Site in Singapore’s District 9 Sells for $46M and More Asia Real Estate Headlines

In Mingtiandi’s latest roundup of regional news headlines, two residential sites change hands in Singapore’s District 9, three former Convoy directors are cleared of fraud charges in a Hong Kong court, and Yotta Infrastructure plans to develop the first data centre park in India’s Uttar Pradesh state.

Residential Site in Singapore’s District 9 Sells for S$62M

Two adjoining collective sale sites in District 9, Fairhaven and Sophia Ville, have been sold for S$62 million ($46.2 million) by JLL to a local developer. Totalling 23,828 square feet (2,214 square metres), the sites are zoned under the 2019 Master Plan for residential use with a gross plot ratio of 2.1.

The freehold residential sites were put up for tender jointly in late August. More than 80 percent of the owners have consented to the sale, subject to several conditions. Yong Choon Fah, senior director at JLL Singapore Capital Markets, said: “By conducting a joint tender exercise, we bring greater value to owners of both sites by offering the buyer economies of scale and a higher efficiency from the larger site.” Read more>>

Former Convoy Directors Acquitted as HK Fraud Case Fizzles

Three executives were acquitted of charges of defrauding Convoy Global Holdings in Hong Kong, dealing a blow to the financial regulator’s attempt to instil financial discipline and crack down on white-collar malfeasance in the world’s fourth-largest capital market.

District Court Judge Ernest Lin Kam-hung cleared former Convoy director Roy Cho Kwai-chee of one charge of publishing false statements in the company’s 2016 annual report on March 29, 2017. Read more>>

Yotta Infrastructure Plans $950M Data Centre Campus in Delhi

Yotta Infrastructure is developing a 20 acre (8.1 hectare) hyperscale data centre park in the Greater Noida region of Delhi for around $950 million. The park will consist of six interconnected data centres, 30,000 racks and a capacity of about 200 megawatts.

“I am pleased that the first data centre park of Uttar Pradesh is coming up in Greater Noida and I congratulate the Hiranandani Group and Yotta on this auspicious occasion,” said Uttar Pradesh chief minister Yogi Adityanath. Read more>>

China New Home Price Growth Cools in November

Chinese new home prices growth eased slightly in November, weighed by tighter market curbs in larger cities and increased demand weakness in smaller towns, a private survey showed.

New home prices in 100 cities rose 0.32 percent in November from a month earlier versus a 0.4 percent gain in October, according to data from China Index Academy, an independent real estate research firm. Read more>>

India’s Shapoorji Pallonji Real Estate Tries Co-Living

Shapoorji Pallonji Real Estate plans to start shared living and student housing projects to diversify its portfolio and capitalise on an alternative asset class targeted at millennials who rely on renting instead of owning homes, a top company executive said.

The Shapoorji Pallonji group, which builds luxury to mid-income homes, will build the co-living projects in Pune and the Mumbai Metropolitan Region starting next year. Read more>>

Keppel Land to Divest Remaining 30% Stake in Vietnam Project

Keppel Corp’s property arm, Keppel Land, is divesting its remaining 30 percent interest in Dong Nai Waterfront City (DNWC) for about VND 1.95 trillion ($84 million) in cash.

The transaction follows the divestment of Keppel Land’s 70 percent stake in DNWC to Nam Long Investment Corporation, which was announced in 2019. DNWC has the right to develop a 170 hectare (420 acre) township in Dong Nai Province, Vietnam, Keppel Corp said in a press statement on Tuesday. Read more>>

Shenzhen Price Caps Create Home-Flipping Frenzy

Shenzhen, the crucible of China’s economic reforms and the nation’s technology hub, is seeing a buying frenzy in residential property, as a government-imposed price cap created arbitrage opportunities for speculators to make quick profits.

At China Resources Land’s CR City project in Nanshan district, the average price capped at RMB 130,000 ($19,760) per square metre was 28 percent cheaper than the neighbourhood’s prevailing market price. That attracted more than 10,000 bidders, helping the state-owned developer sell all 1,000 units within half a day on 25 November. Lucky buyers stand to make an immediate windfall on paper of RMB 5 million for a 100 square metre (1,076 square foot) unit. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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