Keppel Corp has suddenly found its Jakarta project to be a bit more complicated
In today’s roundup of regional news headlines, Singapore’s Keppel Corp defends against a land ownership claim by an individual in Indonesia, Guangzhou-based developer R&F seeks an extension on construction of a South Korean casino, and China Vanke’s chairman tells employees the group is on its “last legs”.
Keppel Fights Rival Claim for Jakarta IFC Site
Keppel Corp on Monday said it would “vigorously defend” against a claim by an individual, Raden Saleh Abdul Malik, that he owns the land where International Financial Centre Jakarta Tower 2 building complex is located.
PT Kepland Investama, a wholly owned subsidiary of Keppel Land, and others have received notice of a civil action by the man over the 17,000 square metres (182,986 square feet) of land, Keppel said in a filing with the Singapore Exchange. Read more>>
China’s R&F Seeks Extension on Stalled Korean Casino
The local arm of Hong Kong-listed Guangzhou R&F Properties has submitted another request to South Korea’s Ministry of Culture, Sports and Tourism to extend the construction deadline of its Midan City Resort Complex development by two years, until March 2024.
According to local media reports, the Incheon Free Economic Zone Authority confirmed the request from R&F Korea last week. RFKR is a subsidiary of R&F, which became the project’s sole owner after buying out the 50 percent stake held by its former partner, US casino giant Caesars Entertainment, in early 2021. Read more>>
China’s Property Woes Spread to London
In London’s Royal Albert Dock, almost two dozen buildings conceived of as a new Chinese Canary Wharf stand mostly empty and in the hands of lenders who have finally pulled the plug.
About 10 miles (16 kilometres) to the west, some construction workers angry at not being paid have downed tools at Guangzhou R&F Properties’ flagship development in Nine Elms. And in Paternoster Square, in the heart of the City of London, the tycoon behind embattled developer Shimao Group Holdings is in talks to sell a prized office building previously occupied by Goldman Sachs. Read more>>
Vanke Boss Says Company Is Fighting for Survival
The chairman of China Vanke, the country’s third-biggest home seller by sales, issued a clarion call to his staff, urging them to gear up for a bruising battle that may make or break the company this year.
“We are on our last legs, which means there are no other options,” Yu Liang said during the company’s annual staff meeting on 9 January, according to an internal document seen by the South China Morning Post. “Many of us have not comprehensively understood the situation we find ourselves in.” Read more>>
Hong Kong Residential Rents Fall to Multi-Month Lows
No border reopening just yet and no significant turnaround in the local economy as hoped for to spur the property market. Instead, the current wave of COVID-19 in Hong Kong has squashed early optimism, with housing rents in the city falling to multi-month lows.
Average rent in the city fell 0.7 percent to HK$34.74 ($4.45) per square foot in January, the lowest level since May 2021, according to data compiled by Midland Realty, based on leases in 138 housing estates. Rents have weakened by a cumulative 2.3 percent in a four-month slide, the longest since a six-month streak ended in February 2021. Read more>>
Frasers Hospitality Expands To Cambodia With Launch Of 3 Properties
Frasers Hospitality, a member of Singapore-listed Frasers Property, has entered the Cambodia market with the launch of three new properties in key commercial districts.
The first property, the 88-room Capri by Fraser in Phnom Penh, will open in October 2022. Another Capri by Fraser property located five minutes away in the city centre, with 78 rooms, will be completed in 2024. Read more>>
Row of Singapore Shophouses on Market for $21.2M
Five adjoining shophouses at 1, 3, 5, 7 and 9 Club Street, within the Telok Ayer conservation area in Singapore’s central business district, have been offered for sale with a guide price of S$28.5 million ($21.2 million), exclusive marketing agent Savills Singapore said.
The site comprises two land titles: 1, 3 and 5 Club Street, which are three storeys high with an attic; and 7 and 9 Club Street, which are two storeys high. Read more>>
Far East Hospitality Trust H2 Distributions Climb 10.9%
Far East Hospitality Trust’s distribution per stapled security for the second half of the financial year ended 31 December 2021 increased to S$0.0153, a growth of 10.9 percent compared with S$0.0138 in the same period last year.
In its financial results released Tuesday morning, the hospitality stapled group’s manager declared a distribution of S$30.3 million (now $22.5 million) for the second half of financial 2021, up 11.6 percent year-on-year. Read more>>
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