An SGX-listed REIT leads the way in Mingtiandi’s roundup of Asia real estate headlines as the directors of the trust manager are probed in connection with suspected breaches of stock exchange disclosure requirements.
In other news around the region, a Singapore developer has bagged a $251 million green loan for an executive condominium project, while a rival from the same city has acquired a pair of residential sites in Australia.
Elsewhere, a Greek luxury brand becomes the latest victim of the downturn in Hong Kong.
Eagle Hospitality Trust’s managers on Monday said their current directors have attended interviews with the Monetary Authority of Singapore (MAS) as part of an ongoing joint investigation.
The joint probe by MAS and the Singapore Police Force’s Commercial Affairs Department, announced last Friday, is in connection with suspected breaches of disclosure requirements under Section 203 of the Securities and Futures Act. Read more>>
Frasers Property has, through its subsidiary Fernvale Lane, obtained a S$350 million ($251 million) green loan from DBS Bank, Maybank and OCBC Bank.
This will finance its Fernvale Lane executive condominium (EC) development. It is Singapore’s first green loan for an EC development, and the group’s 10th green financing initiative, Frasers Property said on Tuesday. Read more>>
Developer Ho Bee Land on Monday announced that two of its subsidiaries have separately acquired a residential development site in Queensland, Australia, for a total of A$23.5 million ($16 million).
HB Doncaster acquired a 47.41 hectare site located within the Riple Valley Priority Development Area for A$14.5 million. This project is expected to yield approximately 570 residential lots, a regional sports facility, and associated community facilities, said Ho Bee in a regulatory filing. Read more>>
A mixed-use development at 101 Beach Road will be up for collective sale at a reserve price of S$90 million ($65 million), real estate services firm Cushman & Wakefield said in a press statement on Tuesday.
The property will be officially launched for sale by tender on Wednesday. Read more>>
Resale prices for non-landed private homes held steady in May despite another plunge in sales volume during the second month of the circuit breaker period, according to flash figures from real estate portal SRX Property on Tuesday.
About 171 units were resold in May, similar to levels seen during the financial crisis of 2009. This volume is a 43 per cent decrease from the 300 units resold in April, according to SRX figures. Read more>>
Fashion retail group Folli Follie, in which Chinese conglomerate Fosun International is the second-largest shareholder, will be closing all shops in Hong Kong as it has applied for automatic liquidation, local media reported.
More than 10 stores will close and over 60 employees will be disbanded, the reports said. The Greek retailer operates a network of stores in the mainland, Hong Kong, Taiwan and Japan. Read more>>
Dickson Concepts, a Hong Kong luxury goods retailer and owner of department store Harvey Nichols, warned of “the most challenging market conditions” it has ever faced.
The comments came on Monday as the company, which licenses upmarket fashion brands such as Tod’s and Roger Vivier as well as jewellery brand Chopard in Asia, reported a 57 percent rise in net profit to HK$645.8 million ($83 million) for the financial year ended March 31, according to a filing to the Hong Kong stock exchange. Read more>>