Prices for homes at Hong Kong’s Peak hit new highs this week as a pair of apartments sold for the equivalent of HK$132,000 per square foot. Also in the news, Singapore’s GIC is taking over a Lendlease project building a new district in Melbourne, and Wanda says there’s no truth, or at least not very much, to reports that it is selling off its overseas property holdings. All these stories and more await you below.
Mount Nicholson, the luxury housing development atop Hong Kong’s highest elevation, has clinched the crown as the priciest address in the most expensive residential market on earth, selling two apartment units for HK$1.16 billion (US$149 million) to a single buyer.
A buyer paid HK$600 million, or HK$131,000 per square foot, for a property measuring 4,579 square feet at Mount Nicholson, according to Wheelock Properties, which oversees sales of the joint project between Wheelock & Co. and Nan Fung Development, without divulging the buyer’s identity. Read more>>
GIC, Singapore’s sovereign wealth fund, has taken a majority stake in a new innovation precinct in Melbourne, Australia. This is a joint project between the University of Melbourne, Lendlease, GIC and Urbanest, a GIC news release said on Monday (Nov 20).
Developed by Lendlease, the innovation precinct will be majority pre-leased to the University of Melbourne for 42 years. The project is adjacent to the University’s main campus a kilometre north of the Melbourne Central Business District which is accessible by tram and the proposed Melbourne Metro, scheduled for completion by 2026. Read more>>
China’s Wanda Hotel Development Co (0169.HK) said on Tuesday it was open to “business opportunities” related to its portfolio of landmark overseas properties, although no sale talks were under way.
The company was responding to a South China Morning Post report last week that the conglomerate was looking to sell $5 billion of overseas property assets to a single buyer. Read more>>
Keppel Corp’s planned 2.9 billion yuan (S$593 million) disposal of its stake in a China marina project is being blocked for now by the minority shareholder of that project through legal proceedings in Singapore.
Keppel, a conglomerate with businesses in rigbuilding and property, among others, said that it will vigorously defend against those attempts. Read more>>
YANLORD Land Group Limited sold all 636 apartments on the first day of the launch of Oasis New Island Gardens (Phase 3) in Nanjing for 2.59 billion yuan (S$529.6 million) in total pre-sales value.
The sell-out took place despite curbs by the Chinese government on prices and sales of first-hand homes and even a requirement by the group for buyers to commit to an 80 per cent downpayment. Read more>>
In the summer of 2016, Adam Tan, chief executive of China’s HNA Group Co., told an adviser he thought the conglomerate was growing too quickly. After an acquisition tear that vaulted HNA into the top tier of global buyers, it needed to digest its new holdings, he said, according to a person familiar with the conversation.
Mr. Tan didn’t take his own advice and today HNA is paying the price. Instead of retrenching, he accelerated HNA’s shopping, including investments in Deutsche Bank AG, the Hilton hotel chain and SkyBridge Capital, the investment firm of the onetime White House communications chief Anthony Scaramucci. Read more>>