Mango is shifting to an online strategy in China
In today’s look at real estate news around the region, a Spanish fashion brand has more bad news for mall and shop owners, as it confirms plans to shift growth to online shopping this year.
Also in the news, the Hong Kong government has felt the effects of the combination of social unrest and a viral pandemic as land sales revenues take a 65 percent dip and Keppel’s data centre REIT is finding a eager buyers for bonds backed by its portfolio of bit barns.
Fashion Brand Mango Freezes China Brick and Mortar Presence
Mango has reconsidered its retail strategy in China. In 2019, the Spanish label teamed up with local group Hangzhou Jingzhe Clothing, planning to expand its retail presence in China by opening 16 new stores. In light of the current prospects for physical retail, and the growing influence of the e-tail channel, Mango has decided to revise its expansion plans in China.
Mango has confirmed that it intends to prioritise boosting its e-tail channel on the mainland as opposed to the physical store network. The Barcelona-based label already operates its own e-tail site in China, where Mango is also distributed on multi-brand site Tmall, owned by the Alibaba group. Read more>>
Hong Kong Government Land Sales Revenue Plunges 65%
The Hong Kong government’s land sales revenue last year plunged by 65 percent year on year amid the pandemic. Despite a wait-and-see atmosphere looming over the property market due to the pandemic, the government launched 13 lots for sale and sold 11 of them, including 10 residential lots and one industrial.
That was a year-on-year decrease of about 15 percent compared with 13 plots sold in 2019. The Mansfield Road residential site on The Peak was the only tender that surpassed the HK$10 billion mark. Read more>>
Keppel DC Reit Quadruples Bond Plan to S$2B
The limit of Keppel DC Reit’s multicurrency medium term note (MTN) programme has been raised to S$2 billion from S$500 million, its manager said in a bourse filing on Thursday.
Perpetuals have also been added as a security which may be issued under the programme by the data centre focused real estate investment trust (Reit). Read more>>
Ascott REIT Obtains S$50M Green Loan for SG Co-Living Project
Ascott Residence Trust (ART) has obtained a five-year S$50 million green loan from DBS to finance its maiden development project: lyf one-north Singapore.
The 324-unit co-living property was one of the 15 ART properties that attained green certifications in 2020, bringing the stapled group’s total number of green properties to 21, the stapled group’s managers said in a bourse filing on Thursday. Read more>>
Bangkok Condo Prices to Fall 5% More in 2021
Average prices for new and resale condo supply are projected to continue falling this year as the glut of unsold condos is overwhelming, with new units added to the stockpile.
Nalinrat Chareonsuphong, managing director of consultant Nexus Property Marketing Co, said average prices of new condo supply being launched in Greater Bangkok this year would decrease by 5%. Read more>>
China Nears Approval of First Public REITs to Ease Debt
China plans to approve its first real estate investment trusts to help local governments finance infrastructure projects while allowing retail investors to tap into what may become a $3 trillion market.
The regulators may authorize the first few REIT products and get them listed as soon as the first quarter under a trial that began in August, according to people familiar with the matter, who requested not to be named because the matter is private. Read more>>
Despite Pandemic, SG 2020 New Home Sales May Match 2019’s
The total of new private homes sold in 2020 hit about 10,000 in a year when Singapore recorded its worst recession as a global pandemic forced lockdowns in many countries. This would put it roughly on par with the number of new homes sold in 2019, once aborted sales are accounted for.
The preliminary tally for 2020 comes as developers sold 1,217 new homes in December, up almost 60 per cent over the November figure. Read more>>
Cheong Sim Lam Buys Lorong Mambong Shophouse for $17.2M
There was a spate of shophouse transactions in late December. One of them was for the shophouse at 22 and 22A Lorong Mambong, which changed hands for $17.2 million ($5,128 psf), according to a caveat lodged on Dec 28.
The corner shophouse at Holland Village is fully tenanted: with Harry’s Bar on the first level, and F45 gym on the second level. Both tenants have just renewed their leases at the end of the year, says Yap Hui Yee, Savills Singapore director of investment sales and capital markets, who brokered the sale. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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