In today’s roundup of regional news headlines, a Canadian pension fund giant eyes a major staffing increase in Singapore, where yet another condo has been relaunched for collective sale, this time at an expansive site in Serangoon Gardens.
The Ontario Teachers’ Pension Plan is looking to potentially double staff in its Singapore office as the C$243 billion ($177 billion) Canadian fund steps up its expansion in Asia.
The Toronto-based investor is moving into new offices in the city-state next year with capacity for about 45 to 50 people, up from about 25 now. That would surpass the 35 staff in the fund’s Hong Kong office. Read more>>
Kensington Park condominium in Singapore’s Serangoon Gardens has been relaunched for en bloc sale via tender with an unchanged guide price of S$1.28 billion ($900 million), sole marketing agent CBRE said Tuesday.
Including a land betterment charge of S$209.8 million, the land rate works out to S$1,444 per square foot per plot ratio. Read more>>
Lucy Wang finds herself at the sharp end of a crisis seeping through China’s property market. She once dreamt that buying an under-construction apartment in the northern city of Zhengzhou would be her ticket to a new life.
For a young woman from a farming village, the RMB 250,000 ($34,839) down payment she used to secure the property represented a big outlay. Half of the money had come from her parents, who had put aside years of meagre savings from selling the potatoes and wheat they grew on the family plot. Read more>>
Malaysia’s largest asset manager, Permodalan Nasional Bhd, plans to add infrastructure assets to its portfolio from next year to diversify its exposure and navigate the current high inflationary environment, its top executive said.
PNB, which managed MYR 336.7 billion ($72.5 billion) worth of assets in 2021, has the majority of its portfolio invested in public equities, both local and international, besides private investments and real estate, among others. Read more>>
Total property investment sales in Singapore dropped 48.9 percent in the third quarter to S$4.8 billion, according to a Tuesday report by real estate consultancy Knight Frank.
The market’s negative turnaround from previous quarters of growth was attributed by the company to a decline in business sentiment around the world, exacerbated by worsening economic conditions and rising interest rates. Read more>>
A cybersecurity incident at Shangri-La Group hotels may affect hundreds of thousands of guests who visited the Asian hotel chain’s flagship properties.
The Hong Kong-based hotel and commercial real estate company says the breach mainly affects Shangri-La-branded hotels in Hong Kong, Singapore, Tokyo, Thailand and Taiwan. One Kerry Hotel-branded location in Hong Kong is also affected by the actions of someone the company calls “a sophisticated threat actor” who bypassed monitoring systems to access the guest database. Read more>>
Chinese leisure giant Fosun will open a hotel in Palmanova next summer, its second hotel on Spain’s Mallorca. Fosun has taken over the old Hotel Honolulu, which it will rename Cook’s Club Calvia Beach. The Chinese group has recently signed an agreement with Hotel Globales.
The leisure giant already owns the Cook’s Club Palma Beach in the Playa de Palma. Fosun bought the old Thomas Cook brand names from the liquidated company. Read more>>
Los Angeles is a city wracked by the tension between developer demands and the need for affordable housing. Pretty much anyone with even a cursory involvement in the city’s politics knows this. However, there are even darker clouds on the horizon.
Real estate giant China Evergrande Group has been called the “Lehman Brothers of China” after the American investment bank and global financial services firm that was once perceived as being too big to fail. With over $300 billion in liabilities, Evergrande is now floundering from crisis to crisis and may collapse even further, rolling out economic devastation in a domino effect around the Pacific Rim. Read more>>