The Doubletree by Hilton Salt Lake City Airport is on its way to a new owner as part of the EHT sale
In today’s roundup of regional news headlines, 14 hotel properties in Singapore’s Eagle Hospitality Trust clear another hurdle towards completion of their sale, while an EHT unitholder denies claims that he benefited from funds taken out of an EHT unit.
Eagle Hospitality Trust Gets Court Approval for $482M Sale of 14 Hotels
Eagle Hospitality REIT (EH-REIT), which is a part of beleaguered Eagle Hospitality Trust (EHT), has obtained approval from the US Bankruptcy Court in the District of Delaware to sell off 14 properties of the debtor companies for a total price of $481.9 million.
This translates to a net increase of $24.8 million in the aggregate consideration for the properties compared with the amount that would have been raised from the stalking-horse bid on its own. The completion of the sale of the 14 properties is expected to take place in June. Read more>>
EHT Investor Says He Didn’t Keep $1.9M From Urban Commons
Poh Kay Ping, a unitholder of Eagle Hospitality Trust (EHT), has rebuffed claims by Urban Commons Queensway that he and his company — Poh Altan Resources Company (PARC) — were beneficiaries of funds taken out of an EHT unit.
In response to queries from The Business Times, Poh said the money was transferred to PARC in May 2020 in connection with a “contemplated business transaction”. Read more>>
Ang Mo Kio Housing Site Awarded to UOL-Led Group for S$381.4M
The Urban Redevelopment Authority has awarded the tender for a private housing site at Ang Mo Kio Avenue 1 to United Venture Development (2021) for S$381.4 million ($288 million) or S$12,031 per square metre of gross floor area.
United Venture Development (2021) is a 60:20:20 joint venture of UOL Group, Singapore Land Group and Kheng Leong Co. Read more>>
Mapletree FY21 Net Profit Rises 4% to S$1.85B
Property developer and manager Mapletree Investments on Wednesday posted a net profit of S$1.85 billion ($1.4 billion) for the financial year ended 31 March 2021, a 4 percent increase from the previous year. The company said the growth was underpinned by significant investments in global logistics and data centres.
The resilient performance underscored the strong focus on operations and capital recycling efforts, with S$3.1 billion in capital recycled, complemented by revaluation gains, Mapletree said. Read more>>
Mumbai Data Centre Capacity Set to Double by 2023
Data centre capacity in India’s financial capital, Mumbai, is likely to grow 2.65 times to 529 megawatts by 2023, according to a report by global real estate services firm JLL’s India arm.
The city is expected to add 330MW in the next two years, and Navi Mumbai is expected to account for 83 percent of these additions in the Mumbai region. Read more>>
Hong Kong’s Street Shops in Flux as Pandemic Upends Businesses
Hong Kong’s street shop landscape has transformed dramatically during the COVID-19 pandemic, reflecting the changing fortunes of investors and industries amid the unprecedented dislocation it has caused.
Some investors, including property industry heavyweights, are buying shops at low prices while others are selling them, partly because some businesses are struggling. According to the Land Registry, shop transactions rose for a third month in April, adding 18 percent over March to 186 and marking a 56-month high. Read more>>
Evergrande Property Management Unit Hit by $1.9B Sell-Off
Evergrande Property Services Group slumped in Hong Kong by the most since its December listing after an unidentified seller offloaded several blocks of shares as soon as a six-month lock-up period on key investors expired on Wednesday.
The stock sank 13 percent to HK$9.78 ($1.26) at the close of trading on Wednesday, erasing the equivalent of $1.9 billion from its market value. That was the biggest one-day sell-off since the unit of China’s biggest developer by sales started trading on 2 December. Read more>>
Boustead Signs Option for 49% Stake in VN Real Estate Fund
Boustead Projects, via its wholly owned subsidiary BP-Vietnam Development (BPVD), has signed an option agreement with Vietnamese conglomerate Khai Toan (KTG) for the proposed purchase of a 49 percent stake in a holding company for an industrial real estate fund.
Under the option agreement, BPVD will pay VND 289.25 million ($16.6 million) to KTG in three tranches in return for a call option to purchase 49 percent of the issued and paid-up share capital of the holding company. Read more>>
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