The average price of new Tokyo condominiums reached record highs
Tokyo leads Asia’s real estate headlines today with news that home prices in the Japanese capital’s central areas have reached record highs. Also making the list is Xinhua deleting a report about China’s CIC taking over the country’s major bad-asset banks and Mapletree Logistics Trust selling off an ageing warehouse near Singapore’s Tuas port.
Central Tokyo Condo Prices Reach Record High
The average price of new condominiums released last year in central Tokyo topped JPY 100 million ($677,000) for the first time, driven by luxury properties and soaring construction material prices, research data showed.
The price shot up 39.4 percent from the previous year to JPY 114.83 million per unit in the capital’s 23 wards, according to the Real Estate Economic Institute. Read more>>
Xinhua Deletes Report on Merging Asset Managers into CIC
China’s official Xinhua News Agency deleted a report saying that Beijing plans to “merge” three of its biggest bad debt managers into China Investment Corp.
The short report published on Sunday stated without elaborating that China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management would be “merged” into the country’s $1.24 trillion sovereign wealth fund. The move would be part of China’s plan to reform institutions, according to the report. Read more>>
Mapletree Logistics Trust to Sell Warehouse in Singapore’s Tuas Area
The manager of Singapore’s Mapletree Logistics Trust said on Monday that it has agreed to sell 73 Tuas South Avenue 1, a four-storey cargo lift warehouse in Singapore, to an unrelated third party for S$16.8 million ($12.5 million).
The company said that the proposed divestment of the 22-year-old facility, which has a net lettable area of approximately 10,967 square metres (118,047 square feet), is in line with its strategy to rejuvenate its portfolio through selective divestments. Read more>>
Brookfield-Backed DCI Breaks Ground on Flagship Seoul Data Centre
DCI Data Centres has begun construction of its flagship data centre in Seoul, signifying the Brookfield-backed firm’s intent to broaden its Asia Pacific platform.
Sydney-based DCI will work closely with South Korean conglomerate Daelim on the project, which will use DCI’s in-house design to cater to hyperscale customers and high-compute deployments. Read more>>
Singapore’s Marina Bay Sands Approved for 587-Room Expansion
Marina Bay Sands has received approval from the authorities to develop a fourth tower, paving the way for a planned expansion of the integrated resort to be carried out.
According to the Urban Redevelopment Authority’s data for commercial projects with development approvals as at the end of the fourth quarter of 2023, MBS was given the green light for a hotel and retail development next to its current three towers on an empty plot that is flanked by Bayfront Avenue, Sheares Avenue and Sheares Link. Read more>>
Owners of Singapore Tower in Private Talks After $557M Tender Flops
The owners of Singapore’s High Street Centre have entered into 10 weeks of private treaty negotiations with interested parties after an en bloc tender for the sale of the combined commercial and residential tower closed Thursday without an offer having been accepted.
The ageing property on downtown Singapore’s North Bridge Road had been put up for sale last October at a S$748 million ($557 million) reserve price, after a 2020 attempt to market the tower for S$800 million failed to result in a deal. Read more>>
China to List Property Projects Eligible for Funding by January
China will reveal its first list of housing projects eligible for funding by the end of January, the latest attempt to boost bank lending for real estate to slow the sector’s slump.
The projects will be able to obtain financing “immediately” after the list is announced, the Ministry of Housing and Urban-Rural Development said in a Friday meeting, China Central Television reported. Read more>>
China Housing Starts Fell to 16-Year Low in 2023
Construction of new homes in China fell to the lowest level since 2007 last year, mainly because of weak property market demand.
Some 693 million square metres (7.4 billion square feet) of new homes started construction last year, down 21 percent from the previous year and nearly 60 percent from a 2019 peak, according to data from the National Bureau of Statistics. The figure had dropped 40 percent year-on-year in 2022. Read more>>
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