JustCo Loses Lawsuit Over Unfair Contract and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, co-working operator JustCo Singapore suffers a legal defeat in a case of “grossly unfair” contract terms, the brother of the city-state’s prime minister puts his fancy bungalow on the market, and South Korea’s JR Global REIT seeks close to a half-stake in a Manhattan office building.

JustCo Loses Lawsuit After Failing to Open Office on Time

Co-working operator JustCo Singapore has lost a lawsuit brought by cybersecurity software company Dathena Science, in what might be the city-state’s first such case that resulted from pandemic-related measures.

And with some of the contract terms — such as the tenant not having the right to terminate the contract — flagged as “grossly unfair” and unenforceable, the case has potential implications for the co-working scene and commercial landlords, especially as flexible leasing and shared workspaces gain popularity, the Business Times understands. Read more>>

Singapore Premier’s Brother Selling Bungalow for $12.4M

The estranged younger brother of Singapore’s premier is selling his resort-style home amid a surge in demand for luxury properties in the city-state.

The two-storey bungalow, a local term for the equivalent of a mansion, is on sale for S$16.8 million ($12.4 million), according to a listing on the real estate portal PropertyGuru. Public records show Lee Hsien Yang, brother of Prime Minister Lee Hsien Loong, and his wife as joint owners. The couple currently live in an apartment in the prestigious Nassim Road neighbourhood. Read more>>

Korea’s JR Global REIT Buying $323M Stake in NYC Building

South Korea’s JR Global REIT will acquire a 49.9 percent stake in an office building in New York City for KRW 385.5 billion ($323 million) by the end of this year from Hanwha Asset Management, a Korean investment company.

To complete the acquisition, which has been delayed due to its adjusted financing schedule, JR Global will raise about KRW 200 billion through bond issues and loans this month, according to its regulatory filing last week. It will inject an additional KRW 185.5 billion on its balance sheet into the transaction. Read more>>

United Hampshire US REIT to Acquire US Retail Assets for $78.3M

Singapore-listed United Hampshire US REIT has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia for $78.3 million.

The acquisition is the REIT’s first after its initial public offering in March 2020 and also its first entry into Pennsylvania and Virginia, the trust said in a bourse filing on Tuesday. Read more>>

Blackstone Sells Third Shopping Centre to Elanor in A$136M Deal

Investment giant Blackstone has finally offloaded Warrawong Plaza in Wollongong, south of Sydney, to Elanor Investors Group for A$136 million ($98.4 million) after trying to sell it for more than a year.

It’s the third regional retail property Elanor has bought from Blackstone following its A$145 million purchase of Clifford Gardens in Toowoomba earlier this year and the A$178 million Waverley Gardens acquisition in 2018. Read more>>

Li Ka-Shing and Victor Li Boost Stakes in CK Asset

Tycoon Li Ka-shing and his son Victor Li continue to raise their stakes in CK Asset.

Through the Li Ka Shing Foundation, they acquired a total of 1.34 million shares in CK Asset at the average price of HK$43.7705, HK$44.8083, HK$45.3038 and HK$44.5529 per share on 28 September, 29 September, 30 September and 4 October respectively. Read more>>

Evergrande Debt Storm Batters Chinese Developer Bonds

Kaisa Group, Central China Real Estate and Greenland became the latest property companies to see their bonds battered by uncertainty surrounding debt troubles at China Evergrande.

Frantic selling broke out after mid-sized developer Fantasia Holdings missed a bond payment on Monday. Fantasia had issued a statement last month saying it had sufficient working capital and no liquidity issues. Read more>>

SPH Returns to the Black With S$92.9M Net Profit

Singapore Press Holdings has swung into the black, with a net profit of S$92.9 million (now $68.2 million) for the financial year ended 31 August, amid a slight increase in total revenue from continuing operations and fair-value gains on investment properties.

The result reverses the net loss of S$83.7 million in the previous financial year, which had included S$232 million in fair-value losses on investment properties. Read more>>

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