Frasers Property CEO Panote Sirivadhanabhakdi
Property giant Frasers is reportedly looking to sell its energy business in Australia, with that story leading today’s headline roundup. Also making the list, Singapore launches a residential site for tender and an Aussie self-storage operator fends off a takeover bid.
Frasers Hires Advisors to Explore Sale of Aussie Energy Business
Singapore-listed Frasers Property is gearing up to sell its Australian embedded networks business Real Utilities, which has ticked over 15,000 connections across 27 sites.
Street Talk understands that the multinational real estate and property management group has mandated South Australian boutique corporate advisor Chapman Capital Partners to launch a sale process for the energy retailer. Read more>>
Singapore Releases Residential Site as Land Sales Continue
A second Chuan Grove residential site has been released for sale under Singapore’s 2025 government land sales programme.
The 14,514 square metre (156,227 square foot) site, which is on a 99-year lease, can accommodate 505 new condo units. The release of the plot follows last December’s launch for tender of a similarly sized adjacent site in the Lorong Chuan area. That tender, expected to yield an estimated 555 units, closes on 8 July. Read more>>
Australian Self-Storage Operator Rejects Takeover Bid From Public Storage
Abacus Storage King has rejected a A$1.9 billion ($1.2 billion) takeover bid from South African billionaire suitor Nathan Kirsh and US heavyweight Public Storage, saying it undervalues the company.
The move by the ASX-listed group’s independent board committee had been expected, as minority shareholders were underwhelmed by the pair’s discounted offer at a time when storage assets are rising in value. They were not keen on a price that analysts had pegged at a hefty discount to the storage fund’s underlying assets and were worried that their interests would be swept aside. Read more>>
Insurer Leases Pair of Floors in Singapore’s Marina One
The space vacated at Grade A office buildings in Singapore’s core CBD has been backfilling steadily on the back of a flight to quality and location, with tenant movements seen at Marina One and Capital Square.
Singlife has leased 73,300 square feet (6,810 square metres) in the East Tower of Marina One, a space vacated this year by fellow insurer Prudential. Read more>>
Mainland Buyers Scoop Up Hong Kong Luxury Properties
Homebuyers from mainland China continue to drive demand in Hong Kong’s luxury property market while local investors offload units at discounted prices.
A mainland buyer acquired a 6,071 square foot (564 square metre) detached unit at Pokfulam 138, a luxury project developed by Ryoden Development in Pok Fu Lam, for HK$300 million ($38.5 million) last week, according to Land Registry records. The price translates to HK$50,000 per square foot. Read more>>
Vietnamese Tycoon Offers Up Property Empire to Avoid Death Penalty
A Vietnamese property tycoon trying to avoid a death sentence for multibillion-dollar fraud has promised to turn her property empire into a “golden goose” to help pay back the assets she embezzled, her lawyer said Tuesday.
Truong My Lan lost an appeal in December against the death penalty in a case in which she was found guilty of stealing money from Saigon Commercial Bank and fraud amounting to $27 billion. Read more>>
BDx Secures Funding for First Hyperscale Data Centre in Hong Kong
Asia Pacific data centre operator BDx has secured funding for a project in Hong Kong. The financing from Clifford Capital, UOB and SMBC will go to the development of the firm’s first hyperscale data centre there.
Terms of the deal, including the value of the funding, have not been shared. The data centre will be located in Kwai Chung and is being designed in “close collaboration” with an unnamed anchor hyperscale data centre. Read more>>
Hong Kong Lenders Seen Facing Real Estate Risks as Market Cools
Declining residential property prices in Hong Kong are putting pressure on major banks, which have increased their exposure to the real estate sector.
The aggregate loan exposure, covering both residential and commercial sectors, of the five domestic systemically important banks in Hong Kong rose to 25.75 percent by the end of 2024, up from 20.49 percent in 2020, according to S&P Global Market Intelligence data. Read more>>
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