In today’s roundup of regional news headlines, Malaysia’s IOI Properties wins the tender for the Marina View white site in Singapore, embattled developer China Evergrande continues to whiff on offshore debt payments, and the Hong Kong government appears set to keep land supply steady in the three months ahead.
A plum site at Singapore’s Marina View has been awarded to its sole bidder, a unit of Malaysia’s IOI Properties Group, for S$1.508 billion ($1.1 billion).
The bid of $1,508,000,101 was just $101 above the $1.508 billion minimum price that triggered the launch of the 99-year leasehold plot, the Urban Redevelopment Authority said Wednesday. That works out to a land rate of $1,379 per square foot per plot ratio. Read more>>
China Evergrande Group missed paying bond interest due Wednesday, two bondholders said, its second unpaid offshore debt payment in a week, although the cash-strapped company is scrambling to meet its obligations in its home market.
The company, reeling under a debt pile of $305 billion, was due to make a $47.5 million bond interest payment on its 9.5 percent March 2024 dollar bond, after having missed $83.5 million in coupon payments last Thursday. Read more>>
Hong Kong’s government will keep its fiscal third-quarter land sale plan the same as three months earlier, as it focuses the spotlight on the final policy address by Chief Executive Carrie Lam on 6 October, when she is due to deliver a widely-expected blueprint to boost land supply and alleviate the city’s housing shortage.
The government, which typically releases land from its reserves for developers to build homes, plans to sell a residential plot in Tai Po and a parcel on South Bay Road in Repulse Bay, enough to build about 210 flats during the three months starting in October, keeping the programme unchanged from the last quarter, according to Secretary for Development Michael Wong. Read more>>
Singapore’s Urban Redevelopment Authority has released for sale three residential sites at Lentor Hills Road (Parcels A & B) and Jalan Tembusu, the URA said in a statement on Thursday.
The sites are released under the second-half government land sale programme. The tender for the sites at Lentor Hills Road (Parcel A) and Jalan Tembusu will close on 18 January 2022 at noon. Read more>>
CapitaLand China Trust has obtained its maiden S$150 million ($110.2 million) sustainability-linked loan from UOB, the trust’s manager said Thursday.
The lender will offer the China-focused REIT a committed term loan facility that incorporates interest rate reductions based on predetermined sustainability performance targets for the REIT’s properties. Read more>>
Logos has obtained a S$64.4 million ($47.3 million) green loan to redevelop its 2 Tanjong Penjuru Crescent industrial property in southwest Singapore, the Australian developer said Thursday.
Logos, in partnership with engineering specialist CSC Holdings, will spend S$108 million to turn the existing four-storey property into a 46,000 square metre (495,140 square foot) modern six-storey ramp-up logistics facility with office space, a cafeteria and rooftop parking. Read more>>
Australian developer Lendlease has welcomed the first batch of senior residents to its first senior living community in China. The residential project, called Ardor Gardens Yi Pu Hui, is in Shanghai’s western Qingpu district.
“The opening of Ardor Gardens Yi Pu Hui is an important milestone for Lendlease’s growth in China, marking the official arrival of our international senior living concept,” said Justin Gabbani, CEO for Asia at Lendlease. “With our deep expertise and experience from Australia, we hope to serve Chinese seniors who are looking forward to a high-quality senior lifestyle.” Read more>>