Keppel REIT picked up a 50% stake in 311 Spencer Street in Melbourne
At the top of today’s headlines Singapore’s Keppel REIT has taken a shopping trip to Melbourne, Australia where it picked out a nice new office tower for its portfolio. Also in the news, Yanlord Land buys a site in Zhuhai and a Korean resort developer finds the way to San Jose. Read on for all these stories and more.
Keppel REIT Buying $268M Stake in Melbourne Office Project
Keppel REIT on Thursday signed an implementation deed with Australia Postal Corporation to buy a 50-per-cent interest in a premium office tower to be developed at 311 Spencer Street, Melbourne, Australia.
The consideration is A$347.8 million (S$362.4 million) for the 50-per-cent stake. The remaining 50-per-cent stake will be held by Cbus Property, an Australian property developer, which is also the developer for this development. Read more>>
Yanlord Buys Zhuhai Site for RMB 836M
Real estate developer Yanlord Land Group has, through a wholly owned subsidiary, acquired a 41,800-square-metre gross floor area prime residential site in Tang Jia Wan District, Zhuhai for 836 million yuan (S$170 million).
Located within the Tang Jia Wan district, the site is situated near Zhuhai’s seafront and benefits from connectivity via the city’s key thoroughfares. Read more>>
Korean Developer Buys San Jose Hotel for $64M
A Korean resorts operator has scooped up the Westin San Jose — more commonly known as the Sainte Claire hotel — in downtown San Jose, paying $64 million for the iconic property, an indication of interest by foreign investors in the robust Silicon Valley economy.
Aju Hotel Silicon Valley, an entity controlled by Aju Hotels and Resorts, bought the historic Westin San Jose on June 15, according to Santa Clara County property records. Aju Hotels is a developer and operator of hotels in South Korea and the Bay Area, according to the Aju website. Read more>>
China Land Sales Regs Seen Squeezing Small Developers
Real estate developers say a slew of new regulations governing many land auctions in China is threatening the business model most of them use, and is likely to speed up the consolidation of the industry through more joint ventures and takeovers.
The measures, which are widely seen in the industry as representing the most stringent tightening in controls ever, have been introduced by authorities running major cities as they seek to stop home prices from surging further out of control. Read more>>
Hong Kong Home Prices Could Fall 30% Within 12 Months
Hong Kong home prices, already the world’s highest, have shown signs of easing with more experts predicting that the market could reach a turning point in the third quarter of the year.
Industry watchers expect home prices to fall as much as 30 per cent in the next 12 months. “We have seen rising default cases in the past couple of weeks as a result of credit tightening by banks,” said Alfred Lau, a property analyst at Bocom International. Read more>>
URWork Opens in Singapore
China-based co-working firm URWork has partnered with Australian consultancy firm Collective Campus to launch its first overseas branch in Singapore on Friday (June 23).
This new space serves as a platform that links Singaporean and Chinese entrepreneurs, enabling them to leverage URWork’s network in more than 18 Chinese cities, including Beijing, Shanghai, Shenzhen and Wuhan. Read more>>
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