Owners at the Pine Grove complex at Clementi Park are hoping for a payday
Sales of new condos continue to slide in Singapore, but home owners in a pair of major projects in the city-state are still trying for collective sales of their homes, with one complex making its fifth attempt to find a buyer. Representatives of the Beijing government working in Hong Kong have their own ideas on making a profit in the housing market, as the liaison office office in the city brings its portfolio of HK homes to 280 units, while in Thailand, the country’s richest man shifts his property holdings via a buyout proposal. Read on for all the details on these stories and more in Mingtiandi’s daily roundup of headlines from around Asia.
Pine Grove, Peace Centre Owners Try for Collective Sales in SG
Collective sales may not yet be extinct in Singapore, as the owners of a pair of projects in the city try their luck, including a long-awaited bid by the Pine Grove estate in Clementi Park.
The 660-unit condominium in the Holland Road cluster is being launched today at a reserve price of $1.86 billion. The price translates to a land rate of $1,307 per square foot per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums, said real estate agency C&H Group yesterday.
The other sale attempt comes from Peace Centre/Peace Mansion, a prime mixed-development site at 1 Sophia Road with a reserve price of $688 million. Read more>>
PRC Liaison Office in HK Pushes Tax-Free Home Portfolio to 280 Units
The Chinese government’s liaison office in Hong Kong, which is exempted from stamp duties, has increased its property portfolio in the city to more than 280 flats, following its latest acquisition of 20 apartment units in Kwun Tong.
The office, using an investment vehicle called Newman Investment, had paid HK$247.53 million (US$31.54 million) for 20 flats at the Grand Central complex, a venture between Sino Land and the Urban Renewal Authority, according to the Land Registry’s data. Read more>>
Frasers Thailand to Buy Out Golden Land Unit
Frasers Property Limited’s indirect associated company is making a conditional voluntary tender offer (VTO) for all the issued securities of Golden Land Property Development plc for about 19.75 billion baht (S$851.9 million) in cash, subject to regulatory and shareholder approval.
Frasers Property (Thailand) Public Company Limited (FPT) is making an offer of 8.50 baht per share for around 2.32 billion shares to acquire the residential and commercial property development company, Frasers Property said in a regulatory filing on Monday before the market opened. Read more>>
AIA Looks Forward to Redeveloping Wanchai Headquarters
AIA, one of Asia’s largest insurers, is spending huge sums of money to rebuild its 50-year-old Wan Chai headquarters because it sees strong growth ahead, according to its chairman Edmund Tse Sze-wing.
“An ageing population, growing wealth and the opening up of the Greater Bay Area will all lead to strong growth of the insurance industry in the next 50 years in Hong Kong. This is why it is worth it to rebuild our headquarters in Wan Chai to prepare for our next 50 years’ expansion,” Tse said at a group media briefing that was part of activities to bid farewell to the building located at Stubbs Road. Read more>>
CSCEC Signs $667M Deal to Build Homes in Saudi Arabia
Saudi Arabia’s National Housing Company (NHC) and China State Construction Engineering Corporation (CSCEC) have inked a $666.7m (SAR2.5bn) agreement to build more than 5,000 housing units in Riyadh.
As reported by Saudi Press Agency (SPA), the Murcia project is one of the largest schemes in the capital city and is located on a Ministry of Housing land plot in the northern part of the city. Covering a total area of 270ha, the project will feature 5,590 residential units ranging from apartments to townhouses. Read more>>
Less Than 10% of Homes Sell as Sino Land Kicks Off Kowloon Project
Hong Kong home seekers remained cautious as subdued sales at Sino Land’s Grand Central development in East Kowloon on Saturday continued the slow start for the world’s most expensive housing market this year.
A total of 15 flats were sold on Saturday out of the 161 available, according to market sources. The development in Kwun Tong has a total of 1,999 flats, ranging from 333 sq ft to 1,543 sq ft. Read more>>
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