A mysterious suitor, or group of suitors leads Asia’s real estate headlines today as they kick the tires on Frasers Tower in Singapore’s Tanjong Pagar area. The Lion City also figures into the sale of a 3.8 percent stake in one of India’s largest developers and also in the news is a pair of South Korean investors who are said to be leading the pursuit of a Paris office asset. All the details on these stories and more are in today’s roundup.
Frasers Property said on April 4th that it “has been in discussions with certain parties who have expressed interest” in its Frasers Tower office property, located at 182 Cecil Street.
Sources who spoke with Mingtiandi regarding the potential transaction said that talks were still in the preliminary stages, and in a statement Frasers cautioned that there is no certainty that any transaction would result from such discussions, adding that it continually reviews opportunities to enhance shareholder value. Read more>>
Singapore’s GIC on Monday sold a 3.8 percent stake in India’s DLF for nearly Rs 1,300 crore ($187 million). Before the sale the sovereign wealth fund had held a 4.1 percent stake
The shares have been bought by existing investors through India’s Qualified Institutional Placement (QIP) programme at an average price of Rs 191 per share, with French financial services major Societe Generale having purchased at least 316,000 out of the 1.02 million shares sold. Read more>>
A consortium of Samsung Securities Co. Ltd. and Hanwha Investment & Securities Co. Ltd. is likely to invest 340 billion won ($299 million) in a Paris office building to acquire the property jointly with a French investment company for around 1.5 trillion won ($1.3 billion).
The South Korean consortium was recently named as the preferred buyer for an equity interest in Lumiere building, or half of the 700 billion won which France-based Primonial REIM will invest in the property, according to investment banking sources on April 4. Read more>>
Ever since Vietnam allowed foreigners to own apartments in July 2015, its luxury housing sector has been on a tear. Last year, luxury home prices soared 17 percent, while the rest of the residential market stayed largely flat, says Dung Duong, a research analyst at CBRE Group Inc., a real estate services firm.
However, in 2018, only 23 percent of luxury homes were sold to locals, outpaced by mainland Chinese, CBRE estimates. South Koreans and Hong Kong residents followed closely behind. Read more>>
Hong Kong’s property bull market regained pace after a brief falter, extending its reach over to the city’s subsidised housing market as the number of transactions and sales value soared.
The number of pre-owned flats sold through the Home Ownership Scheme (HOS) increased 60 per cent to 477 units in March, compared with the previous month, according to data from Centaline Property Agency. Their sales value jumped 64.6 per cent to HK$2.41 billion (US$307.12 million). Read more>>
Woori Financial agreed to acquire two mid-sized investment management companies in the first acquisition of non-banking units since Woori Bank, a state-controlled lender bailed out with taxpayer’s money during a financial crisis decades ago, was turned into a holding company in January.
Woori Financial Holdings said Monday it signed a stock purchase agreement with China’s Anbang Insurance Group on the acquisition of Tong Yang Asset Management and ABL Global Asset Management, formerly known as Allianz Life Insurance Korea. Woori would acquire 73 percent of Tong Yang for 123 billion won ($107 million) and 100 percent of ABL Global for an undisclosed sum. Read more>>