Leading today’s news roundup, Chinese conglomerate Fosun International and its JV partner in New York have landed a construction loan for a 66-storey luxury condo tower they are building a few blocks away from the Empire State Building. Also in the headlines, Singapore’s got a fever and the only cure is… more collective sales. Troubled mainland conglomerate Anbang Insurance Group says it is reviewing its overseas asset portfolio following a $30 billion deal binge, and speaking of cross-border asset disposals, Singapore’s Keppel has offloaded a residential project in the northeastern Chinese city of Shenyang. Read on for all the updates.
Fosun JV Bags $350M Loan for Manhattan Condo Tower
The developers behind a 756-foot condo building in Manhattan secured a $350 million construction loan this week. New York-based developer JD Carlisle Development Group and Shanghai’s Fosun International landed the loan from Bank of the Ozarks to finance 15 East 30th Street, a 66-story luxury tower.
Located between Fifth and Madison Avenues, the narrow glass structure will include 199 units. Also known as 126 Madison Avenue, the building will have a total of 400,408 square feet, including 4,000 square feet of retail space and 291,000 square feet of residences; the rest of the building will be occupied by high-end amenities such as an indoor pool, fitness center, lounge, dining room and private party space. Read more>>
SG’s Ava Towers Up for En Bloc Sale for $185M
The freehold Ava Towers condominium is up for collective sale with a reserve price of S$248 million ($185 million). The 124-unit condo in Ava Road, Balestier, sits on a sizeable land area of about 64,471 square feet with a gross plot ratio of 2.8. The site can be redeveloped up to a gross floor area of 180,519 square feet, with a proposed plot ratio of 2.8.
It is near Thomson Medical Centre and Mount Elizabeth Novena Hospital, the Whampoa wet market and food centre, and a 24-hour FairPrice supermarket. Curtin Singapore, the Global Indian International School and Lee Kong Chian School of Medicine are also nearby. The reserve price translates to a land rate of about S$1,374 per square foot per plot ratio, said marketing agent ERA Realty Network. Read more>>
Anbang Reviewing Overseas Portfolio with Investment Banks
Anbang Insurance Group Co, the once-acquisitive Chinese insurer that’s operating under government control, said it is in the process of reviewing all of its overseas assets amid reports of imminent divestments.
Responding to questions from Bloomberg News, Anbang said it’s meeting with investment banks as part of the review. It’s the first time the firm has said publicly it’s reviewing assets, a reversal from previous statements that Anbang wasn’t planning any divestments. Read more>>
Anbang’s Korean Insurance Holdings Up for Sale
Two Korean life insurance companies are being put on the block as their major shareholder China-based Anbang Insurance Group is set to divest its overseas assets, industry sources said on May 9.
The Chinese government, which has been controlling the troubled firm since February, is now in the process of selecting advisers to manage the sale of such assets that include Tongyang Life and ABL Life. Read more>>
Keppel Sells Shenyang Township Project for $78M
Keppel sold its interests in Keppel Bay Property Development Shenyang, which owns the project. Keppel Corporation’s indirect subsidiaries Da Di Investment and Shanghai Merryfield Land sold their respective interests of 80 percent and 20 percent stake in Keppel Bay Property Development Shenyang (KBPDS) to Shenyang Vanke Property Development at a total price of S$105 million ($78.2 million).
According to an announcement, Keppel has an effective interest of 99.8% in KBPDS held indirectly through KLCL. KBPDS owns a residential township project in Hunnan New District, Shenyang City, China. Keppel’s 99.8% share of the consideration is about S$104.8 million and the The Company expects to recognise a gain of approximately S$31 million from the Divestment. Read more>>
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