Swire disposed of the site for what would have been One Brickell City Centre (Image: The Related Companies)
One of Hong Kong’s oldest property developers leads today’s review of real estate headlines from around the region as Swire Properties sells off the remains of a Miami plan. Also making the list today are more debt maneuvers by Hong Kong’s New World Development and Korea’s largest pension fund manager ekes out positive returns despite disappointing private strategy performance.
Swire Properties Sells Miami Supertall Site for $212M
Swire Properties has sold some prime real estate in downtown Miami, where it once planned to build a nearly supertall office tower, to a local multifamily developer. Melo Group purchased the 2.83-acre parcel at 700-799 Brickell Ave. for $211.5 million, according to a statement from Melo Group.
The deal has the potential to increase to $221.5 million, but additional details were not provided. Melo Group has not disclosed what it plans to do with the site. Melo Group did not provide additional details when reached for comment by CoStar News. Read more>>
New World Recruiting More Banks to Join $2B Loan Backed by Kowloon Project
New World Development Co. is looking for more banks to join an up to HK$15.6 billion ($2 billion) loan backed by its key asset, Victoria Dockside, according to people familiar with the matter, as the cash-strapped company tries to shore up its finances.
Deustche Bank AG, which is arranging the deal, sent invitations this week to some banks that aren’t already lenders to the developer, the people said, asking not to be identified discussing private matters. The base size of the three-year facility is HK$4 billion, they added. Proposed terms that the company sent to other banks in March didn’t specify a base loan size. Read more>>
Korea’s NPS Logged 0.87% Q1 Return Despite PE Disappointment
The National Pension Service (NPS), South Korea’s state-run pension fund and the country’s largest institutional investor, announced on Friday it logged a 0.87 percent return from its investment activities in the first quarter, thanks to the solid performance of domestic equities.
At last quarter’s return rate, the state pension fund earned 14 trillion won ($10.1 billion) in investment gains, elevating its total assets under management to 1,227 trillion won at the end of March. Read more>>
China Home Sales Fell 8.6% in May
China’s residential property sales continued to fall in May, signaling the real estate slump is still weighing on an economy that’s under pressure from deflation and trade tensions.
The value of new-home sales from the 100 largest property companies slid 8.6 percent from a year earlier to RMB 294.6 billion ($40.9 billion), according to calculations based on preliminary data from China Real Estate Information Corp. That follows an 8.7 percent decline in April. Read more>>
China Home Prices Edged Upward in May
The average price of new homes across 100 cities in China climbed 0.30 percent in May, suggesting supportive policies could be yielding some effect, according to a private survey released by property researcher China Index Academy on Sunday.
The increase was almost double the last month’s rate of increase at 0.14 percent. New home prices have been under pressure even as Chinese policymakers plough in efforts since last year to stabilise the sector with supportive measures, including most recently lowering lending rates to spur real estate purchases. Read more>>
India’s Adani Drops Deal to Acquire Dubai Developer Emaar
Billionaire Gautam Adani’s real estate division has decided against buying the Indian unit of Dubai-based developer Emaar Group due to disagreements on valuation, according to people familiar with the matter.
The Adani family and Emaar had been in talks for a sale of Emaar India Ltd. at an enterprise value of $1.4 billion, Bloomberg News reported in March. Two months prior, Emaar said it was in discussions with potential buyers in India, including Adani. Read more>>
Korea Post to Commit $150M to Global Managers for Infrastructure Strategies
Korea Post will commit $150 million to one or two global asset managers for mid-cap infrastructure equity investments, the postal service agency said on Friday.
Proposals for the mandate are due by June 12, with the selection to be finalized in August. “For portfolio diversification, we decided to invest in mid-cap funds this year,” said a Korea Post official. “No decision has been made on any additional commitment (to global infrastructure funds) this year.” Read more>>
Boustead Projects JV Wins Singapore Industrial Site Tender
A joint venture of Boustead Projects’ wholly owned subsidiary was awarded a tender by JTC Corporation on Friday to develop an industrial facility on a land parcel under the industrial government land sales programme.
The subsidiary, BP-Innovue, is the real estate solutions division of mainboard-listed Boustead Singapore. The land parcel – known as Tukang Innovation Drive Plot A – spans 18,687 square metres, with a proposed allowable gross floor area of 46,717.5 square metres. Read more>>
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