The year’s biggest commercial property deal in the Philippines leads this edition of our regional news roundup, which also features Korean investors snapping up a Dutch logistics centre after a drone-enabled inspection and a bankrupt Indian “shadow lender” attracting bids for its assets.
Telecom giant PLDT last Friday closed the sale of Smart Tower in Makati for roughly PHP 6.14 billion ($128 million), marking the largest commercial real estate transaction completed in the Philippines in 2020.
The sale completion was announced by property consultancy firm JLL, which advised PLDT on the deal. The prime asset was purchased by Consunji-owned DMC Urban Property Developers Inc. Read more>>
South Korea’s Kiwoom Securities has acquired a new logistics centre in the Netherlands for KRW 180 billion ($165 million), relying on remote due diligence and also wrapping up its sell-down to a domestic blind pool fund with virtual tours.
Live drone pictures and real-time images taken with camcorders and smartphones facilitated the online due diligence process. They were also provided with live images from a third-party real estate agent who captured the traffic environment on video while driving from a nearby highway interchange, according to sources involved in the transaction last week. Read more>>
New World Development said its land investment in mainland China may exceed that in Hong Kong in the near future, as a new Chinese policy gives it an edge over indebted peers in the hunt for premium land in the Greater Bay Area.
The new policy, dubbed “the three red lines”, aims to tackle unbridled borrowing in China’s real estate sector, capping debt-to-cash, debt-to-assets and debt-to-equity ratios, effectively limiting debt-driven growth strategies. Read more>>
The worst may finally be over for Hong Kong retail property, with rents likely to pick up in 2021, according to JLL.
The sector is forecast to report an increase in rental rates of between 0 and 5 percent, with a decline in retail sales narrowing over the past two months and uptake of vacant shops rising, the consultancy said. Read more>>
Bankrupt Indian shadow lender Dewan Housing Finance Corp, which was seized by the central bank last year, has attracted sweetened bids from suitors amid mounting signs of recovery in the sector.
Oaktree Capital Group has offered INR 366.5 billion ($5 billion), up from INR 310 billion in its previous bid and INR 280 billion in its initial bid for the mortgage lender, according to people familiar with the matter. Piramal Enterprises and Adani Group also improved their proposals, the people said, asking not to be identified as the matter is private. Read more>>
The Singapore government has announced that the country’s first assisted living flats will be up for sale in February 2021, offering a mix of affordable housing and integrated care services.
Located at Bukit Batok West Avenue 9, the first stage of units will feature around 160 apartments with grab bars, slip-resistant flooring and wheelchair-accessible bathrooms. Read more>>