Guocoland has already broken ground on its 18 Steps mixed-used development in Chongqing
A joint venture between a pair of Singapore-listed companies leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the allied companies have purchased a residential plot in mainland China for $240 million, just a few months after one of the pair had broken ground on a mixed-use development in the same city.
In other events around the region, a Singapore-listed mainland developer has nearly completed its acquisition of an engineering company that owns a substantial real estate portfolio in the Lion City, while Korean investors have snapped up a Seattle hotel for $175 million. Also, in the news, companies belonging to two of Thailand’s wealthiest families are circling $7 billion in Southeast Asia assets belonging to a UK retailer that is closing up shop in this part of the world.
GuocoLand, Hong Leong JV Buys Residential Site in Chongqing for RMB 1.68B
A joint venture between GuocoLand and Hong Leong Holdings (China) (HLHC) will acquire and develop four land parcels in Chongqing, China, for residential use. The land plots are situated in Liangjiang Xinqu of Chongqing Yubei district area. They span a land area of 141,968 square metres (sq m), with a total above-ground gross floor area of 197,600 sq m.
Chongqing municipality awarded the construction land use rights for the plots to the JV, GLL Chongqing 18 Steps Pte Ltd, at a bid price of RMB 1.68 billion ($240 million), GuocoLand said in a filing. Read more>>
Singapore’s 8M Real Estate Seals S$70M in Commercial Property Deals
A slew of commercial property deals have been sealed recently, including a transaction involving four adjoining conservation shophouses along South Bridge Road and another three along Tanjong Pagar Road bought for a total of S$70.35 million ($52 million) by 8M Real Estate.
In the Kampong Glam Historic District, 38 Sultan Gate is being sold for S$35.5 million by an entity linked to Tan Koo Chuan, the founder of Yi Kai Development; the buyer is a Singapore-incorporated company that is fully owned by Huang Zhichao, a citizen of Cyprus. Read more>>
Korean Investors Buy Hotel in US for $175M
Korean brokerage Hana Financial Investment said Sunday that it had acquired a premium hotel in the US, marking its first acceptance financing business via strategic partnership.
The brokerage firm on Tuesday acquired Hotel at the Mark, a 44-story building located in downtown Seattle that was previously owned by Hotel Lotte and private equity real estate investment management firm Stockbridge, officials said. Read more>>
United Engineers to De-list after Yanlord Mandatory Cash Offer Closes
United Engineers (UE) said it has lost its free float and will be delisted after the close of Chinese developer Yanlord Land’s mandatory conditional cash offer.
Yanlord owned, controlled or has agreed to acquire about 90.27 percent of UE’s ordinary share as of 5pm on Thursday. Yanlord had launched a mandatory offer for UE in late October, after buying out the consortium partners, Perennial and Heng Yue, with whom it had made an earlier joint bid for UE in 2017. Read more>>
SG’s Thakral Buys Osaka Office
Singapore-listed Thakral Corporation has invested in an 11-storey office building in Osaka, adding to its portfolio of properties in Japan, it said in a bourse filing on Monday.
The property, Umeda Pacific Building, sits on 861 square metres (9,268 square feet) of freehold land, and has a gross floor area of 9,179 square metres and a net rentable area of 6,359 square metres. Read more>>
Singapore Cuts Industrial Land Supply
The government has once again trimmed industrial land supply for the first half of 2020 under its Industrial Government Land Sales (IGLS) programme.
Industrial land supply fell to 7.11 hectares (ha) in total site area. The number of sites in the confirmed and reserve lists were also reduced. Read more>>
Thai Giants Eye $7B Tesco Assets
The Thailand and Malaysian operations of Britain’s largest supermarket chain Tesco Plc are on the shopping lists of two of the country’s biggest conglomerates.
The Charoen Pokphand Group and Central Group are among the companies that are weighing bids for the Southeast Asian business that could fetch more than $7 billion, according to people with knowledge of the matter. Read more>>
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