Anthony Boyd is exiting after one year as Frasers’ COO (Image: Frasers Property)
A leadership change at one of Singapore’s largest developers leads today’s review of real estate stories from around Asia as Frasers Property bids farewell to a top honcho. A Taiwan shipping tycoon also makes the news with a high-end Hong Kong home purchase and Sydney’s office market shifts back to top gear.
Frasers Property COO Anthony Boyd Leads Management Exodus
Several of Frasers Property senior management team will be leaving the company, including group chief operating officer (COO) Anthony Boyd and group chief digital officer Samuel Tan.
According to an internal memo seen by The Business Times, Boyd will be stepping down from his role on Jul 4 after two decades in the real estate company and a year as COO. In the memo sent on Apr 7, Frasers Property group chief executive officer Panote Sirivadhanabhakdi cited “family reasons” for Boyd’s departure. Read more>>
Taiwan Shipping Tycoon Buys Hong Kong Luxury Home for $33.5M
A Taiwanese shipping family has bought a luxury mansion in Hong Kong for HK$260 million ($33.5 million), marking the second-largest new home sale in the Asian financial hub this year.
The Chen family of TS Lines purchased the property at the One Stanley project with British Virgin Islands vehicle Maritime Legacy, according to a land registry filing. The house, which has five suites, a swimming pool and a private elevator, spans 5,329 square feet on the southern coast of Hong Kong Island. Read more>>
M&G, Mirvac Win EY Renewal as Sydney Office Market Tightens Up
The race is on for top office space in Australia’s capitals, with top tier firms running out of options to house staff in prime towers. In one of the largest leasing deals of this cycle, financial services firm EY has agreed to remain as anchor at 200 George Street until the end of 2036, landlords Mirvac and M&G Real Estate said.
The 10-year commitment will see the firm stay at the building that has been its Sydney base since 2016. The firm is paying a net rent of about $1550 per square metre, industry players said. In a signal to the market that it remains upbeat about the under-pressure consulting industry, EY has recommitted to its 25,850 square metre space. Read more>>
Singapore Private Home Sales Creep Up 1.5% in March
Developers in Singapore sold 729 private homes in March, inching up 1.5 percent from the 718 units moved a year earlier, data released by the Urban Redevelopment Authority showed on Tuesday (Apr 15).
The latest March sales figure – which excludes executive condominiums (ECs) – is, however, less than half of the 1,597 units sold in February this year. Including ECs, 1,510 units were sold in March with 1,315 units launched, versus the 832 units sold and 877 units launched in the same month in 2024. Read more>>
Nomura Sells Central Tokyo Building to Real Estate Unit for Redevelopment
Nomura Holdings Inc. sold a training center in central Tokyo to its real estate affiliate, people with knowledge of the matter said. The buyer, Nomura Real Estate Holdings Inc., plans to demolish the building and develop luxury condominiums on the site, the people said, asking not to be identified because the information is confidential.
Japan’s biggest brokerage announced in February that it would sell the training center, which is located in Tokyo’s Minato district, near Takanawa Gateway Station on the Yamanote line. It expects to book a ¥56 billion ($392 million) gain from the sale in the quarter ending June 30. Read more>>
Sunac China Seeks to Convert Offshore Bonds into Shares
Chinese builder Sunac China Holdings Ltd. is discussing with some major creditors a plan to convert all of its offshore bonds into equity, according to people familiar with the matter, as it embarks on a second debt restructuring amid persistent liquidity problems.
Options available to creditors would include mandatory convertible bonds with different conversion periods, which would eventually become shares, said the people, who asked not to be identified discussing private matters. Discussions, including about the convertible bond pricing, are ongoing and details could change. Read more>>
CDL Succession Drama Reveals Rift in Singapore Tycoon Family
For years, Singapore’s richest family looked like a model of effective succession planning. A recent father-son feud has shattered that image, and turned the $17 billion Kwek clan into a cautionary tale for investors in family-controlled companies.
Wealthy families around the world are preparing to pass down trillions to their heirs. In Asia, many aging tycoons are grappling with whether to hand over the reins of their business dynasties to their offspring, or hire outside professionals to manage them. Read more>>
Sun Hung Kai Marketing Hong Kong Homes at Lowest Price Since 2014
Hong Kong’s biggest property developer Sun Hung Kai Properties (SHKP) is shocking the city’s housing market by launching new flats at its megaproject in New Territories at a 11-year low in the district, suggesting the market will struggle to rebound in the near term.
The developer launched the price list for 158 of the 781 units at its Sierra Sea, Phase 1A (2) at HK$10,398 per square foot on average, according to property agents. The units represent the first batch of its 9,700-unit Sai Sha development in Shap Sze Heung, which is located between Sai Kung and Ma On Shan. Read more>>
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