
Hines is moving into build-to-rent in Melbourne
In today’s roundup of regional news headlines, US developer Hines buys a Melbourne site for its first rental apartment project in Australia, Hong Kong’s Henderson Land aims to increase home supply after a fruitful first half, and a report highlights the narrowing office rental premium between the Hong Kong and Singapore markets.
Hines Snaps Up Melbourne Site for First Local Build-To-Rent Project
Global investment manager Hines has set its sights on becoming a major player in Australia’s burgeoning build-to-rent sector after acquiring its first site in Brunswick in Melbourne’s inner north.
Hines paid A$16.5 million ($12 million) for the 4,247 square metre (45,714 square foot) site at 10 Ballarat Street, where it plans to develop a 250-unit apartment complex with an end value of A$250 million. Read more>>
Henderson Land Plans to Increase Home Supply After Strong First Half
Henderson Land Development, Hong Kong’s third-largest developer by market value, said it will increase the number of flats it sells in the second half of this year after reporting a significant jump in core profit for the first half.
The developer said it would make about 5,700 flats available for sale in the second six-month period, a 50 percent increase from the 3,800 units it aimed to put up for sale during the same period in 2020. Read more>>
Office Rental Premium Between Singapore and Hong Kong Narrowing
The office rental premium between Singapore and Hong Kong has narrowed markedly between 2015 and 2020, says real estate consultancy Cushman & Wakefield.
As business sentiment in Hong Kong weakened amid the protests in the latter half of 2019, the rental gap continued to close over this time period. It was exacerbated by the pandemic, which further drove rents down in both cities. Read more>>
Skybridge to Connect Towers at CapitaLand’s CanningHill Piers Project
CapitaLand has revealed a new collaboration with Bjarke Ingels Group to design a cluster of towers in Singapore. The four buildings will include a luxury hotel and plush residences, with a skybridge connecting the tallest two.
The project, which also involves City Developments Ltd, DP Architects and Ramboll Studio Dreiseitl, is called CanningHill Piers, in reference to its location overlooking the Singapore River, Marina Bay and Fort Canning Hill. Read more>>
AIMS APAC Reit Proposes Issue of S$250M in Perpetual Securities
AIMS APAC REIT has priced S$250 million ($184.4 million) in perpetual securities at 5.375 percent interest, the manager of the trust said in a bourse filing on Monday night.
The perpetual securities will bear an initial distribution rate of 5.375 percent and a re-offer yield of 5.375 percent, according to a term sheet seen by Singapore’s Business Times. Read more>>
ESR-REIT Preferential Offering 3.6 Times Subscribed, Raises S$49.6M
ESR-REIT has raised S$49.6 million ($36.6 million) in gross proceeds from its preferential offering, which was 3.6 times subscribed, the manager said on Tuesday.
This brings the total amount raised from the trust’s equity fundraising exercise to S$149.6 million, including S$100 million from a private placement in May 2021. Read more>>
Two Shophouses in Singapore’s Bugis for Sale by Tender
A freehold corner shophouse at 17 Jalan Klapa and a 999-year tenure conservation shophouse at 14 Purvis Street are up for sale by tender with guide prices of S$12.3 million and S$29 million ($9 million and $21.4 million), respectively.
According to the Urban Redevelopment Authority’s Master Plan 2019, 17 Jalan Klapa is fully zoned for commercial use while 14 Purvis Street is zoned for hotel use. Both locals and foreigners are eligible to purchase either property at no additional buyer’s stamp duty. Read more>>
Chinese Buyers to Step Up Purchases of Aussie Farmland: ANREV
Stable returns and a growing demand for food and other agricultural products in China are likely to spur Chinese investment in Australian farmland, according to analysts.
As of March, returns on investment in this sector had risen 8.46 percent year-on-year, with income contributing 5.15 percent and appreciation returns 3.17 percent, according to an index compiled by the Asian Association for Investors in Non-Listed Real Estate Vehicles. Read more>>
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