HSBC Gets One More Year in SG’s 21 Collyer Quay and More Asia Real Estate Headlines

CapitaLand Commercial Trust, which owns the current home of HSBC in Singapore, is giving the bank one more year in its home in the city’s Raffles Place as speculation builds that the listed trust may sell off or redevelop the 1982 vintage tower. Also in the headlines, developers are getting skittish about buying Nanjing land, and Singapore condo owners continue to try their luck in the city’s collective sale market. All the real estate news from around the Asia region awaits you below.

HSBC Opts for One More Year in SG’s 21 Collyer Quay

HSBC, the sole tenant of the HSBC Building at 21 Collyer Quay, has signed a one-year lease extension with landlord CapitaLand Commercial Trust (CCT).

The total rent payable by HSBC for the extended term commencing April 30, 2019 will be S$27.7 million, CCT said on Wednesday. HSBC is one of CCT’s top 10 tenants, contributing about 4 per cent to CCT’s monthly gross rental income as at June 30, 2018. Read more>>

Nanjing Cancels 3 of 5 Land Sales as Housing Market Turns

A set of poor land sales results have highlighted the softening real estate market in Nanjing, reflecting the effectiveness of recent government measures to cool a market that was seen as tipping towards overheating, exemplified by a strong buyer response for a home that had been the scene of a domestic tragedy in 2011.

Land authority officials in the city – the capital of Jiangsu province and the second largest city in the East China region – cancelled three of five planned land sales due to take place during a two-day period ended last Friday, while the remaining two sites were sold for less than those fetched by nearby sites at earlier auctions. Read more>>

Condo Owners in SG’s Posh District 10 Hope for S$37M Sale

District 10 freehold development Gisborne Light will be put up for collective sale in a public tender starting Sept 13, with an asking price of $37 million, which translates to $1,671 per square foot per plot ratio (psf ppr).

“The land rate of Gisborne Light is attractive and fairly adjusts for the current market sentiment following the introduction of new cooling measures on July 6, 2018,” said marketing agent Colliers International, citing transactions in the area with land rates ranging from $1,734 psf ppr for Balmoral Mansions to $1,847 psf ppr for City Towers. Read more>>

Hang Lung Tops Out Spring City 66 in Kunming

Spring City 66, Hang Lung Properties’ first entry into the southwest region of mainland China, held a topping out ceremony today for its shopping mall and office tower, marking a significant milestone in the project’s construction and heralding the arrival of a new world-class landmark for China’s “Spring City” Kunming.

The ceremony was hosted by Hang Lung’s Chief Executive Officer, Mr. Weber Lo; Chief Financial Officer, Mr. H.C. Ho; and Executive Director, Mr. Adriel Chan, with other Hang Lung’s top management members also in attendance. Read more>>

Pradera Preps for Opening of Shanghai Dungeon on Nanjing Lu

The Shanghai Dungeon, based on the popular worldwide entertainment brand of Merlin Entertainments Group, will launch its trial opening on September 29. The attraction held media day on Wednesday.

Located in the Mosaic Shanghai shopping mall on Nanjing Road Pedestrian Mall, it is Asia’s first dungeon project. Visitors will have immersive experience in the attraction’s 10 themed zones, such as legends of old Shanghai, abandoned theater and standing drop ride. Read more>>

Developers Double Agent Commissions as HK Market Slows

It’s a great time to be a Hong Kong property agent.

In some cases, developers are paying more than double their usual 3 per cent agent commission for selling a flat, as they get aggressive in paying agents to drum up sales. The step signals the growing eagerness of developers to speed up sales as market sentiment continues to sour. The higher commissions are on top of sweeter mortgage deals and discounts that developers are offering potential buyers.

A toxic combination of rising interest rates, a looming vacancy tax on empty flats and the sharp decline in the city’s stock market is making developers jittery. Read more>>

Malaysian Developer L&G to Launch $1B in Klang Valley Projects Next Year

Land & General Bhd (L&G) aims to roll out three projects with an estimated GDV of RM4.2 billion ($1.01 billion) next year in the Klang Valley.

L&G managing director Low Gay Teck said these projects are Aria Rimba at U10, Shah Alam, a serviced apartment project at The Mines Resort in Seri Kembangan and a high-rise residential development in Bandar Sri Damansara. Read more>>

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