GIC chief executive Lim Chow Kiat
Singapore sovereign giant GIC joins the race to acquire one of Australia’s largest retirement living operators, with that report leading today’s headline roundup. Also in the news, BlackRock leads an investor group buying CK Hutchison’s Panama Canal port operations and Gaw Capital Partners renegotiates a loan linked to two Hong Kong office buildings.
GIC, Charter Hall, Scape Said Vying for Brookfield Senior Living Operator in Australia
Aveo, one of Australia’s largest retirement living operators, is set to trade, and local media reports indicate that Singapore’s sovereign wealth fund is competing with local champion Charter Hall and student living specialist Scape for the company.
GIC global real estate chief Goh Chin Kiong was seen in Australia last week, reportedly negotiating for Aveo, while Charter Hall and Scape are said to be interested as non-binding offers of around A$3 billion ($1.9 billion) have been made for the company, according to a report in the Financial Review. Read more>>
BlackRock-Led Group Buying Majority Stake in CK Hutchison Port Business
An investor group backed by BlackRock agreed to buy a majority stake in the Hong Kong-based company that runs ports along either side of the Panama Canal, giving a US firm control of key docks amid pressure from the White House to take them from China.
The $22.8 billion sale by CK Hutchison to US and Swiss investors also includes dozens of ports in other countries, the companies said Tuesday. The move appeared to be a win for US President Donald Trump’s aggressive diplomacy just hours before he touted the successes of the first six tumultuous weeks of his second term in an address to the US Congress. Read more>>
Gaw Capital Said in Talks to Resolve Loans on Hong Kong’s Cityplaza
Hong Kong-based Gaw Capital Partners is in discussions with lenders to find a resolution for a soon-to-mature loan backing two office buildings.
A HK$10.3 billion ($1.3 billion) loan backing Cityplaza Three and Cityplaza Four, in which Gaw Capital owns a stake of around 65 percent, is set to mature in early April, according to people familiar with the matter, who asked not be identified discussing private matters. Read more>>
April Court Hearing Set for CDL Feud
A hearing has been fixed for 11 April to hear evidence from both parties in the court battle between City Developments Ltd executive chairman Kwek Leng Beng and his son, CDL CEO Sherman Kwek.
A case conference was held in the High Court on Tuesday. The Business Times understands that another hearing may be set for 25 April if cross-examination is required. On Wednesday, a hearing was to take place to determine if the dates in April need to be changed. Read more>>
China Jinmao Buys Half-Stake in Xi’an Project for $230M
Shanghai-based developer China Jinmao said Tuesday that it has acquired a 49 percent stake in a residential project in Xi’an for RMB 1.7 billion ($230 million).
Jinmao is acquiring the equity in the Xi’an Changmao project, entitling the state-backed builder to participate in development of 166,667 square metres (1.8 million square feet) of housing on a 66,667 square metre site in Weiyang district. Read more>>
Singapore to Launch Tenders for 20 Heritage Properties as Co-Living Projects
The Singapore Land Authority will launch tenders for 20 heritage properties along Admiralty Road East to support multi-generational co-living, Minister of State for Law Murali Pillai announced during the Ministry of Law’s budget debate on Tuesday.
Proposals focusing on intergenerational co-living, particularly those that promote independent senior living, will be favourably considered, Murali said. The initiative aligns with previous efforts to repurpose state properties for co-living spaces catering to Singapore’s ageing population. Read more>>
Condo Complex in Singapore’s Pasir Ris Up for Sale at $695M
Elias Green, a 99-year leasehold condo in Singapore’s Pasir Ris, will be launched for collective sale by public tender on 6 March, according to marketing agent ERA. The property has a guide price of S$928 million ($694.8 million).
The condo was completed in 1994 and occupies a residential-zoned plot of 516,871 square feet (48,019 square metres) with a gross plot ratio of 1.4. Consisting of several blocks, the property has 419 apartments with sizes ranging from 1,367 to 1,636 square feet. The site has a 99-year lease from 1991, translating to a remaining lease of 65 years. Read more>>
Institutional Investment in APAC Real Estate Climbed 12% in 2024
Institutional investment in Asia Pacific real estate totalled $83.2 billion in the second half of 2024, up 6 percent year-on-year, bringing full-year investment to $155.9 billion, up 12 percent, according to research by Colliers. The figures cover the region’s top nine markets of Australia, mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand and Taiwan.
The rise in investment demonstrates the resilience of the APAC real estate market and sets the stage for a robust 2025, said Chris Pilgrim, Colliers’ managing director of global capital markets for the region. Read more>>
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