Hong Kong leads the way in Mingtiandi’s roundup of real estate headlines today with the news that the city’s monetary authority has bought a 25 percent stake in a commercial development in Sydney, spending $304 million overseas while protests continue to disrupt the local economy.
In other news around the region, a mainland conglomerate agrees to hand over $552 million for a bigger slice of a beleaguered travel operator, while a new co-living space is launched in Singapore with weekly rents starting at $796.
Elsewhere, investment from Asia into commercial property in a city down under surged 30 percent in the last financial year, and a chairman of a Singapore-based developer goes downbeat about the city-state’s property market.
The Hong Kong Monetary Authority (HKMA), which manages the reserves of the Hong Kong government, has acquired a 25 percent stake in Brookfield’s Wynyard Place development in Sydney, for a reported A$450 million ($304 million).
AMP Capital, an existing investor in the A$1.8 billion project acquired the stake on behalf of the HKMA. Read more>>
British travel operator Thomas Cook Group has agreed the main terms of a rescue package that will see China’s Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline.
The terms announced on Wednesday will see Fosun – whose Chinese parent owns all-inclusive holiday firm Club Med – contribute £450 million($552 million) of new money in return for at least 75 percent of the tour operator business and 25 percent of the group’s airline. Thomas Cook’s lending banks and bondholders will stump up a further £450 million and convert their existing debt to equity, giving them in total about 75 percent of the airline and up to 25 percent in the tour operator business, the group said. Read more>>
Co-living operator Hmlet has launched Hmlet Cantonment in Singapore, considered to be the company’s largest facility with 150 individual rooms.
The cost of a weekly stay at the property ranges from S$1,105 ($796) to S$2,240, while daily rates are S$145 to S$320 per night. Preferential rates from S$3,240 per month are available for members who book for a stay of three months or longer. Read more>>
A prime District 10 freehold condominium, Beaufort On Nassim, has been launched for collective sale by tender at a minimum expected price of S$223 million ($161 million), real estate services firm Savills Singapore announced on 28 August.
Completed in 2008, the four-storey development on 12 Nassim Road occupies a site of about 4,213 square metres (45,344 square feet). Subject to approvals from the relevant authorities, it may be developed into a luxury condominium of up to four storeys, with an approved gross floor area of 5,891 square metres. Read more>>
While the latest real estate statistics show a higher turnover of new residential units compared to the same period a year ago, Wing Tai Holdings chairman Cheng Wai Keung is not upbeat.
Speaking at the company’s corporate result briefing on 27 August, he stated that the pick-up in residential sales is largely due to the number of new projects launched this year rather than an indication of improving market sentiment. Read more>>
Asian investment in commercial real estate in Melbourne surged 30 percent in the past financial year, led by investors from the Chinese mainland, Hong Kong and Singapore, according to new research by CBRE.
The real estate firm recorded A$1.1 billion ($775 million) worth of sales to Asian investors in the 2019 financial year, up from A$880 million in the previous financial year. Read more>>
Singapore’s housing market isn’t turning out to be the beneficiary many may have thought from Hong Kong’s increasingly fraught protests. Instead, investors are looking to cheaper property markets like Malaysia, Thailand and Taiwan.
“People here tend to think there are only two cities in the world – Hong Kong and Singapore,” said Alan Cheong, a Singapore-based executive director of research and consultancy at Savills. Read more>>