Leading today’s roundup, top Singaporean developer Perennial Real Estate is poised to buy out an iconic heritage property in the city-state, ending years of business bickering. Also in the headlines, a Thai hotel operator has scooped up all 456 units in a Melbourne skyscraper that were supposed to be earmarked for long-term tenants. Shanghai is planning to invest more money in construction projects than at any time since the 2010 World Expo building boom, and Greenland Group is quietly moving forward on construction of its Toronto Condo project. There’s more below so by all means, read on.
Perennial Buys Out Capitol Singapore Project for $402MM
Perennial Real Estate Holdings is set to walk away as the sole owner of the iconic Capitol Singapore project, after a business kerfuffle held up the development of the heritage site. Mainboard-listed Perennial will buy out its co-owner, Pontiac Land Group affiliate Chesham Properties, to the tune of roughly S$528 million ($402 million).
The move was welcomed by industry watchers, who expect that the development – which includes a stalled hotel component – will be better placed to operate after consolidation. The deal, announced on Monday, comes in the wake of a January settlement agreement where either party had the option to purchase all of the other’s shares in the property. Read more>>
Thailand’s Minor Hotels Takes Over Homes in Melbourne Tower
A Melbourne skyscraper, which received planning approval almost three years ago on the basis that it would provide much-needed housing to the city’s booming inner-city population, won’t house any long-term tenants.
Instead all 456 apartments in the AVANT building – a 55-storey tower nearing completion at 60 A’Beckett Street, close to Queen Victoria Market – have been taken over by Thailand’s Minor Hotels who will operate them as Melbourne’s first AVANI Hotel. Read more>>
Shanghai to Invest $21B in 126 Construction Projects This Year
Shanghai will invest at least RMB 135 billion ($21 billion) in 126 construction projects this year – a record high since the 2010 World Expo. The investment will involve projects covering scientific and research centers, environment, education and cultural, infrastructure and security, Shanghai’s vice mayor Shi Guanghui announced.
There are 23 science and technology projects, including building the Zhangjiang Science City, a research center for China Nuclear Engineering & Construction Group Corp, and the second-phase construction of the Shanghai Synchrotron Radiation Facility. Read more>>
Towers Rise at Greenland’s King Blue Condo Project in Toronto
The next towers set to break into Toronto’s Entertainment District skyline, construction is picking up speed at the site of Greenland Group’s King Blue, 44 and 48-storey IBI Group-designed condominium towers rising at the southeast corner of King and Blue Jays Way. We last checked in on the project’s construction at the start of the year, when forming of the podium levels was wrapping up and the first panels of cladding were visible.
Just over two months later, the two towers have begun to rise above the six-to-eight-storey podium, which incorporates the preserved north and west facades of the 1927-built Canadian Westinghouse Building. Both towers now stand at heights of 14 storeys. Read more>>
M&G Eyes Asia-focused Real Estate Strategy
M&G Real Estate, which manages realty assets north of $5 billion in Asia Pacific, may be laying the groundwork for what could be an Asia-focused real estate vehicle – possibly a value-add one – in a couple of years. This vehicle is likely to be separate from its core real estate fund, which is more than a decade old.
The firm may not go as far as having an opportunistic fund, a riskier proposition, but “will stretch a bit to hit value add,” M&G Real Estate Asia chief executive Ng Chinag Ling told DEALSTREETASIA in a recent interaction. “For one of our separate accounts, we will start doing more of value-add strategies, to not conflict with our current fund (core fund).” Read more>>
Oxley Close to Selling Building in $1B Dublin Park Project
Oxley Holdings is in the final stage of negotiations to sell a 300-year lease of a building in its mixed-use development Dublin Landings in Ireland.
Dublin Landings, which was launched in October 2016, is situated along Dublin’s North Wall Quay. The project will consist of Grade A office and retail space, and luxury residential apartments. In an update on the project, Oxley said that the total gross development value of Dublin Landings – comprising Blocks D1, D2, A, B and E – is expected to amount to approximately 835 million euros ($1 billion). Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply