Tim Blackburn of Swire Properties
At the top of today’s news, one of Hong Kong’s best known developers is fast becoming a mainland builder, as Swire gets ready to open the second phase of its HKRI Taikoo project in Shanghai. Also in the news, Hong Kong gets ready to go tiny with 2000 nano-flats and Keppel prices its US office REIT at a fortunate-sounding figure. Read on for all these stories and more.
Mainland Projects Set to Dominate Swire Portfolio
Hong Kong developer Swire Properties Ltd will see its real estate business on the mainland ramping up, accounting for a major portion of its global portfolio this year, a top company executive said.
The developer, owner and operator of mixed-use commercial properties expects over 30 percent of its global real estate projects to be in the mainland by the end of this year, with the opening of its second Taikoo Hui branded project－HKRI Taikoo Hui, in Shanghai by December. Read more>>
HK Expects Flood of 2000 Nano-Homes by 2020
At least 2,100 nano flats are expected to be completed between now and 2020 in Hong Kong, to lure more young homebuyers into getting their first foot on the property ladder in the world’s most expensive housing market.
The new supply of the flats (classed as saleable areas below 200 square feet in size, or 18 square meters) will amount to an average of 510 units per year between 2017 and 2020, up from 151 units per year between 2014 and 2016, according to a latest report by global property agency, JLL. Read more>>
Keppel US Office REIT Priced at 88 Cents
KEPPEL-KBS US Reit, sponsored jointly by Keppel Capital and KBS Pacific Advisors, is issuing 262.77 million units at US$0.88 apiece in an initial public offering (IPO).
Separately, the sponsors – which jointly own the real estate investment trust (Reit) manager – are subscribing for some 119.43 million units while cornerstone investors have agreed to subscribe for 246.37 million units at the offer price. Read more>>
Shanghai Suburban Office Market Grows to 5M Square Metres Says JLL
Rising tenant demand and rapid urban development have spurred the growth of Grade A offices in decentralized locations in Shanghai over the past years while their CBD counterparts are set to maintain a rental premium because of a tight supply in the medium to long term, a research report released by international property consultancy JLL has found.
The city’s decentralized Grade A office inventory has surged from just 400,000 square meters in 2009 to around 5 million square meters, according to the report based on both JLL’s research and surveys conducted among 165 corporate occupiers and 31 investment institutions. Read more>>
CDL Leads Singapore Developers for Sustainability
City Developments Limited (CDL) announced on Tuesday (24 October) that it was named as Singapore’s highest scoring property firm in CDP’s latest rankings for climate change response.
The home-grown developer received a score of A- and is one of only four companies in Hong Kong and the ASEAN region that obtained a “Leadership” ranking for its climate disclosure submitted to CDP, a UK-based non-profit environmental disclosure platform formerly called the Carbon Disclosure Project. Read more>>
Singapore Developer Confidence Grows Says Survey
Developers have grown more optimistic about the current and future state of the Singapore property market, but worry about the Government introducing more cooling measures.
The Real Estate Sentiment Index (Resi), jointly developed by the Real Estate Developers’ Association of Singapore (Redas) and the Department of Real Estate at the National University of Singapore, had a composite reading of 6.6 in the third quarter, from 6.1 in the second. Read more>>
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