Phil Pearce wins his battle for PropertyLink
Australia and Thailand lead today’s hottest real estate news stories from around the region as warehouse developer ESR wins another battle in its plan to expand its shed empire and a Singaporean developer goes hotel shopping in Perth. Back in Bangkok, Thailand’s richest man hopes for a $1.5 billion payday from a real estate empire fueled by a beer fortune and there’s much more in our headline collection just a bit down the page.
ESR Wins Approval for A$693M Aussie Takeover
PropertyLink has given its tick of approval to the all-cash $693 million ($490 million) takeover offer from private equity real estate giant, ESR Property.
In doing so, the PropertyLink independent directors have decided not to proceed with its non-binding, indicative proposal to acquire Centuria Industrial REIT. However, PropertyLink owns 18.1 per cent of Centuria Industrial Fund and reserves the right to come back if the ESR deal falls through. Read more>>
Singapore’s Hiap Hoe in A$100M Acquisition of Perth Hotel
The carve-up of late construction tycoon Len Buckeridge’s property empire is accelerating with Singapore’s Hiap Hoe positioning to buy his company’s Aloft Perth hotel, and an office complex, for more $100 million, as attention turns to his business holdings.
The listed Singaporean developer forged into the Australian market in 2013 and is best known in Melbourne, where it developed a hotel and residential project, Marina Tower. Read more>>
Chang Beer Tycoon Plans $1.5B Thai Property IPO
Thailand’s richest man Charoen Sirivadhanabhakdi is planning an initial public offering of a domestic property business that could raise at least US$1.5 billion, people with knowledge of the matter said.
The tycoon’s TCC Group conglomerate has asked banks to pitch for a role on the share sale by its Asset World Corp. unit, according to the people. It aims to list AWC in Bangkok next year, the people said, asking not to be identified because the information is private. Read more>>
Market Restrictions Cool Land Lust Among SG Developers
Property cooling measures announced in July have doused sentiment towards the Singapore property market among developers, according to the latest quarterly Real Estate Sentiment Index (RESI). The index is derived from a quarterly survey of senior executives from member firms of the Real Estate Developers’ Association of Singapore (Redas).
The composite index – comprising a Current Sentiment Index and a Future Sentiment Index – fell sharply to 4.0 in the third quarter (Q3) from 6.6 in the second quarter on July’s additional buyer’s stamp duty (ABSD) measures. Read more>>
Kowloon’s InterContinental Hotel to Again Assume Regent Label
Hong Kong’s harbour-facing InterContinental Hotel in Kowloon will hike up its prices after being rebranded as its original name, the upscale “Regent”, and reopened in 2021, which analysts say reflects a trend towards more luxury offerings in the city.
Average daily rates at the hotel, situated in the bustling Tsim Sha Tsui district on the edge of Victoria Harbour, could increase by as much as 40 per cent as the British multinational InterContinental Hotels Group (IHG) seeks to build a more upmarket image, according to Jolyon Bulley, chief executive of IHG’s Greater China business. Read more>>
JD.Com Launches Logistics Research Centre Near Beijing
JD.com is launching a new research center in Xiongan, China, dedicated to developing futuristic automation technology for urban logistics in smart cities in China.
Announced at JD Logistics’ 2018 Global Smart Supply Chain Summit in Beijing on October 18, the Urban Smart Logistics Institute will focus on planning for urban logistics hubs, top-level design for urban logistics systems, big data and cloud computing platforms for logistics and more. Founding members of the institute include Nankai University, the Institute of Comprehensive Transportation at the National Development and Reform Commission, Beijing Jiaotong University, Beijing Wuzi University, Shanghai Maritime University, Sinotrans & CSC and Shanghai Municipal Engineering Design Institute. Read more>>
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