A rendering of a new JV project between GIC and British Land in London (Image: British Land)
Singapore’s sovereign wealth fund leads Mingtiandi’s roundup of real estate stories from around the region today as it pre-leases a third of a London office project. Also in the news, casinos in Singapore and Macau boost returns for Las Vega Sands and one of Hong Kong’s largest developers prices a Kowloon project at an eight-year low.
GIC-British Land JV Leases One-Third of London Office Project to Citadel
A joint venture between British Land and GIC has agreed to lease a third of a new project in their Broadgate development in London to hedge fund Citadel and its Citadel Securities affiliate, according to an announcement on Thursday. Under the terms of the deal, the US finance firms will lease over 250,000 square feet (23,226 square metres) of workspace in 2 Finsbury Avenue, with options to lease up to another 130,000 square feet.
The twin tower project is the latest addition to GIC and British Land’s development in Bishopsgate at the fringe of the City of London and is set to be completed in 2027. Read more>>
Singapore, Macau Casinos Help Las Vegas Sands Outperform Expectations
Casino operator Las Vegas Sands Corp beat Wall Street estimates for first-quarter profit on Wednesday, bolstered by steady tourist activity in Macau and strength in its Singapore business, driven by operations at the Marina Bay Sands.
The Nevada-based company said it expects further growth as it executes capital investment programs across both Macau and Singapore markets. The company’s China business benefited as tourism inched closer to pre-pandemic levels as the country eased the pandemic-related restrictions in gambling hub Macau. Read more>>
Hong Kong Developer Great Eagle Prices Kowloon Project at 8-Year Low
Hong Kong developers are putting new flats up for sale at a bigger discount to compete for buyers as the market attempts to rebound from a multi-year slump. Great Eagle Holdings is joining the fray, pricing its project in Ho Man Tin at the lowest since 2016 for new launches.
The developer has priced the first 115 units of its new residential project called Onmantin in the district at an average price of HK$19,988 ($2,556) per square foot after discounts, it said in a media briefing on Wednesday. Read more>>
Jardines Retail Unit Puts Last 2 Singapore Properties on Market for $35.6M
Jardines’ DFI Retail Group has put its last two Singapore properties on the market – eight freehold strata retail units at Siglap V, and an HDB retail unit in the Toa Payoh Central area.
Formerly known as Dairy Farm International, DFI is the parent firm of the Wellcome, Cold Storage, Market Place and Giant chains, and has appointed JLL as the exclusive marketing agent to conduct an expression of interest exercise for the properties. The total guide price for the two assets is S$48.5 million ($35.6 million), although potential buyers can make offers for one or both properties. Read more>>
Singapore Condo Rents Inch Up After 7-Month Decline
Singapore condominium rents rebounded slightly in March after seven straight months of decline, supported by healthy leasing demand from renters who returned after the festive Chinese New Year period in February.
Rental volumes for both condo and Housing and Development Board flats recovered during the month, after falling in February, based on flash estimates released by SRX and 99.co on Thursday. Read more>>
Keppel Pacific Oak US REIT Q1 Distributable Income Fell 8.8%
Keppel Pacific Oak US REIT posted a distributable income of $11.9 million for its first quarter ended 31 March, down 8.8 percent from $13.1 million the previous year.
The fall was mainly due to increased financing costs resulting from higher interest rates, said the manager of the office-focused REIT in a business update on Wednesday. Read more>>
Hangzhou Developer Binjiang Denies Rumor of State-Backed Takeover
Binjiang Real Estate Group on Thursday refuted a rumor about a state-owned enterprise planning to take control of Hangzhou’s largest private property developer.
Market insiders began speculating about a possible acquisition after Chairman Qi Jinxing stepped down as the legal representative of Binjiang and an investment unit of the group, China Real Estate Business reported on Thursday. The major Chinese developer said to the newspaper that it changed its legal representative to conform to the company’s strategy of adding more young staff. Qi still remains the actual controller of the two companies, it added. Read more>>
High Court Dismisses Chinese Businessman’s Claims Against Huttons, Agent in Misrepresentation Suit
The Chinese businessman who claimed a Huttons property agent had made several misrepresentations relating to a condominium unit he paid about S$1.5 million ($1.1 million) for has failed to prove his case.
On Wednesday, Justice S Mohan dismissed all of Chen Qiming’s claims against Huttons property agent Ong Jianlong and his agency. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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