Singapore banking giant DBS continues to acquire floors at a landmark Hong Kong office tower, with that story leading today’s headline roundup. Also making the list, private equity major Bain nears a deal to buy Singapore worker housing from Blackstone and software maker Salesforce reveals office expansion plans in India’s Bengaluru.
Singapore’s DBS Bank Completes Buy of Floor in The Center
DBS Group Holdings, Singapore’s biggest lender, is taking advantage of a property slump to expand its business in Hong Kong by picking up more space in what used to be the world’s most expensive office tower.
Local unit DBS Bank (Hong Kong) paid HK$646 million ($83.1 million), or HK$27,028 per square foot, for the entire 75th floor of The Center in the central business district on 6 November, according to official records. It earlier paid HK$700 million, or HK$26,000 per square foot, for the 66th floor in September. Read more>>
Bain Capital Nears Deal to Buy Singapore Worker Housing From Blackstone
Bain Capital is nearing a deal to acquire Blackstone’s Singapore worker dormitory firm Avery Lodge after outbidding other rival private equity firms, according to people familiar with the matter.
The US-based investment firms are hammering out the details of a transaction that could be agreed as soon as the coming days, the people said, asking not to be identified because the matter is private. A potential deal could value Avery Lodge at S$750 million ($566 million) to S$780 million, the people said. Representatives for Bain and Blackstone declined to comment. Read more>>
First Salesforce Tower in India Set for Bengaluru
US-based customer relationship management firm Salesforce has announced that it plans to expand its presence in India with the first Salesforce Tower in the country at Bagmane Tech Park in Bengaluru.
Salesforce Tower in Bengaluru will be located in Bagmane Capital in Mahadevpura, the company said in a statement. Read more>>
Beijing Urges Hong Kong Tycoons to Back the Northern Metropolis
Beijing’s point man on Hong Kong affairs has called on property tycoons to back the government’s long-term development drives such as the Northern Metropolis by actively bidding for the projects involved, the city’s development minister has said.
Secretary for Development Bernadette Linn on Saturday revealed the appeals by Xia Baolong, director of the Hong Kong and Macau Affairs Office, a day after the senior Beijing official met about 30 local business leaders in Shenzhen. Xia urged them to “recognise their responsibilities” and take “concrete actions” to support the city’s economic development. Read more>>
China Reveals $1.4 Trillion Bailout of Local Governments
The Chinese government on Friday approved a $1.4 trillion plan to revive the economy, authorising local governments to refinance crushing debts that have left some cities unable to pay their bills.
The move caps a series of steps that China’s leaders started rolling out in September to stimulate growth. The effort took on greater urgency with the election of Donald Trump as president of the United States. Read more>>
Hong Kong Home Prices Seen Bottoming Out After Latest Rate Cut
Hong Kong banks’ unexpected prime rate cut on Friday will lower funding costs and bring more buyers into the market, with analysts expecting home prices in the city to bottom out “in the short term”.
The Hong Kong Monetary Authority, the city’s de facto central bank, lowered its base interest rate for the second time this year to 5 percent, hours after the US Federal Reserve cut its key rate to a target range of 4.5 to 4.75 percent. Read more>>
Singapore Bungalows Set for Conservation
A cluster of 19 pre-war bungalows at Singapore’s Adam Park will be proposed for conservation, given the site’s historical significance, and government agencies are studying how functions for conserved buildings might evolve.
The residential buildings, along with a 19th-century Cantonese temple on Sims Drive, were identified for conservation in the lead-up to the Urban Redevelopment Authority’s Draft Master Plan 2025, Minister for National Development Desmond Lee said Friday. The statutory land use plan will guide Singapore’s development over the next 10 to 15 years. Read more>>
CDL Singapore Project Sells 60% of Units on Debut Weekend
Over the weekend, sales crossed the 60 percent mark at the massive 916-unit Chuan Park by Kingsford Development, property agents said Sunday. At the other weekend property launch, City Developments Ltd sold 75 units of the 366-unit Union Square Residences at Havelock Road on Saturday.
With sales still being inked on Sunday night, ERA Singapore CEO Marcus Chu said: “Chuan Park is able to attract and draw on the huge buyer base from the established residential areas nearby. There are some 126,000 HDB flats and 54,000 private residential units in the ‘Golden Triangle’ of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park.” Read more>>
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