It’s the end of the year and there have still been a few transactions to wrap up before we start 2019, with Hong Kong development titan New World inking a pair of monster deals in the dwindling days of 2018 that include buying out an insurance company and winning the rights to design, build and operate a HK$30 billion sports complex. Singapore’s Keppel Land also found time to buy a residential site in Chengdu, and there are details on still more stories awaiting you in our final headline roundup of this year.
Hong Kong’s NWS Holdings Ltd (0659.HK) has agreed to buy FTLife Insurance Co Ltd for HK$21.5 billion ($2.8 billion) from Chinese financial holding firm JD Group, in the biggest-ever insurance acquisition deal in the Asian financial hub.
NWS, the infrastructure, logistics and transport services unit of conglomerate New World Development Co Ltd (0017.HK), expects the deal to help diversify its business and generate recurring income, it said in a statement late on Thursday. Read more>>
Hong Kong’s long-awaited and much-touted HK$30 billion (US$3.8 billion) sports complex planned for the site of the former Kai Tak airport will be designed, built and run by a subsidiary of local property developer New World Development, officials said on Friday.
The announcement follows years of wrangling over costs, designs and how much control the government should have over the project, which has already been more than a decade in the making. Read more>>
Keppel Corporation unit Keppel Land China has secured a 4.7 ha residential site in the Chengdu Tianfu New Area state-level development zone for a total consideration of 889.7 million yuan (S$177.4 million) in a government land tender on Thursday, Keppel announced yesterday after the market closed.
The site will be developed into a residential community with 768 units of high-rise apartments and 96 low-rise units, targeted at home upgraders and expected to be launched in the fourth quarter next year. Read more>>
Singapore sovereign wealth fund GIC, formally known as Government of Singapore Investment Corporation, has agreed to invest 60.5 billion won ($54 million) in a residential building development project led by South Korean real estate developer SK D&D Co. in Seoul.
It is the fund’s first investment in private housing development in Korea after it has mainly acquired office buildings and retail facilities since 2000. Read more>>
A foreign consortium led by a Hong Kong media tycoon won the “Taipei Twin Towers” development project, the Taipei Department of Rapid Transit Systems announced yesterday after five unsuccessful attempts to find a developer.
The consortium of Hong Kong-based Nan Hai Development Ltd (南海發展) and Malaysian property developer Malton Berhad was the most favored applicant for the project next to Taipei Railway Station, the department said, adding that the two sides are to ink a contract in March. Read more>>
Prices of completed private apartments and condominiums in Singapore fell again by 0.4 per cent in November from the previous month, after a 0.6 per cent month-on-month decline in October.
This is according to the National University of Singapore’s (NUS) flash estimates released on Friday for its Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes. Read more>>