The REIT seeks to expand its portfolio and earnings with the Tokyo acquisitions
Tokyo multi-family leads today’s headline roundup, with a Daiwa Securities REIT announcing plans to buy two apartment buildings in the city. Also in the news, Hong Kong cuts rates in lock-step with the US central bank and Japan’s Sun Frontier Fudousan launches a private REIT business.
Daiwa Securities REIT Buying Pair of Tokyo Residential Blocks
Daiwa Securities Living Investment Corporation announced Wednesday that it has agreed to buy a pair of rental apartment properties in Tokyo for a combined JPY 1.85 billion ($13 million).
The Tokyo-listed REIT is purchasing Gran Casa Higasinakano in Tokyo’s Nakano ward for JPY 1.2 billion and picking up Gran Casa Ayase in Adachi ward for JPY 680,000 in order to expand its portfolio and earnings, according to a statement to the exchange. Read more>>
Hong Kong Cuts Rates to Match US Fed Move
The Hong Kong Monetary Authority on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25 percent, tracking a move by the US Federal Reserve.
Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. HKMA said the US rate cut will have a positive impact on the economy of the Asia financial centre and will provide some room for easing of local interest rates. Read more>>
Japan’s Sun Frontier Fudousan Setting Up Private REIT Business
Tokyo-listed Sun Frontier Fudousan said Wednesday that it has set up Sun Frontier Asset Management as a wholly owned subsidiary to build a private REIT business.
The establishment of the Tokyo-based entity is part of the company’s Long-Term Vision 2035 plan, and it aims to launch its first private REIT by the end of next March after obtaining necessary approvals. Read more>>
Vietnam’s Truong My Lan Starts Second Trial on Fresh Fraud Charges
The second trial of Vietnamese real estate tycoon Truong My Lan, already facing the death penalty for massive fraud, began Thursday, underscoring the new Communist Party chief’s determination to press ahead with a crackdown on corruption.
Truong, clad in a blue shirt and wearing a mask, was escorted into the French colonial courthouse by two policewomen. The hearing started after she and 33 co-defendants that include her husband and niece arrived at the Ho Chi Minh City People’s Court in vans accompanied by a phalanx of siren-blaring police vehicles. Read more>>
New World Hails Expansion of Luxury Brand Stores in Kowloon K11 Mall
Luxury brands are expanding their presence in the flagship Hong Kong mall of the K11 Group, as the high-end real estate arm of billionaire Henry Cheng’s New World Development bets on a rebound in the city’s premium retail sector to help ease property market woes.
The expansion at K11 Musea in Tsim Sha Tsui includes store upgrades by labels such as LVMH’s Loewe and Kering’s Saint Laurent and Balenciaga, as well as a new store by Prada, the group said in a statement to Bloomberg. Read more>>
HCMC Bourse Warns Investors After Novaland Misses Reporting Deadline
The Ho Chi Minh Stock Exchange has announced that shares of four companies from real estate and material industries will be flagged for caution from 23 September, as these firms have delayed submitting their biannual financial reports for 2024 review.
The bourse said it made a decision to issue a cautionary notice regarding Novaland’s stock after the developer’s failure to submit its report on time. Read more>>
Singapore Condo Leases Dipped 14% in August, Rents Still Climbing
Singapore condo rental volume reversed from the previous month’s upward trajectory, dipping 14 percent in August, while prices continued to increase 0.3 percent from July.
An estimated 6,994 units were rented in August, compared with 8,136 in July, based on flash estimates released by SRX and 99.co on Thursday. Rental volumes were 3.8 percent higher year-on-year but 7.6 percent lower than the five-year average volume in August. Read more>>
India Flexible Office Provider Buys Bengaluru Tower for $60M
Flex office provider Table Space has acquired a 550,000 square foot (51,097 square metre) office facility in East Bengaluru’s Whitefield area for INR 5 billion ($60 million). The property, Kalyani Camellia, will be housed under the brand’s Table Space Towers portfolio.
Kalyani Camellia is a nine-storey Grade A and LEED Gold-certified asset offering access to two key micro-markets, Whitefield and Outer Ring Road, the company said. Read more>>
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