The Oceanwide Center may remain a hole in the ground for a while longer
The ongoing struggles of China’s Oceanwide Holdings lead today’s real estate headlines as the cash-strapped developer’s deal to sell off a San Francisco development project gets extended to 30 September.
Also in the news, Frasers Group has taken another step toward taking over a Singapore mall fund established by PGIM, while the Lion City’s home prices took another dip in June. Keep reading for all these stories and more.
$1.2B Sale of San Francisco’s Oceanwide Centre to Hony Said Delayed
The pending sale of Oceanwide Center, a troubled 2 million-square-foot mixed-use project under construction in downtown San Francisco, has been delayed once more, reportedly because of the Covid-19 pandemic.
The developer, Oceanwide Holdings, announced Tuesday it has agreed to give Hony Capital, a Beijing private equity firm that has the site under contract, until Sept. 30 to close the deal, with the delay attributed to the pandemic. Read more>>
Frasers Centrepoint Trust Pays S$197M to Boost Stake in PGIM Fund
Frasers Centrepoint Trust (FCT) is acquiring an additional 12.07 per cent stake in PGIM Real Estate Asia Retail Fund (ARF) for $197.2 million, in line with plans to bolster its presence in Singapore’s suburban retail sector.
ARF is an open-end private-investment vehicle set up as a company, and the largest non-listed retail mall fund in Singapore. It owns five shopping malls near MRT stations – Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1; the Central Plaza office property in Singapore; and one retail mall in Malaysia. Read more>>
Singapore Home Prices Drop 1.1% in June
Prices of private homes in Singapore slipped for a second straight quarter as demand was suppressed during the nearly two month-long circuit breaker period.
Flash estimates from the Urban Redevelopment Authority (URA) on Wednesday morning (July 1) showed its overall price index for private residential properties declined 1.1 per cent in the second quarter from the previous three months. This comes after private home prices dropped 1 per cent in the first quarter of 2020, their first quarterly decline in a year. Read more>>
Hong Kong Office Leasing Rates Could Fall 20% This Year
The luster is fading from Hong Kong’s office-rental market, the world’s priciest, showing how the pandemic is adding to the strains of social unrest and U.S.-China tensions.
Brokers and analysts say rents for prime offices in Hong Kong could fall 12% to 20% this year, building on declines that began last year. ate home prices dropped 1 per cent in the first quarter of 2020, their first quarterly decline in a year. Read more>>
Fosun Invested Cirque du Soleil File for Bankruptcy
Cirque du Soleil Entertainment Group filed for bankruptcy protection in Canada on Monday, in an effort to salvage a circus business that’s ground to a halt because of the coronavirus pandemic.
The company said it would lay off almost 3,500 employees who have been furloughed since March, leaving it with a core team of 213 people. The company is seeking to restructure its business and re-emerge with government support and less debt. Read more>>
Indian Hotel Operators Expect 2-Year Recovery Period
A majority of Indian hotel operators expect that it will take 13 to 24 months for their hotels to return to revenue per available room (RevPAR) levels of last year, according to a survey conducted by global property consultant JLL. The survey was conducted on 15 leading hotel operators in India.
The COVID-19 pandemic has brought the world to a standstill, with the hospitality, travel and tourism sector being the most affected due to travel restrictions across the world and within India, it noted. Read more>>
UOB Asset Management Opens Taiwan’s First S-REIT Fund
UOB Asset Management (Taiwan) (UOBAM) has launched the United S-REIT Income Fund to offer retail investors in Taiwan some investment opportunities in Singapore-listed real estate investment trusts (S-REIT), according to an announcement.
This is the first S-REIT fund in Taiwan and its initial offering period will close on 24 July.
The United S-REIT Income Fund will have more than 60% of its portfolio allocated to S-REITs to maximise the potential for capital appreciation and returns, with the balance to be invested into quality global REITs. Read more>>
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