Centurion group CEO Kong Chee Min
Singapore developer Centurion announces its application for an SGX-listed REIT, with that story leading today’s headline roundup. In other news, Blackstone wins approval to buy a 40 percent stake in an Indian homebuilder and property tycoon Ong Beng Seng prepares to plead guilty in a corruption case.
Shares in Singapore’s Centurion Jump as Builder Files for REIT Listing
Shares of Centurion rose Wednesday afternoon after the company announced its listing application of a REIT to the Singapore Exchange and the Monetary Authority of Singapore.
As of 1pm, the stock had climbed to S$1.53 — 3.4 percent higher than the Tuesday closing price — with 2.4 million shares changing hands, ShareInvestor data showed. That was the highest price for Centurion shares since they started trading in 1995. Read more>>
Blackstone Approved to Buy 40% Stake in India’s Kolte-Patil Developers
The Competition Commission of India has approved BREP Asia III India Holding Co VII’s proposal to acquire a 40 percent stake in Kolte-Patil Developers. According to a press release, “The acquirer is an affiliate of funds advised and/or managed by affiliates of Blackstone Inc.”
In March, Blackstone revealed its intention to acquire up to a 66 percent stake in Kolte-Patil Developers, signalling its strategic foray into India’s residential market. The move complements Blackstone’s existing portfolio of commercial real estate assets in the country. Read more>>
Singapore Tycoon Ong Beng Sent to Plead Guilty in Corruption Case
Property tycoon Ong Beng Seng is expected to plead guilty to two charges on 3 July, in a case involving former Singapore transport minister S Iswaran. The news was announced after a pre-trial conference on Tuesday.
Ong, who was formerly managing director of Hotel Properties Ltd, is widely known as the man who brought the Formula 1 night race to Singapore in 2008, and he owns the rights to the Singapore Grand Prix. Read more>>
CapitaLand China Trust to Sell Changsha Mall to C-REIT for $104M
CapitaLand China Trust will be divesting CapitaMall Yuhuating to its new China-listed CapitaLand Commercial C-REIT for at least RMB 748 million ($104 million), CLCT’s manager said Thursday.
The amount will be finalised after the initial public offering units are priced and subjected to prevailing market conditions and investor sentiment. As such, CapitaMall Yuhuating may be sold to CLCR at a price higher than the floor price, the manager said. As of 31 March, CapitaMall Yuhuating was valued at RMB 748 million by Colliers and RMB 780 million by CBRE. Read more>>
Ping An Said Rebooting Effort to Sell Stake in Sydney’s Salesforce Tower
Chinese giant Ping An Real Estate is again preparing to sell a half-stake in the Sydney Place development at the city’s Circular Quay, which is worth about A$1.8 billion ($1.2 billion) in total.
The interest in the complex, which is anchored by Salesforce Tower, the city’s tallest office building, is expected to be chased by global players who are betting that the top end of the market is improving. The Chinese group has tapped agents for advice on a prospective sale that would see it exit its A$900 million interest in the tower, which it holds alongside Japanese groups and a fund managed by developer Lendlease. Read more>>
Hotel Group Amara Set to Privatise After Buyout Offer Wins 98% Acceptance
The privatisation offer for Singapore-listed hotel and property group Amara finally succeeded on Tuesday, with valid acceptances representing 97.74 percent of the total shares.
At the close of the offer on Tuesday, the total number of shares owned, controlled or agreed to be acquired by DRC Investments, together with valid acceptances of the offer, amounted to 562 million. Read more>>
New World Debt Crunch Seen Undermining Homebuyer Confidence in Hong Kong
The liquidity crunch at New World Development, one of Hong Kong’s biggest builders, is a blemish on the resurgent housing market, threatening to shake confidence among homebuyers and trigger a “downside scenario” in home prices, according to S&P Global Ratings.
The developer deferred coupon payments on four series of perpetual bonds after months of speculation about its finances, sending a poor signal to creditors about its default risk. It surprised investors last month by not redeeming a $345 million debt on the first call date, causing the coupon rate to step up to 10 percent annually from 6.15 percent. Read more>>
Singapore’s United House Relaunched for Sale After Approval for Hotel Use
United House, a freehold commercial development in the Orchard Road area, has been put up for collective sale again with an unchanged reserve price of S$166 million ($130 million).
This time, the Urban Redevelopment Authority has granted in-principle approval for the building to be redeveloped for hotel use, with the same gross plot ratio of 4.9. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply