SG Condo Owners Try for $1.89B Collective Sale and More Asia Real Estate Headlines

Leading today’s real estate headlines in the region, the owners of one of Singapore’s oldest condo complexes are hoping for the city’s biggest ever collective sale. While elsewhere in the city state, property agents are showing statistics of the first price dip for second hand homes in Singapore. Meanwhile in Hong Kong, the city welcomes another co-working operator to the shared office fray, and there are many more stories if you just keep reading.

SG Condo Owners Try for Record $1.89B Collective Sale

In what is a record for asking price of collective sale sites, residents at Singapore’s Pandan Valley condominium have agreed on a reserve price of S$2.6 billion ($1.89 billion) in another collective sale attempt.

Analysts said the 623-unit development’s price tag — set during Saturday’s (Sept 8) second Extraordinary General Meeting (EOGM) which TODAY attended — sets a “new benchmark” in the asking price of collective sale sites. Read more>>

Atlas Bets on TST for Opening of First HK Co-Working Centre

Atlas, the PAG-backed flexible office operator founded by the son of the chairman of Guangdong’s Agile Properties, has opened its first co-working centre in Hong Kong, bringing its total facility-count in the region to 22 locations.

The 50,000 square foot centre on the 16th floor of the Sun Life Tower, within Tsim Sha Tsui’s Gateway complex, represents a bet by the office startup that the high speed rail link to Guangdong province will make the tip of Kowloon peninsula an office hotspot. Read more>>

Keppel Agrees to Develop Indonesia Data Centre

Keppel Corporation has entered into signed conditional agreements to jointly develop and operate a high-availability data centre in Bogor, near Jakarta, with the Salim Group.

The agreement was signed by Keppel and the Indonesian conglomerate through the Alpha Data Centre Fund (Alpha DC Fund), managed by Alpha Investment Partners and Keppel Data Centres Holding. Read more>>

SG Property Agency Fined for Not Hiding Bangkok Risks

Property agency HSR International Realtors Pte Ltd has been fined $12,500, and banned from transacting or marketing foreign properties for six months from Sept 10 for not informing two investors of the risks involved in their purchase of units in a Bangkok condominium project that was later abandoned by the developer.

The action by the Council of Estate Agencies (CEA) follows penalties meted out in December last year for a similar offence by Dennis Wee Realty, which was fined $66,000, and banned from transacting or marketing foreign properties for a year. Read more>>

HNA Seeks Buyer for Container Leasing Subsidiary

HNA Group Co. is seeking a buyer for its container-leasing business Seaco, people familiar with the matter said, marking the latest attempt by the Chinese conglomerate to reduce its debt pile.

HNA is working with an adviser on the potential sale, which could fetch about USD1 billion, according to the people. The conglomerate decided to sell Seaco as part of its strategy to divest assets unrelated to its core aviation business, one of the people said, asking not to be identified because the information is private. Read more>>

Resale Prices of SG Condos Fall for First-Time in One Year

Resale prices of private non-landed homes dipped last month, breaking a 12-month climb to record highs, after the latest property cooling measures took effect in July, going by data from real estate portal SRX Property.

Resale prices of condominiums and private apartments declined by 0.2 per cent in August from the previous month, SRX’s flash estimates released on Tuesday (Sept 11) showed. Read more>>

China Creeps Closer to Property Tax

Discussions on whether Beijing should implement a nationwide property tax were back in focus on Monday, casting a shadow on the outlook for the property sector.

The first draft of the property tax law will “definitely” be ready for national legislative review within this year, according to a report by Beijing-based The Economic Observer, citing sources in the tax system. This coincided with a comment by a National Bureau of Statistics official in July that indicated the department would “accelerate the property tax programme”. Read more>>

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