Far East Orchard acquired the residential halls at 1 Fitzhugh Street in Southampton
In today’s roundup of regional news headlines, Singapore’s Far East Orchard buys another British student housing accommodation, US bank Jefferies exits Li Ka-shing’s Cheung Kong Center, and China asks its top insurers to buy bonds as retail customers baulk.
Far East Orchard Buys UK Student Accommodation for £13.9M
Far East Orchard has acquired a freehold student accommodation property in Southampton, England, for £13.9 million ($17 million), the Singapore-listed company said Friday.
Far East expects earnings per share to rise from 6.12 Singapore cents to 6.18 post-acquisition. The developer will be managing the property with an unnamed UK student accommodation operator, with the latter acting as facility manager. Read more>>
Jefferies Moves Out of Hong Kong’s Cheung Kong Center
Jefferies Financial Group has moved out of billionaire Li Ka-shing’s skyscraper in Hong Kong’s Central district, the latest setback for a building that has seen vacancies jump during the office market’s slump.
The US investment bank was one of the key finance tenants in Cheung Kong Center, CK Asset Holdings’ trophy property. Jefferies has relocated to Two International Finance Centre, a taller tower about a 15-minute walk away, according to the firm’s website. Read more>>
China Asks Insurers to Buy Bonds as Retail Investors Pull Back
Chinese regulators asked the nation’s biggest insurers to buy bonds being offloaded as retail customers pull their cash from fixed-income investments, according to people familiar with the matter.
At a meeting on Wednesday, Chinese regulators told top insurers to backstop the market and buy bonds sold by wealth management units at banks to prevent further volatility, said the people, who asked not to be named discussing internal deliberations. Some banks also proposed using their proprietary trading desks to scoop up bonds, one of the people said. Read more>>
Nexus Industrial REIT Announces Closing of $81.3M Equity Offering
Nexus Industrial REIT on Thursday announced the closing of its previously announced public offering of trust units of the REIT to a syndicate of underwriters led by BMO Capital Markets, on a bought-deal basis.
A total of 8,225,000 units were issued at a price of $10.30 per unit pursuant to the offering for total gross proceeds to the REIT of approximately $81 million, which includes the gross proceeds from the exercise of the over-allotment option granted to the underwriters to purchase 925,000 units. Read units>>
Median Rent for 3-Bedroom Condos in Orchard Hit S$15,000 in November
District 9, including the Orchard and River Valley areas, emerged as Singapore’s top submarket for condo rents in November, with a median monthly rent of S$15,000 (now $11,093) for a three-bedroom apartment.
Following behind were District 1 (Raffles Place, Cecil, Marina, People’s Park) with a median rent of S$12,400 and District 10 (Tanglin, Holland Road, Bukit Timah) with S$9,750, according to Livethere’s November rental market guide. Livethere is the digital residential marketing arm of Savills Singapore. Read more>>
Marina Gardens, Jurong Lake Sites to Go Up for Sale in H1 2023
Seven new sites will be on offer under Singapore’s government land sales for private residential housing in the first half of 2023, with four on the confirmed list and three on the reserve list.
The confirmed list includes two large mixed-use sites at Marina Gardens Crescent and Jurong Lake District that caught analysts’ attention. Read more>>
Singapore’s Ohmyhome Eyes $15M Raise in US IPO
Ohmyhome, a Singapore-based property platform, has filed to list its shares in the US in an IPO with a valuation of around $88 million.
The company is looking to offer 3.25 million shares at a price of between $4 and $5 apiece, according to its filing, to raise up to $16.25 million or about $14.6 million at the midpoint. It looks to list its shares on the NASDAQ under the ticker OMH. Read more>>
Hong Kong Aims to Shave Up to 6 Years Off Land Formation Process
Authorities have said they aim to reduce the duration of Hong Kong’s land formation process by as much as six years by the first half of 2023, as an advocacy group raised concerns that streamlining procedures could limit public participation.
The remarks from the Development Bureau on Thursday referred to a proposal to amend six bills that would cut bureaucratic red tape to speed up land development, including shortening a town planning mechanism from 11 months to seven by compressing three rounds of public consultations into one. Read more>>
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