A rendering of a timber tower in the Sydney CBD
Australian builder Lendlease is backing the development of the world’s tallest timber tower in downtown Sydney, with that story leading Mingtiandi’s headline roundup today. Also making the news, a development project is set to transform Tokyo’s bustling Roppongi area and a mainland investor buys bungalows in Singapore’s District 10 for $24 million.
Lendlease Backs Downtown Sydney Timber Tower With Milligan Group
Property heavyweight Lendlease is backing the development of the world’s tallest timber tower in the Sydney CBD as the builder returns its focus to Australia.
The listed giant is looking to return A$4.5 billion ($2.9 billion) worth of capital from its sprawling international operations back to local projects, and the Sydney skyscraper is being billed as one of its prime developments. The deal, confirmed in a presentation to investors on Wednesday, would see Lendlease come in as partner on the project after months of behind the scenes work. The company’s development arm will partner with Milligan Group on the project. Read more>>
Tokyo’s Roppongi to Get Massive Facelift, Huge Green Zone Near Station
An urban development project touted as one of the largest ever in Japan is set to transform Tokyo’s bustling Roppongi entertainment district.
The centrepiece will be a 327 metre (1,072 feet) high-rise that will dwarf the Roppongi 5-chome Nishi neighbourhood, sources said. Read more>>
Mainland Investor Buys Bungalow in Singapore’s District 10 for $24M
Activity is stirring in the landed property market, with three freehold bungalows on plot sizes of about 10,000 square feet (929 square metres) each transacted last month.
One is near the One Tree Hill area, another off Dunearn Road near Raffles Town Club, and the third along Sixth Avenue. In Jalan Tupai, an old bungalow ripe for redevelopment behind the Four Seasons Park condominium near Orchard Road is being sold for S$32.5 million ($24.1 million) or S$3,093 per square foot on a land area of 10,507 square feet. Read more>>
Hong Kong’s Property Rally Proves Short-Lived as Sales Dip
Hong Kong’s property market is falling again, just three months after government tax breaks propelled a brief rally.
New home sales plunged by 46 percent in May from a month earlier even as the city’s developers offered discounts on apartments to lure buyers. In the secondary market, sales in the first weekend of June dropped 40 percent from the previous one. Read more>>
Pro-Invest Marketing Former Greenland Hotel in Sydney
International fund manager Pro-invest has listed the Kimpton Margot Sydney for sale after buying the property three years ago from China’s Greenland Group.
No price tag has been put on the five-star hotel, which was previously Sydney’s heritage-listed 1930s Water Board building but has since undergone a major renovation to convert it into a luxurious hotel opposite the newly opened Gadigal Metro Station and the Parkline Place office block. Read more>>
Poly’s Sales Slump as Beijing’s Rescue Package Produces Mixed Results
Chinese state-backed developer Poly Property saw sales fall by almost a fifth in May, adding to a mixed picture of the impact so far of Beijing’s historic measures to rescue its crisis-hit real estate segment.
Poly booked sales worth RMB 4.6 billion ($634 million) for projects spanning 218,000 square metres (2.35 million square feet) at an average price of RMB 21,197 per square metre, the Shanghai-based company said in a filing with the Hong Kong stock exchange on Thursday. Read more>>
OUE REIT Prices $185M in Green Notes Due in June 2027
The manager of Singapore-listed OUE REIT has priced S$250 million ($185.8 million) in green notes under its S$2 billion multicurrency debt issuance programme.
The notes will bear an interest rate of 4.1 percent and interest on the notes will be payable semi-annually in arrear. The notes will mature on 14 June 2027. Read more>>
Country Garden Boss Warns on Deliveries
Country Garden chairwoman Yang Huiyan said Thursday that the developer faces an uphill battle with deliveries and needs to properly handle relations with its creditors to ensure steady operations.
Faced with limited resources, Country Garden will also need support from the local government, said Yang, who is also the majority shareholder. 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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