New World to Invest $732M in Guangzhou Project and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Hong Kong’s New World Development sets sights on its biggest-ever project in China, private equity titan Blackstone picks up a pair of assets in India, and Singapore’s GLP forms a logistics investment partnership with insurer AIA.

New World to Invest $732M in Guangzhou Urban Renewal Project

New World China Land (NWC), the mainland Chinese property unit of Hong Kong’s New World Development, said it has secured the rights for an urban renewal project in the heart of Guangzhou.

The project, which is expected to require an investment of HK$5.7 billion ($732.3 million), will be NWC’s largest such undertaking in China. It will yield a total gross floor area of 7 million square feet (650,000 square metres), the company said Wednesday. Read more>>

Blackstone Buys Two Assets Worth $40M From Tarc

India-listed developer Tarc Ltd has signed a deal with an affiliate of funds controlled, managed and advised by Blackstone to divest of two wholly owned subsidiaries, Goodluck Buildtech and Anant Raj Hotels, the company said in a statement.

Blackstone will pay INR 295 crore ($40 million) for the assets, subject to certain identified conditions and closing actions, including completion of the transfer of certain land parcels aggregating to about 36 acres (14.6 hectares) for warehousing development held by the company. Read more>>

AIA, GLP Form Global Logistics Real Estate Investment Partnership

Pan-Asian life insurance group AIA Group and GLP have formed a partnership to invest in the global logistics real estate industry and related opportunities.

GLP said the positive long-term trends that are driving the growth of the global logistics real estate sector provide AIA with immense opportunities to diversify its investment portfolio and enhance returns for its customers and shareholders. Read more>>

China Resources Land Unit’s Profit Jumps 136% to $124M

China Resources Mixc Lifestyle Services’ first-half net profit rose 138 percent year-on-year to RMB 806 million ($124 million), but no interim dividend is to be paid.

The property management arm of China Resources Land recorded a 28 percent increase in total revenue, amounting to RMB 4.01 billion. Read more>>

SG Law Firm Moving from Raffles Place to High Street Area

Law firm Lee & Lee is relocating from Singapore Land Tower in the Raffles Place financial district to the former EFG Bank Building at the corner of North Bridge Road and High Street.

Lee & Lee has signed a lease for about 30,000 square feet (2,787 square metres) on levels four to seven of the nine-storey building, now known as 25 NorthBridge, with a right of first refusal for more space when available. Read more>>

Poly Property Revenue Doubles to HK$37.6B

Mainland real estate developer Poly Property said first-half net profit doubled to HK$1.66 billion (now $210 million) from last year, but no dividend was proposed.

Revenue rose 8.4 percent to HK$14 billion during the period. The group recorded a sold contracted area of 1.79 million square metres (19.3 million square feet) for RMB 31.3 billion (HK$37.6 billion) in value in the first six months of 2021, achieving 50 percent of its annual sales target of RMB 62 billion. Read more>>

999-Year Shophouses for Sale in Singapore’s Boat Quay, Club Street

Two 999-year shophouses located in Boat Quay and Club Street have been put on the market via expression of interest, marketing agents CBRE and PropNex said Thursday.

Both properties are zoned for commercial use, which means foreigners are eligible to purchase and there will be no additional buyer’s stamp duty. Read more>>

Time for CDL to Unlock Value of Swiss Club Road GCB Site

At City Developments Ltd’s recent results briefing for the first half of 2021, group chief executive Sherman Kwek said the group would find ways to increase its exposure to Singapore’s high-end residential market given the strength of the sector.

“We do see that luxury has so far remained strong,” he said, citing the example of the Good Class Bungalow market’s performance. “Although we don’t really play in that market, if you look at the GCB market it has gone from strength to strength over the last two years. Despite the pandemic, despite so-called ‘no viewings’, GCB transactions have gone up to record volumes and record prices.” 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.