In today’s roundup of regional news headlines, Singapore sovereign wealth fund GIC partners with Charter Hall on an office buy in Australia’s capital, a rare residential plot in Hong Kong’s pricey Repulse Bay heads for auction, and four key developers are tipped to win big from Carrie Lam’s latest proposal.
Charter Hall and Singapore sovereign wealth fund GIC have partnered to buy the office building at 50 Marcus Clarke Street in central Canberra for more than A$300 million ($219 million).
Neither Charter Hall or GIC was prepared to confirm the final amount paid, but it is understood to reflect the property’s inherent leasing risk and does not echo price rises experienced elsewhere in the bullish Canberra office market, which is heading for a record year. Read more>>
A rare plot of residential land coming up for auction in Repulse Bay is likely to attract the interest of developers as the luxury housing market improves amid an easing of the coronavirus pandemic, according to market observers.
It is one of two parcels designated for low-density residential development to be sold in the Hong Kong government’s land sales programme in the three months to December, the other being in Tai Po. Read more>>
Hong Kong developers sitting on massive holdings of farmland are expected to be the biggest winners of the government’s latest proposal to develop a new hub called Northern Metropolis.
While the plan covers an area of 300 square kilometres (116 square miles), the government will develop 600 hectares (1,480 acres) of land including farmland, wetland and brownfield sites, some of which is held by developers and private owners. Read more>>
Kaisa Group intends to pay an interim dividend of 4 Hong Kong cents per share from its share premium account, with a total amount of HK$281 million ($36 million).
The company said the interim dividend will be paid by way of the cancellation of about RMB 233 million (HK$281 million) standing at the credit of the share premium account. Read more>>
Global asset manager Nuveen has structured its real assets platform by launching two new business units “to create a more streamlined proposition as investors seek to increase exposure to real assets and alternatives”.
The new Nuveen real assets platform will consist of capabilities in real estate, farmland, infrastructure, timberland, agribusiness and commodities. Read more>>
Sydney-based Lendlease, which manages Singapore-listed Lendlease Global Commercial REIT, is commencing construction on a large-scale, greenfield vaccine facility in late 2021. It did not disclose the identity of the client.
The move comes as Singapore sees an increase in the number of COVID-19 vaccine-related investments, with three major pharmaceutical companies — BioNTech, Sanofi and Thermo Fisher Scientific — having plans to set up vaccine manufacturing facilities here. Read more>>
Owners of Sultan Plaza shopping mall have kick-started the attempt to launch the development for a collective sale at a guide price of S$360 million ($265.3 million), according to Teakhwa Real Estate, which is the marketing agent for the property.
The commercial site occupying 52,471 square feet (4,875 square metres) at 100 Jalan Sultan may be redeveloped into a 30-storey mixed development project or a 700-key hotel, with either having a gross floor area of up to 262,356 square feet, says the firm. Read more>>
The cumulative amount of defaulted bonds by property developers reached RMB 46.75 billion ($7.3 billion) in 2021 by 27 September, a 159 percent rise compared with last year, data from CRIC shows.
The total fundraising amount of 100 mainland developers in the first three quarters of this year was RMB 1.09 trillion, down 21 percent year-on-year, as the liquidity problem affected their ability to issue bonds, it said. Read more>>