a 20-year tenure. The tender closes on 25 May at 11am. Read more>>

Hong Fok Says No Privatisation or Delisting of Company Planned

Property group Hong Fok Corporation, whose shares have spiked on a bullish commentary in The Straits Times, on Monday evening said that contrary to what was written in the article, there was no current intention by the board to explore or undertake any privatisation or delisting.

The group said it has been making purchases of shares in the company through on-market trades on the Singapore Exchange, under the share purchase mandate approved by shareholders at last year’s annual general meeting. Read more>>

Australian Mall Recovery Bolsters SPH REIT’s H1

Quicker recovery in its Australian malls has helped to boost SPH REIT’s first-half performance, as the trust reported a distribution per unit of 1.24 Singapore cents (0.09 US cents) for its second quarter, culminating in a DPU of 2.44 Singapore cents for the first-half period.

This is an improvement from the 1.68 Singapore cents paid out a year ago. Read more>>

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