22 Chin Bee Drive is a four-storey single-user warehouse in Jurong West
In today’s roundup of regional news headlines, Singapore-listed ESR-Logos REIT agrees to sell a warehouse in the city-state’s western region, and Chinese banks underwhelm with a modest reduction in the mortgage reference rate. Also in the news, another deal for a Singapore industrial facility falls apart and the Lion City tops another list of pricey residential locations.
Sanli Environmental Buying ESR-Logos REIT Asset in Jurong West for $10M
Sanli Environmental has proposed to acquire 22 Chin Bee Drive, one of the assets of ESR-Logos REIT, for S$13.8 million ($10.3 million).
The property in Singapore’s Jurong West is a four-storey single-user warehouse building with a six-storey ancillary office and a five-storey annexe with a worker dormitory. It has a net lettable area of 11,209 square metres (120,653 square feet). Read more>>
Chinese Banks Disappoint With Modest Cut to Five-Year Rate
Chinese banks followed the central bank by lowering their benchmark lending rates on Tuesday, although a relatively modest reduction to the mortgage reference rate disappointed investors.
The one- and five-year loan prime rates were reduced by 10 basis points each, according to a statement by the People’s Bank of China. Read more>>
Chuang’s Consortium Scraps Plan to Sell Singapore Factory Complex
Hong Kong-listed Chuang’s Consortium International announced Monday that it would not proceed with a previously announced asset disposal in Singapore.
A subsidiary of the company had agreed last year to sell a factory complex at 245 Jalan Ahmad Ibrahim in Jurong Town to Pepperl and Fuchs Asia for S$21 million (now $15.6 million). Read more>>
Singapore Tops List of World’s Most Expensive Cities for High-Class Living
Singapore surged to top the rankings as the most expensive city in the world for luxury living for the first time as it vies to be a leading global centre for the rich.
The city-state, ranked fifth in 2022, leapfrogged ahead of Shanghai and Hong Kong, which are in the second and third spots respectively, according to a report by Swiss wealth manager Julius Baer Group. Read more>>
KKR Shuffles Asia Buyout Team After $15B Fund Raise
KKR has overhauled its Asia Pacific private equity team in the early stages of allocating capital from its $15 billion regional fund as dealmaking sputters on strained US-China relations.
Ming Lu, the firm’s Asia Pacific head, will become executive chairman for the region to spend time on strategic initiatives, according to a letter sent to investors. Hiro Hirano will relinquish his role as co-head of private equity to become deputy executive chairman, while maintaining his role as head for Japan, according to the letter seen by Bloomberg. Read more>>
Central Boulevard in Downtown Singapore to Drive IOI Properties Earnings
IOI Properties’ medium-term earnings outlook is expected to be driven by strong recurring income growth from existing property assets while the listing of the Malaysian group’s investment properties into a REIT will be a share-price catalyst in the longer term, according to RHB Research.
After a recent virtual meeting with IOI Properties’ management, the research firm said IOI Central Boulevard is likely to have a 50 percent committed tenancy in Singapore. Read more>>
SHKP Launches Guangzhou Flats, Banks on High-Speed Rail to Lure Hongkongers
Sun Hung Kai Properties is launching a new residential project in Guangzhou, joining the ranks of developers looking to attract Hong Kong homebuyers to flats in Greater Bay Area cities.
The developer is offering Hong Kong buyers 20 units at Forest Park, a 10-minute walk from the Guangzhou South railway station, which can be reached from Hong Kong’s West Kowloon station in 45 minutes via the Guangzhou-Shenzhen-Hong Kong Express Rail Link. Read more>>
Hong Kong’s Biggest Mall Amps Up Luxury Appeal to Compete for Shoppers
The long lines of customers outside Chanel and Louis Vuitton stores on Hong Kong’s Canton Road are finally back, and the city’s biggest mall operator is trying to get them to spend like before.
After the border with mainland China reopened four months ago, the city is seeing a return of tourists, much to the relief of retailers and their landlords. But the legacy of years-long Covid controls, the prevalence of e-commerce and competition from other Chinese locations like Shanghai and Hainan are threatening Hong Kong’s retail property owners and their tenants. Read more>>
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