In today’s roundup of regional news headlines, a pricey piece of Hong Kong land picks up five bids at a government tender, luxury brand Prada plans to exit one of its largest Shanghai storefronts, and Singapore’s Keppel Corp assumes full management control of a condo venture in Ho Chi Minh City.
Site on Hong Kong’s Peak Draws 5 Bids
The five bids for a rare plot of land in Hong Kong’s upmarket The Peak district were in line with expectations and hinted at optimism about the city’s luxury residential market, analysts said.
The government tender for the plot at 9 and 11 Mansfield Road closed on Friday and could fetch up to HK$7.5 billion ($970 million). The land is next to 2,4,6 and 8 Mansfield Road, where some of Hong Kong’s civil servants were previously housed. Read more>>
Prada to Close Shanghai Plaza 66 Store
Italian luxury brand Prada has announced it will not renew the lease on one of its largest Shanghai storefronts, located in the city’s Plaza 66 mall. The store will close for business this week.
The high-profile location, on major shopping strip Nanjing West Road, is considered one of Shanghai’s premier luxury malls. Owner Hang Lung Group recently reported that Plaza 66 saw retail sales rise by 60 percent in 2020 versus a year earlier, with a concurrent 34 percent climb in rental revenue for the same period. Read more>>
Keppel Corp Acquires Remaining 25% Stake in VN Project for $31.7M
Keppel Corporation announced that Elaenia, a wholly owned subsidiary of Keppel Land, acquired the remaining 25 percent of the charter capital of Riviera Point for a consideration of VND 535 billion ($31.7 million) on 4 February.
Following the acquisition, Keppel Land has full management control of the condo venture in Ho Chi Minh City. The latter is now an indirect wholly owned subsidiary of the company. Read more>>
Malaysia’s EPF Plans to Sell Assets Worth Up to $111M
The Employees Provident Fund “has identified at least seven assets” with a total estimated value of MYR 350 million-450 million ($86.1 million-$111 million) to be put up for sale, sources told Edge Malaysia.
The weekly reported that “at least three of the assets are office buildings the provident fund is currently occupying”, including two office buildings in Kuala Lumpur and one in Petaling Jaya, Selangor. Read more>>
Hong Kong’s Developers Score Biggest Home Sales Weekend of 2021
Hong Kong’s homebuyers returned to the market, snapping up 83 percent of the 460 new flats put on sale at two locations in the city’s biggest property sales weekend this year.
Subway operator MTR and its real estate partner Nan Fung Group sold 142 of the 179 flats on offer at the third batch of their LP10 project at Lohas Park in Tseung Kwan O, scoring a hat trick over three successful weekends of sales. Read mores>>
DLF to Sell Goa Hotel Plot in Bid to Divest Non-Core Assets
DLF Ltd, India’s largest real estate developer, is selling a piece of land in Goa for around INR 250 crore ($34.3 million) as part of its strategy to divest non-core assets and raise funds to pare debt.
“The existing land parcel is among the last in our list of non-core assets. We are looking forward to new launches in the state as per our business plan,” a company spokesperson said. DLF did not disclose the name of the buyer. Read more>>
CFLD Crisis Shows China’s Real Estate Risks
The latest Chinese real estate company to run into serious trouble is a lesson in the risks attached to Chinese property: they are neither predictable, nor limited to the sector alone.
This week, China Fortune Land Development said it had overdue debt repayments worth RMB 5.26 billion ($814 million). It blamed the macroeconomic and credit environment. Read more>>
Brookfield India REIT IPO Subscribed 8 Times on Final Day
The initial public offering of Brookfield India REIT was subscribed almost 8 times on the final day on Friday with good response across institutional and retail categories.
The real estate investment trust of Canadian investor Brookfield Asset Management saw 4.80 times subscription in the institutional category and 11.78 times in the retail segment. Overall, the units were subscribed 8 times. Read more>>
Frasers Property Reports Lower RevPAR for Hospitality Portfolio
Real estate developer and manager Frasers Property reported lower revenue per average room for the first quarter across its hospitality properties globally.
Hotel operating performance across Asia-Pacific, Europe and the UK in November 2020 was “significantly below pre-COVID levels”, it said. Read more>>
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