GIC chief executive Lim Chow Kiat
Singapore sovereign giant GIC prepares to pick the winning bidder for a Seoul office tower, with that story leading today’s headline roundup. Also making the list, Hong Kong property deals hit a seven-month high and CapitaLand’s Malaysia REIT sets sights on a Selangor shed.
GIC Said Set to Select Preferred Bidder for $1.1B Seoul Tower
Singapore’s GIC, the world’s sixth-largest sovereign wealth fund, is set to select a preferred bidder for the sale of a landmark Seoul building valued at KRW 1.5 trillion ($1.1 billion).
GIC and CBRE, the manager of the sale of Seoul Finance Center, opened bidding for the commercial building in the South Korean capital’s central business district on Monday, according to investment banking industry sources. Read more>>
Hong Kong Property Deals Hit 7-Month High
Property transactions in Hong Kong rose to a seven-month high in November, though they are likely cool this month as buyers turn cautious amid rising geopolitical tensions and a potential slowdown in the pace of interest rate cuts, according to market observers.
A total of 7,689 deals for new and lived-in homes, offices, shops, industrial units and car parking spaces were completed last month, the highest since 9,880 in April, according to data from the Land Registry on Tuesday. The tally was 31 percent higher than October’s 5,857 and more than double the 3,532 a year earlier. Read more>>
CapitaLand Malaysia Trust Buying Shed Near Kuala Lumpur for $40M
CapitaLand Malaysia Trust is proposing to acquire a single-storey warehouse from PTT Logistics Hub 1 within Elmina Business Park in Selangor for MYR 180 million ($40.3 million).
In a filing with Bursa Malaysia, CLMT said the property, Elmina Logistics Hub, is currently being constructed and will be equipped with an automated storage and retrieval system. Read more>>
Phoenix Property Sydney JV Reports Strong Project Sales
Elevate Hume Place, the new apartment development above Sydney’s Crows Nest metro station by Third.i and joint venture partner Phoenix Property Investors of Hong Kong, has raced to 50 percent sold.
Both local and international buyers have driven the sales of one of the most popular transit-oriented developments in Sydney. Designed by Woods Bagot, Elevate Hume Place comprises 130 one, two and three-bedroom apartments. Read more>>
Vietnam Court Offers to Commute Tycoon’s Death Sentence for $11B
A court in Vietnam on Tuesday upheld the death sentence for real estate tycoon Truong My Lan but said it could be commuted to life if she reimburses some $11 billion, or three-fourths of what she defrauded in the country’s biggest financial crime.
The scale of her fraud shocked the nation, with analysts raising questions about whether other banks or businesses had similarly erred. It has also dampened Vietnam’s economic outlook and made foreign investors jittery at a time when Vietnam has been trying to position itself as a home for businesses pivoting their supply chains away from China. Read more>>
SOE Bidding Drives Record Shenzhen Land Sale
A tract of land in Shenzhen sold for a record price, reflecting improved confidence in the nation’s property market after authorities unveiled a series of measures to combat a prolonged countrywide slowdown.
Developers China Overseas Land and Investment and China Resources Land jointly paid RMB 18.5 billion ($2.54 billion) for a 263,000 square metre (2.8 million square foot) parcel in a bustling business zone in the city’s Nanshan district, representing a 46 percent premium to the starting price. The property was sold after nearly 300 rounds of bidding. Read more>>
Hong Kong Court Blocks Plan for Public Housing on Golf Course
A Hong Kong court has overturned the government’s conditional approval for building public housing on part of an exclusive golf course that’s popular among elites, local media reported.
The High Court handed down the judgment on Monday after the Hong Kong Golf Club launched a judicial review last year against the government’s environmental impact assessment that conditionally green-lit the development, according to Radio Television Hong Kong. Read more>>
Equinix Signs Singapore Power Agreement With Sembcorp
Equinix has signed a power purchase agreement with Sembcorp Power for 58.5 megawatts of power from a solar project in Singapore.
The solar energy will be delivered from a solar installation on 60 hectares (148 acres) of vacant land and the rooftops of five JTC Corporation buildings, including the Jurong Rock Caverns above-ground facilities and Jurong Island Checkpoint. The project is expected to start generating power in 2029. Read more>>
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