In today’s roundup of regional news headlines, China’s Zhenro Properties is set for another offshore bond default, the property arm of Hong Kong’s Nan Hai suspends all staff for six months amid financial woes, and a pair of Singapore condo projects are up for sale as developers rediscover their appetite for sites.
On Tuesday, Zhenro Properties Group said it expects to default on $300 million of 9.15 percent senior notes that it issued in November 2019.
The company said it has insufficient financial resources to pay the $13.7 million interest of the notes by 5 June, which is the last day of the grace period for its missed payment on 6 May. Read more>>
The 84-unit Euro-Asia Apartments, a District 12 freehold residential development on Serangoon Road in Singapore, has been put up for collective sale via public tender with a guide price of S$218 million ($158.8 million).
Completed in 1990, Euro-Asia Apartments is a 10-storey block of apartments comprising units ranging from 840 square feet (78 square metres) to 2,443 square feet in size. Read more>>
Jansen Mansions in Singapore’s Kovan area will be put up for collective sale for the third time with an increased reserve price of S$18.9 million ($13.8 million) on Jun 2, marketing agency PropNex Realty announced on Wednesday.
Located at 25 Jansen Road, the 12-unit development sits on about 16,592.7 square feet (sq ft) of land with a plot ratio of 1.4 and with a gross floor area (GFA) of about 23,229.8 sq ft. It is zoned for residential use, with a 999-year leasehold tenure starting from Sep 1, 1876. Read more>>
The property arm of Hong Kong-listed Nan Hai Corporation, owned by Yu Pun-hoi of Hong Kong online news portal HK01, has asked its staff to stand down for six months, citing tough financial conditions, according to information published in social media posts.
All employees of The Peninsula Shenzhen Property Development, a subsidiary of Nan Hai Development, and an associated company, The Peninsula Real Estate (Shenzhen) Corporation, have been suspended from work for six months, according to social media posts containing screen grabs of a letter issued by the human resources department of The Peninsula Shenzhen Property Development. Read more>>
Landsea Green Properties’ Landsea Holdings Corporation subsidiary has signed a $45 million deal to sell a 10.7 percent interest in Landsea Homes Corporation to Green Investment Alpha.
The transaction will reduce Landsea Green’s 72.62 percent stake in NASDAQ-listed Landsea Homes and deliver a pre-tax loss of roughly $22 million, according to a Tuesday filing. Read more>>
IOI Properties Group’s long-awaited office project along Central Boulevard in Singapore’s CBD is scheduled to receive a Temporary Occupation Permit in the third quarter of 2023, more than six years after it was awarded the site in November 2016 by the Urban Redevelopment Authority.
At the time, the Malaysia-listed group had made the headlines with its top bid of nearly S$2.57 billion ($1.87 billion) or S$1,689 per square foot per plot ratio — the highest in absolute dollar quantum as well as per square foot per plot ratio for a Government Land Sales site in the city-state back then. Read more>>
S&P Global Ratings, in its Southeast Asia Property Update: Post-Pandemic Recovery Continues report released Tuesday, said the property sectors in Indonesia, Vietnam and Singapore will stay in recovery mode in 2022.
The rating agency noted that it expects the credit quality of Indonesia developers to strengthen over the next 12 to 18 months, bolstered by positive home sales momentum since last year. For Singapore, S&P anticipates commercial real estate to see improved occupancy rates and less pressure on rents, supporting credit quality for REITs. Read more>>
China’s home sales slump persisted in May as COVID-19 outbreaks in key cities overshadowed efforts to revive buyer confidence.
The 100 biggest real estate developers saw new-home sales plummet 59 percent in May from a year earlier, according to preliminary data from China Real Estate Information Corporation. The drop matched April’s decline as the biggest this year. Read more>>