Mapletree Buys DC-Area Serviced Apartments for $70M and More Asia Real Estate Headlines

Singapore keeps churning out the headlines today as China and Hong Kong slow down as the city-state’s Mapletree Investments makes another US purchase and a major real estate agency names a new MD in the Southeast Asian financial hub. Meanwhile back in Hong Kong, a new Kai Tak land sale brought in just six bids, and there’s much more if you just keep reading.

Mapletree Expands Serviced Apartment Platform with $70M US Buy

Singapore’s Mapletree Investments has purchased an apartment complex in Arlington, Virginia for a reported $70 million, according to media reports.

The real estate investment and development firm purchased the 184-unit Oakwood Arlington from AvalonBay Communities, and the property is already managed by Mapletree’s wholly-owned Oakwood subsidiary. Read more>>

Kai Tak Site Attracts Just Six Bids

The response to the tender of the fourth residential land parcel at the city’s former airport in Kai Tak missed analyst estimates on Friday, with slightly fewer developers than expected submitting bids, reflecting downbeat sentiment as home prices come under further pressure.

The 117,900 sq ft plot, located on land jutting out into Victoria Harbour on what was the former airport runway, fetched six bids at the closure of tender at noon ­Friday, falling short of Knight Frank’s expectation of seven to 10 bids. Read more>>

Philippine Retail Magnate Henry Sy Dies at 94

Henry Sy, who became a billionaire by turning a shoe shop into the biggest retailer in the Philippines, has died. He was 94.

He died in his sleep this morning, his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments said. Sy had a net worth of US$7.2 billion, according to the Bloomberg Billionaires Index, making him the richest person in the Philippines. Read more>>

Wendy Tang Appointed Singapore MD for Knight Frank

Property consultancy Knight Frank Singapore has appointed real estate veteran Wendy Tang as group managing director with effect from April this year to replace current group MD and chairman Danny Yeo.

Mr Yeo will continue to helm the company as executive chairman of Knight Frank Singapore. “Together with Danny, Wendy will be responsible for driving the performance of the business across all service lines of the group,” said Knight Frank in a press statement on Friday. Read more>>

Surbana Jurong Building New Campus in Western Singapore

Urban and infrastructure consultancy Surbana Jurong is building a new campus for its global headquarters in the upcoming Jurong Innovation District. The ground-breaking ceremony for the 68,915 sq m development was held yesterday.

Surbana Jurong Campus, as the building is named, will be completed by 2021 and can accommodate up to 4,000 employees. Read more>>

CDL’s Chia Ngiang Hong Named Head of REDAS

After serving two terms as the president of Real Estate Developers Association of Singapore (REDAS), Augustine Tan has passed the mantle to Chia Ngiang Hong, group general manager of Singapore-listed property group City Developments Ltd (CDL).

Tan, executive director of the property services division of privately-held property giant Far East Organization, will remain in the REDAS management committee for 2019/2020 as the immediate past president and ex-officio. Read more>>

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