Robert Kuok’s Allgreen Buys Two SG Sites for $490M and More Asia Real Estate Headlines

One of Asia’s senior property barons leads us into the new week with news that a developer controlled by the boss of Shangri-La hotels and Kerry Properties has acquired nearly half a billion dollars worth of Singapore sites. Also grabbing headlines today, Hongkong Land ties up with the makers of Thailand’s best-known beer for a Bangkok condo project, and there’s much more, if you just keep reading.

Robert Kuok’s Allgreen Buys Two SG Sites for Combined $490M

A developer run by property tycoon Robert Kuok has scooped up two collective sale sites in the upscale Bukit Timah area.

Allgreen Properties acquired Royalville for $477.94 million or $1,960 per sq ft per plot ratio (psf ppr), well above the $368 million asking price, perhaps because the site is near the Sixth Avenue MRT station. Read more>>

Hongkong Land Ties Up With Thai Beer King for $61B Bangkok Project

SET-listed property firm Singha Estate Plc will collaborate with Hong Kong Land to develop a luxury low-rise condominium worth 2 billion baht on Sukhumvit Soi 43.

The development, scheduled to be launched in the middle of next year, is the second joint venture between the companies. Read more>>

Li Ka-shing’s CK Asset Avoids Belt and Road Countries

CK Asset Holdings is avoiding investment in countries included in China’s Belt and Road initiative at this stage because it focuses only on developed economies with mature legal and banking systems, a company executive said on Tuesday.

The Chinese initiative involves the funding and building of global transport and trade links in more than 60 countries, but CK Asset’sJustin Chiu said it remains risky for companies to invest heavily in these countries before governments have resolved issues such as flow of capital. Read more>>

SG Central Bank Warns of “Excessive Exuberance” in Property Market

The recent wave of collective sales and an increase in land prices prompted the Monetary Authority of Singapore (MAS) to sound a note of caution on the local property market on Thursday (Nov 30).

In its latest annual review of financial stability, the central bank said that these recent developments could bring about risks to the “sustainable conditions” in the market. Read more>>

Aussie Fund Manager IFM Sets Up in Seoul

IFM Investors has established an office in Seoul as the fund manager eyes the growth of alternative investments among Korean institutional investors.

The Melbourne-based company counts some of South Korea’s largest institutions as its co-investors in infrastructure assets and infrastructure debt funds. Read more>>

Minsheng Investment to Double Mainland Senior Care Platform

China Minsheng Investment Group (CMIG) is bucking the trend of building senior living projects as the country’s population ages, and is instead looking to manage more residential properties to seek a bigger slice of the market for care for the elderly.

Mainland China’s largest non-state investment conglomerate said it would introduce new technologies, raise fresh funds and expand its service network to build a chain of senior care businesses in a market expected to top 13 trillion yuan (US$1.97 trillion). Read more>>

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