The Residences Two project is slated for completion in 2024
In today’s roundup of regional news headlines, Australia’s Lendlease enters a joint venture for a Sydney residential tower even as the group’s new CEO warns on earnings, while in Hong Kong a New Territories residential site goes for a higher-than-expected winning bid.
Lendlease, Mitsubishi Estate Form JV for $1.3B Sydney Tower
Lendlease has established a joint venture with Mitsubishi Estate to deliver Residences Two, the second residential tower at One Sydney Harbour, Barangaroo.
Under the terms of the joint venture, Mitsubishi Estate will acquire a 25 percent interest in the Residences Two project, which has an estimated value of A$1.7 billion ($1.3 billion) and will comprise 322 apartments across 68 levels. Read more>>
Wing Tai Wins New Territories Residential Site With HK$2.6B Bid
Wing Tai Properties has won the tender for a 4,400 square metre (47,361 square foot) residential site in Kwu Tung, Fanling for over HK$2.6 billion ($330 million), higher than market estimates of HK$1.7 billion to HK$2.2 billion.
Kenneth Ng, the developer’s executive director, said the group is pleased to secure a good location for the project, as the site is only a 10-minute walk to Sheung Shui Station and is close to the Fanling Golf Course. Read more>>
Actis Invests $20M in Vietnam Industrial Real Estate Partnership
UK fund manager Actis has formed a strategic partnership with Vietnamese manufacturer and real estate developer An Phat Holdings. The partnership involves Actis investing over $20 million into a joint venture with An Phat Complex, a member of An Phat Holdings, to develop An Phat 1 Industrial Park.
The relationship between Actis and An Phat Holdings goes beyond the initial investment, as both sides have also agreed to form a strategic partnership to develop factories and warehouses for lease worth $250 million. Read more>>
Lendlease Issues Earnings Downgrade as COVID-19 Bites
Lendlease’s new chief executive, Tony Lombardo, has issued a sharp earnings downgrade just one month into the top job, as the pandemic disrupts the group’s global workbook and old issues linger from its divested engineering business.
ASX-listed Lendlease expects operating earnings of A$375 million-A$410 million ($281 million-$307 million), well short of the market consensus of A$469 million. Statutory profit is expected within the range of A$200 million-A$320 million. Read more>>
Evergrande Cut by Moody’s Despite Debt Progress
China Evergrande Group’s credit rating was cut by Moody’s Investors Service, the second downgrade by a global ratings company in less than two weeks.
Moody’s lowered the grade by one notch to B2. “Although Evergrande has been reducing its debt to improve its financial stability, the company still faces sizeable maturing debt and puttable bonds over the next 12-18 months,” the agency said. Read more>>
Singapore Private Home Prices Rise 0.9% in Q2
Private home prices in Singapore rose for the fifth straight quarter but at a much slower pace, dampening speculation of another round of property curbs.
The 0.9 percent price gain in the three months to June from the previous quarter follows an increase of 3.3 percent in the first quarter and 2.1 percent in the fourth quarter of last year. Year-on-year, prices are up 7.3 percent. Read more>>
Gaming Chair Maker Spends S$51M on SG Luxury Homes
The 28-year-old co-founder of the Secretlab gaming chair firm has splashed out S$51 million ($37.9 million) in just a week on two Singapore luxury properties: a good class bungalow in Caldecott Hill and a penthouse near the Botanic Gardens.
Ian Ang, who is chief executive of the ergonomic chair retailer, was granted an option to purchase the S$36 million bungalow in Olive Road on 14 June, according to documents seen by the Straits Times. Read more>>
Freehold Properties at 3 & 9 Norris Going for S$16.5M
Two adjoining freehold Singapore properties at 3 and 9 Norris Road have been offered for sale with a guide price of S$16.5 million ($12.3 million). The property at 3 Norris Road is a three-storey shophouse, while the adjoining two-storey building at 9 Norris Road was the former Ramakrishna Mission Building.
Edmund Tie has been appointed as the sole marketing agent for the sale of the properties. Read more>>
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