GIC is buying into a $1.3 bil Angelo Gordon project in Brooklyn
Singapore’s $100 billion sovereign wealth fund leads today’s real estate headlines from around Asia as GIC picks up an unspecified stake in a $1.3 billion Angelo Gordon project in Brooklyn.
Empty shopping malls also make the news with some of Hong Kong’s biggest landlords slashing rents by up to 60 percent as the city feels the impact of the COVID-19 virus, and the CEO of an American operator of Macau casinos steps down as the company withdraws its 2020 forecast. All these real estate stories and more are in Mingtiandi’s news roundup.
GIC Buys Stake in $1.3B Brooklyn’s Industry City
Singapore sovereign wealth fund GIC has purchased a stake in Industry City in Brooklyn in a deal that puts a valuation of more than $1.3 billion on the sprawling redevelopment of New York’s largest privately owned industrial property, according to people familiar with the matter.
GIC, which is one of the world’s largest real estate investors, is buying an undisclosed portion of the stake in the Sunset Park property currently owned by investment firm Angelo Gordon, the people said. Read more>>
Hong Kong Retail Landlords Slash Rents by Up to 60%
Major shopping mall landlords in Hong Kong are offering cuts in February rent by as much as 60 percent to help tenants ride out the effects of the coronavirus outbreak.
Hong Kong’s retail sector, battered by months of often violent anti-government protests, is likely to suffer in the coming months as the outbreak in mainland China has emptied shopping centres and closed down tourist attractions. Read more>>
MGM CEO Steps Down as Casino Operator Withdraws 2020 Forecast
MGM Resorts International said on Wednesday chief executive officer Jim Murren will step down and the US casino operator withdrew its financial forecast for 2020, as it assesses how the coronavirus epidemic will impact operations.
Wealthy Chinese patronage at Macau and Las Vegas make up a good chunk of business and the virus has clamped down travel and closed companies across China. Read more>>
Singapore Luxury Co-Living Comes With Steep Prices and No Apologies
Co-living concepts are largely similar across Asia. Residents pay for a private room with a bed, and common areas like living, dining, kitchen and often bathroom, are shared.
Singapore’s Figment Pte is setting out to change that, offering residents their own piece of the city-state’s history and local flavour. Read more>>
SG Condo and HDB Leasings Likely to Fall amid Coronavirus
The housing rental market is likely to see a temporary slowdown in activity due to the coronavirus outbreak as data out on Wednesday showed rents for both non-landed private homes and HDB flats rose in January while the number of leasings fell.
Rents of private apartments and condominiums climbed 0.9 percent month-on-month, after dipping 0.5 percent in December, according to real estate portal SRX Property’s flash data. Year-on-year, private home rents rose 2.9 per cent from January 2019, but are still down 15.6 per cent from their peak in January 2013. Read more>>
Wing Tai Posts 61% Jump in Q2 Net Profit
Wing Tai Holdings, which owns Winsland House in Singapore and manages retail brands such as Dorothy Perkins and Uniqlo, saw its earnings jump in the second quarter, as the group notched a higher gross profit, other gains, and contributions from associates and joint ventures.
Net profit rose to S$26 million ($19 million) for the three months to 31 December 2019, up 61 percent from S$16.1 million the year before, even as revenue slipped 10.2 percent to S$104.2 million. Read more>>
Philippines’ Gaming Operator Plans $1.3 Billion REIT Offering
The Philippines’ DoubleDragon Properties Corp plans a sale of shares worth up to 66 billion pesos ($1.3 billion) in a real estate investment trust (REIT), starting this year, to generate funds for expansion, its chairman said on Wednesday.
DoubleDragon is one of the largest landlords of Chinese offshore gaming operators, which are the biggest office tenants in Manila, the capital, occupying 1.26 million square metres (13.6 million square feet) of space by the end of 2019, data from Colliers International shows. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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