In today’s roundup of regional news headlines, Keppel Land exits a residential development project in China, PropertyGuru says it may consider a future Asian listing after it goes public in New York, and electric car maker Tesla leases a Singapore building to house a showroom and corporate office.
Keppel Land Selling Chengdu Project to Vanke for $239M
Keppel Land China will divest 100 percent of its equity interest in Chengdu Shengshi Jingwei Real Estate through its subsidiary Hillwest for about RMB 1.6 billion ($239 million).
In a bourse filing on Thursday, Keppel Corp said the buyers of the sale shares, subsidiaries of China Vanke Co, will pay RMB 1.4 billion to Hillwest for the sale shares in Chengdu Shengshi, subject to completion adjustments The buyers will pay an additional RMB 156 million to a related company of Hillwest as repayment for loans extended to Chengdu Shengshi. Read more>>
URA Awards Lentor Central GLS Site to GuocoLand
Singapore’s Urban Redevelopment Authority said Thursday that it had awarded the tender for the Lentor Central site to GLL D Pte Ltd. This comes nearly a week after the tender closed with nine bids.
GLL D, an indirect subsidiary of GuocoLand, submitted the highest bid in the tender for the site — S$784.1 million ($579 million) or S$1,204 per square foot per plot ratio — a bid that surpassed the expectations of property consultants polled by The Business Times before the tender closed. Read more>>
PropertyGuru May Consider Future Asia Listing
PropertyGuru, the Singapore-based property technology company that agreed to be taken over last week by Richard Li’s special public acquisition company, may consider an Asian listing in the future after it goes public in New York.
The company sees additional “upside” to further expand its dominant position in its core markets in Southeast Asia as it seeks to become the go-to portal for real estate in the fast-growing region as it prepares for a listing on the New York Stock Exchange as soon as the fourth quarter, according to its top executive. Read more>>
Evergrande Says Ratings Downgrade Will Not Have Major Impact
China Hengda Real Estate, the flagship unit of Evergrande Group, said on Wednesday that a Chinese ratings agency’s changing of its outlook to “negative” will not have a significant impact on the company’s repayment ability.
The indebted developer said in a filing that it regrets and does not understand the downgrade decisions by CCXI. Read more>>
Tesla Takes 20-Year Lease on Singapore Showroom
Electric car maker Tesla has leased a building in Toa Payoh Lorong 8’s industrial area for its showroom, corporate office and service centre.
This was announced on Thursday by Firmus Capital, which acquired the property and has entered an agreement to lease it entirely to Tesla’s Singapore subsidiary, Tesla Motors Singapore Private Ltd, for a period of up to 20 years. Read more>>
Singapore’s Cathay Cinemas Set for Sale
Singapore-listed MM2 Asia has received an offer for its Cathay cinema business from local financial investment firm Kingsmead Properties. MM2 Asia operates eight cinemas in Singapore and 13 in Malaysia, as well as a movie film distribution business.
MM2 entered into a non-exclusive binding term sheet with Kingsmead for the proposed sale of at least 80 percent of the cinema business, it announced on Wednesday. Read more>>
CapitaLand China Trust Posts 40.1% Rise in H1 DPU
CapitaLand China Trust has announced a distribution per unit of 4.23 Singapore cents ($0.03) for the first half ended 30 June, up 40.1 percent from a DPU of 3.02 Singapore cents in the year-ago period, despite an enlarged unit base.
The increase comes on the back of a 72.9 percent rise in distributable income to S$64.1 million. Read more>>
Ascendas India Trust H1 Distributions Down 9%
Business park landlord Ascendas India Trust will make a distribution per unit of 4.20 Singapore cents ($0.03) for the first six months, the manager said on Wednesday.
The payout was lower by 9 percent on the previous year’s DPU of 4.64 cents, owing to a weaker rupee and a one-off reversal of a dividend distribution tax provision. Read me>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply