In today’s roundup of regional news headlines, the Singapore government awards an executive condo site after the project drew nine bids, and a Hong Kong land tender draws a strong response as well. Also making the list are Country Garden’s onshore bond extension and China’s faded housing rebound.
Hoi Hup Realty and Sunway Developments have bagged an executive condominium site in Tengah for S$348.5 million ($255.8 million), with the rate of S$703 per square foot of built area marking a record high for a site designated for development in Singapore’s hybrid public-private EC segment.
The tender for the site in Plantation Close, which closed on 27 June, drew nine bids from entities linked to heavyweights City Developments Ltd, Hong Leong, CapitaLand Development and Frasers Property. Read more>>
Hong Kong developers responded strongly to a tender invitation for a plot of land in Kai Tak after some analysts had expected it to be withdrawn because of site constraints.
A total of six bids were received on Monday, the last day of the tender period, extended from last week due to the rainstorm in the city. Read more>>
China’s largest private developer, Country Garden, won approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said Tuesday, sending shares up as much as 10 percent.
The bondholder reprieve came as investors are closely monitoring whether China’s latest government stimulus measures — including lowering existing mortgage rates and offering preferential loans for first-home purchases in big cities — might be enough to restore consumer confidence and sow the seeds for an eventual property market recovery. Read more>>
A spurt of home sales in China’s biggest cities is losing momentum less than two weeks after authorities loosened mortgage restrictions, raising doubts over whether the steps are enough to revive the market before a crucial busy season.
While a dearth of official statistics makes it difficult to gain a comprehensive view, checks by industry watchers suggest that the rebound is fading in Tier 1 cities. Read more>>
Hong Kong property stocks suffered their biggest sell-off in seven months, hit by disappointing earnings at the city’s top builder and a major bank’s reported plan to raise mortgage rates.
The Hang Seng Index’s property sub-gauge dropped as much as 4.5 percent, the most since 13 February. Sun Hung Kai Properties, Hong Kong’s biggest developer, led the declines by plunging nearly 13 percent to its lowest intraday level since 2009. Read more>>
Real estate private equity firm Gaw Capital Partners is looking to deploy $2 billion to $3 billion in the private credit sector over the next two years, its chairman said Monday.
“Private debt, backed by real estate, is probably the best risk adjusted return on anything out there,” Goodwin Gaw, chairman of Gaw Capital, told Reuters in an interview on the sidelines of the Forbes Global CEO conference in Singapore. Read more>>
Boustead Projects has secured a S$70 million green loan to refinance Razer Southeast Asia headquarters at One-North.
The loan is extended to Snakepit-BP, a joint venture of the company set up for the development of the property. The four-year secured green loan will be under UOB’s sustainable finance framework for green building developers and owners. Read more>>
The retail real estate market in India is poised for significant growth, with a projected 43 percent increase in the supply of new retail space across seven major cities by 2027, according to a report by JLL India.
The report highlights that the physical retail space segment is expected to witness a supply pipeline of more than 38 million square feet (3.5 million square metres) of retail developments between H2 2023 and 2027 across the top seven cities. Read more>>