Sheds and server barns lead today’s real estate headlines from around the region as a Singapore investment manager adds the remaining 60 percent stake in a set of US data centres to its Singapore listed industrial trust and one of Shanghai’s best-known conglomerates hopes to sell down its holdings in a mainland logistics firm.
Also in the news, home prices are rated as on their way up again in mainland China and Singapore developers hope that housing may move more quickly in their city as virus restrictions are relaxed.
Mapletree Industrial Trust Management has announced that Mapletree Industrial Trust’s (MIT) trustee DBS Trustee has entered into agreements for the proposed acquisition of the remaining 60% interest in the 14 data centres currently held by Mapletree Redwood Data Centre Trust (MRDCT) in the US. The purchase consideration is US$210.9 million, or approximately $299.5 million.
MIT currently holds a 40% interest in MRDCT. The remaining 60%, valued at US$494 million or $701.5 million, is held by Mapletree DC Ventures, a wholly-owned subsidiary of Mapletree Investments. After acquisition, MIT will hold 100% interest in the 14 data centres. The agreed property value of the 14 data centres held by MRDCT on a 100% basis is US$823.3 million. Read more>>
Fosun, which owns resorts brand Club Med and controls French fashion house Lanvin among other assets, is looking to sell part or all of its 6.7% stake in Cainiao at a valuation of nearly $20 billion, two of the people said.
The once-acquisitive conglomerate has been talking to Chinese investment firms and companies, including Alibaba, over the past few months about the sale, and wants to use the proceeds for new investments in consumer and healthcare businesses, the two people said. Read more>>
China’s home prices are expected to grow slightly faster this year than predicted a few months earlier while sales will stay soft, as Beijing refrains from strong easing to cushion the coronavirus-led slowdown in the sector, a Reuters poll showed.
The property market has shown some signs of recovery helped by cheaper credit and incremental policy easing as the Chinese economy emerges from its coronavirus lockdown. But still weak consumer confidence and fears of a second wave of virus infections may dampen chances for a sustainable rebound. Read more>>
Life has returned over the weekend following the reopening of project sales galleries on Friday, June 19. Sales achieved at project galleries across the board totalled 38 units on Friday, 45 units on Saturday and 61 on Sunday, bringing the total to 144.
“There were already signs that demand has returned,” says Ismail Gafoor, CEO of PropNex. “Sales for the first week of June [1st to 7th] was 163; and 183 in the second week of June [8th to 14th] before sales galleries reopened. Sales last week, including the past weekend [June 15th to 21st] totalled 242 units,” he adds. Read more>>
Saturday was an extraordinarily hot day, but not everyone was staying indoors to avoid the heat. About 50 property agents were scattered around the entrance of the Lohas Park MTR station in Tseung Kwan O, inviting passers-by to visit the area’s latest residential project to go on sale.
“By putting down only 5 per cent of the flat price as an initial deposit, you can become a homeowner,” said Louis Wong, an agent with Hong Kong Property Services (Agency), one of the brokers selling flats at Sea To Sky, the latest offering by Hong Kong tycoon Li Ka-shing’s CK Asset Holdings and Lohas Park’s biggest new residential project in about two years. Read more>>
Two strata office floors — Levels 16 and 23 — at GB Building on Cecil Street have been put on sale. The floors are 5,425 sq ft each and feature a regular and column-free layout. The sale will be via expression of interest, which closes on July 28. CBRE is the exclusive marketing agent.
Level 16 is currently leased to various clients. Its indicative price is $11.9 million, which is approximately $2,200 psf on strata area. Level 23 has an indicative price of $12.7 million, which is approximately $2,350 psf on strata area. As it is to be sold with vacant possession, it can be immediately occupied for owner-occupiers. Read more>>