CapitaLand Ascott Trust Completes $166M Tokyo Sale and More Asia Real Estate Headlines

A Tokyo hospitality deal leads today’s look at real estate news from around the region as a CapitaLand-sponsored REIT offloads another ageing Japanese property. Also making the list are the sale of a portfolio of Singapore shophouses and a UOL-CapitaLand JV completing a condo site purchase in the Lion City.

CapitaLand Ascott Trust Completes $166M Sale of Tokyo Hotel to Mizuho

CapitaLand Ascott Trust said Thursday that it has completed the sale of Citadines Central Shinjuku Tokyo for JPY 25 billion ($166 million).

Japan’s Mizuho Leasing paid a more than 40 percent premium over valuation for the 206-key property in the central Tokyo commercial district. The new owner is expected to renovate the ageing hospitality asset. Read more>>

Singapore’s Clifton Partners Buys Set of Shophouses for $64M

Investment manager Clifton Partners has acquired a portfolio of six conservation shophouses on Singapore’s Stanley Street for S$82.4 million ($63.9 million), according to an account in the Business Times.

The set of heritage properties were purchased from Spanish tycoon Ricardo Portabella, who had bought them between 2014 and 2019 for about S$75 million. Analysts see lower interest rates helping to boost the shophouse market in Singapore. Read more>>

UOL-CapitaLand JV Completes Buy of Luxury Condo Site

The S$810 million ($628 million) sale of Thomson View condominium has finally been completed, UOL Group and Singapore Land said in a bourse filing on Thursday, after earlier objections by a small group of owners stalled the deal.

UOL, SingLand and CapitaLand Development signed a conditional call-and-put option last October to acquire the 99-year leasehold development at S$810 million, an offer that was 12 percent lower than the condo owners’ original reserve price of S$918 million. Read more>>

WeWork Raised Over $150M From Anchor Investors

Co-working space operator WeWork India has collected a little over INR 13.48 billion ($150 million) from anchor investors ahead of its initial share-sale opening for public subscription.

The anchor book received participation from mutual funds like ICICI Prudential Mutual Fund, HDFC MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Axis MF and Canara-Robeco MF, as well as insurers like Canara HSBC Life Insurance, SBI General Insurance, Kotak Mahindra Life Insurance and Bajaj Allianz Life Insurance. Read more>>

South Korea’s Surging Housing Market Blunts Case for Lower Rates

South Korea’s property market extended its rally to a 35th week, with price gains accelerating despite government measures to cool demand — complicating the case for the central bank to cut borrowing costs to support the economy.

Apartment prices in Seoul rose 0.27 percent in the week ended 29 September, compared with a 0.19 percent increase the previous week, Korea Real Estate Board data showed Thursday. The advance marked the steepest weekly rise since early July, when prices climbed 0.29 percent. Read more>>

Seoul Apartment Prices Jump for Fourth Consecutive Week

This week, Seoul apartment prices rose 0.27 percent compared with the previous week, marking the fourth straight week of expanding gains since the government’s 7 September supply measures announcement.

Areas along the Han River, like Mapo and Seongdong in Seoul, and parts of Gyeonggi province, including Gwacheon and Bundang, saw price increases exceeding 0.5 percent in a single week. Amid speculation that the government may introduce additional regulations, analysts attribute the surge to a rush in “last train” demand as buyers seek to purchase apartments before potential restrictions. Read more>>

Hilton Signs Deal to Open Five Star Property in Korea

Hilton Hotels and Resorts said this week that it has signed a partnership agreement with Korea’s Inspire Entertainment Resort to manage the 1,275-room property under a franchise agreement.

The deal will see a Hilton brand on three towers of the casino and resort complex on Incheon’s Yeongjong island as the US hotel giant continues to expand its portfolio in Asia Pacific. Read more>>

Hong Kong Retail Sales Rose 3.8% in August as Visitors Returned

Hong Kong’s retail sales continued to improve in August, accelerating by 3.8 percent year-on-year and for the fourth month in a row, as the city’s mega-event tourism drive provided a boost to consumer sentiment.

Provisional figures released by the Census and Statistics Department on Thursday showed sales reaching HK$30.3 billion ($3.9 billion) in August, the fourth month in a row of growth after 14 straight months of decline. Read more>>

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