Keppel sold the Yeouido Finance Tower in Seoul for around $280 million in December
In Mingtiandi’s latest roundup of regional news headlines, Singapore-based Keppel makes preparations to sell two office buildings in Seoul, Hong Kong residential developers seize an opportunity to launch super deluxe projects, and a high-end Tokyo mall reels from pandemic-driven store closures.
Keppel to Market Pair of Seoul Office Towers for Over $200M
Singapore-based Keppel Capital is preparing to sell two office buildings in Seoul, less than two years after it acquired them for around KRW 200 billion ($180 million) in a value-add investment.
Keppel is in the process of hiring a manager for both the Nonhyeon Building and the Hannuri Building to kick off the sale process, according to the company and industry sources this week. Read more>>
Korea’s Meritz Commits $150M to US Multifamily Fund
South Korea’s Meritz Alternative Investment Management Co has committed $150 million to a new US multifamily residential fund managed by Fairfield Residential for a target return of around 7 percent.
The commitment marks its second investment in funds managed by the San Diego-based apartment developer and operator in a year. Read more>>
CDL’s Sherman Kwek Seeks to Salvage China Property Deal
Pressure is mounting on an heir to Singapore’s biggest family fortune as he seeks to salvage the troubled property investment at the centre of an ambitious expansion into China.
In the past month, Sherman Kwek, the 45-year-old chief executive of City Developments Ltd, has had to contend with two more board member resignations, taking the total to three since October. His firm set up a special team to decide on the sale of assets at its joint venture with Sincere Property Group, the Chinese developer that’s driven a rift in the family, and to look at restructuring its liabilities. His father, CDL’s executive chairman, came out to defend the investment. Read more>>
Wharf, CK Asset Ready Luxury Projects as HKEX Surges
Some of Hong Kong’s biggest developers are seizing the moment to launch their super deluxe projects to capitalise on a surging stock market and the prospect of a market recovery in the second half of the year.
Wharf Holdings and CK Asset Holdings are lining up to release their new developments on The Peak and in the Mid-Levels soon, with one house carrying an estimated price tag of HK$812.68 million ($104.83 million). Read more>>
First REIT Unitholders Vote in Favour of Proposed Restructuring
Unitholders of First REIT on Tuesday voted in favour of the proposed restructuring of the Lippo Karawaci master lease agreements, as well as the whitewash resolution waiving the right to receive a takeover offer from First REIT’s substantial shareholder OUE.
At the REIT’s extraordinary general meeting held on Tuesday, unitholders representing some 91.33 million units, or 91.25 percent, voted in favour of the first resolution related to the proposed restructuring. Unitholders representing some 90 million units, or 90.5 percent, voted in favour of the whitewash resolution. Read more>>
SG Prepares for Property Cooling Measures After Govt Comments
Talk of another round of property cooling measures has intensified in the wake of recent ministerial remarks that the government is keeping a close watch on the market, which has so far defied the pandemic-induced recession.
This comes as URA flash estimates showed private home prices rose 2.1 percent for the fourth quarter — the steepest quarterly increase since the second quarter of 2018 when they jumped 3.4 percent before property cooling measures hit in July that year. This is despite Singapore’s economy appearing on track to shrink 6 percent for 2020 and unemployment hitting 3.6 percent in Q3 compared with 2.3 percent a year earlier. Read more>>
Oxley Reveals Partnership for Kuala Lumpur City Centre Project
Oxley Holdings’ wholly-owned Malaysia arm, Oxley Rising, on Tuesday entered into a strategic partnership with Pavilion Project Management in the development of Oxley Towers at Kuala Lumpur City Centre.
Pavilion Project Management is a member of the Pavilion Group, one of Malaysia’s leading property developers. Read more>>
Anarock Acquires India Apartment Management Platform
The ApnaComplex platform is in use by over 22,000 apartment societies in more than 80 cities across India. NestAway Technologies is a leading rental housing operator funded by Goldman Sachs, Tiger Global, UC-RNT Fund, IDG India, Chiratae Ventures and InnoVen Capital.
Anarock Group said in a statement that it has acquired a 100 percent stake in ApnaComplex: “From buying and selling homes to managing and maintaining them, real estate digitalisation is now a root concept.” Read more>>
More Stores Shutter in High-End Tokyo Mall
More than a dozen stores closed in Tokyo’s high-end Ginza Six mall this week as the coronavirus pandemic kept big-spending foreign tourists and other luxury shoppers away from an upscale shopping district famous for brand-name boutiques.
Ginza Six said on Wednesday that about 15 stores, including Italian fashion house Moschino, cosmetics brands Shiseido and Shu Uemura, and Salon des Parfums selling Annick Goutal and other fragrance brands, have shut in the past few days. Read more>>
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