Ong Beng Seng’s HPL wants to tap some marquee assets for cash flow
Singapore’s HPL leads today’s property headlines as it seeks to sell majority stakes in two Orchard Road assets. Also in the news, Hong Kong’s Law Society snaps up a floor at The Center for half off, Macquarie raises $711 million for its infra secondaries fund, and UOL’s CEO’s daughter buys a $1.73 million Orchard condo.
Singapore’s HPL in Talks to Sell Stakes in Orchard Road Assets at $1.6B Valuation
Ong Beng Seng’s Hotel Properties Ltd is looking to reduce its stakes in two marquee assets along Singapore’s Orchard Road shopping strip.
The property firm is in talks to sell majority stakes in Forum The Shopping Mall, as well as the Voco Orchard hotel. The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion ($1.6 billion). Read more>>
Hong Kong Law Society Named as Buyer of Discounted Gale Well Floor in the Center
The Law Society of Hong Kong has bought an entire floor of offices in what was formerly the world’s most expensive tower at a 50 percent discount, the latest among astute investors who are picking up property in the city at bargain prices.
The Law Society paid HK$345 million ($44 million), or HK$14,000 per square foot, for 24,980 square feet (2,320 square metres) on the 26th floor of The Center from Gale Well Group. Read more>>
Macquarie Raises $711M for Infrastructure Secondaries Fund
Macquarie Asset Management announced Monday that the firm has raised $711 million for its inaugural infrastructure secondaries fund, Macquarie Alliance Partners Infrastructure Fund, which will target high-quality assets, sectors and fund managers.
The $711 million includes commitments to the main fund and to separately managed accounts. Read more>>
Mitsubishi Estate, Nippon Steel Joining Lendlease Sydney Project
Lendlease on Monday announced that a pair of Japanese corporations, Mitsubishi Estate Asia will take an approximately 33 percent stake and Nippon Steel Kowa Real Estate around a 17 percent holding in its luxury residential project at 175 Liverpool Street in Sydney.
The Australian developer and fund manager recently acquired the office building which occupies the site in Sydney’s central business district from Hui Wing Mau, the billionaire founder of financially troubled Chinese developer Shimao Group, with plans for a $1.6 billion condo project. Read more>>
UOL CEO’s Daughter Buys $1.73M Condo at Orchard’s UpperHouse
In a Tuesday SGX filing, UOL Group announced that a two-bedroom premium unit at UpperHouse on Orchard Boulevard was purchased by Jeanette Liam Yuexi, daughter of group CEO and director Liam Wee Sin. The 700 square foot (65 square metre) unit, located on the 10th floor of the 35-storey tower, was acquired for S$2.231 million ($1.73 million), or S$3,189 per square foot.
According to UOL, “the proposed sale is on terms no more favourable than those available to unrelated purchasers during the same sale phase”. The company added that Liam abstained from voting on all board resolutions related to the proposed sale to his daughter. Read more>>
HSBC Flags $1.9B in Credit Losses, $500M From HK Real Estate
HSBC reported $1.9 billion in expected credit losses for the first half of this year, nearly double the amount recorded in the same period of 2024, including $500 million in charges related to the Hong Kong commercial real estate sector.
The bank reported having $8.5 billion worth of loans rated substandard or credit impaired, all related to the commercial real estate sector, which also includes loans provided to mainland borrowers. Read more>>
BGO, Aditya Birla Fund India Developer in $40M Deal
Real estate credit platform BGO, a global real estate investment management advisor, and Aditya Birla Sun Life AMC have invested INR 350 crore ($40.2 million) in debt to NCR-based Namo Realtech to fund its expansion in the real estate sector.
Namo Realtech is currently executing two projects in collaboration with Max Estates. The company holds an additional land bank and is in the process of acquiring further land assets on which it intends to collaborate with established developers. Read more>>
Apple to Close China Store for the First Time
Apple is closing a retail store in China for the first time. The company said Monday that it will shut its Parkland Mall store in the Zhongshan District of Dalian City on 9 August.
It has about 56 stores in the Greater China region, making up over 10 percent of its footprint of more than 530 outlets globally. Read more>>
Mapletree Kicks Off First US Industrial Facility in New Jersey
Mapletree Investments announced that it has broken ground for its 250,000 square foot (76,200 square metre) industrial facility in Westampton Township. The property is on a 22.5 acre (9.1 hectare) site at 1960 Burlington-Mount Holly Road.
The project is scheduled for completion in the second quarter of 2026. This is the Singapore company’s first development in New Jersey, though it owns industrial assets within the state. Read more>>
Sim Lian Outbids Rivals by 22% in Holland Plain Land Tender
Sim Lian Land and Sim Lian Development teamed up to place the top bid for the maiden government land sales (GLS) site in the new Holland Plain precinct.
The duo’s offer of nearly S$368.37 million ($286.5 million) for the 99-year leasehold private housing site works out to about S$1,432 per square foot of built area. This was 22.2 percent higher than the second-highest bid of S$1,171.70 from a fully owned subsidiary of Wee Hur. Read more>>
Cadence Buys Port Melbourne Business Park From Dexus
Australia’s Cadence Property Group has expanded its flagship industrial trust with the purchase of the Aquatica Business Park in Port Melbourne.
The Cadence Industrial Investment Partnership picked up the site from the unlisted Dexus Wholesale Property Fund. Read more>>
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