Shanghai Hotel Sold at Auction for $59M and More Asia Real Estate Headlines

A distressed sale in Shanghai leads today’s review of real estate headlines from around the region, with the hotel in Huangpu district selling online in less than an hour. Also in the news, China’s home sales continued to slide in June, although more slowly than in May, and developer Wing Tai is awarded a residential site in Singapore’s River Valley area.

Former Ramada Hotel in Shanghai Sold at Auction for $58.6M

The former Ramada Plaza Peace hotel in Shanghai’s Huangpu district was sold for RMB 426 million ($58.6 million) this past week through an Alibaba online auction platform.

The 14,783 square metre (159,123 square foot) property on Xietu Road sold at a premium to the RMB 324 million starting price for the auction and was acquired by private firm Shanghai Dasheng Zhixin Property Management. Based on the commercial and office area, the asset traded for RMB 34.78 per square metre. Read more>>

China Home Sales Slid 17% in June, Slowing From 34% Drop in May

The downturn in China’s residential real estate sector slowed further in June, following the government’s efforts to put a floor under the housing market in some of its biggest cities.

The value of new home sales from the 100 biggest real estate companies dropped 17 percent from a year earlier to RMB 439 billion ($60 billion), compared with a 34 percent decline in May, according to preliminary data from China Real Estate Information. Read more>>

Wing Tai Awarded River Valley Site in Singapore

Wing Tai has been awarded a 99-year leasehold residential site in River Valley at the tender price of about S$464 million ($342.4 million) and plans to build over 400 apartments there.

Winchamp Investment’s win, located at the junction of River Valley Green and River Valley Road, has a permissible gross floor area of 32,527 square metres (350,117 square feet), Wing Tai said in a bourse filing on Thursday. Read more>>

Singapore Govt Cuts Industrial Land Supply 30% in H2

The Singapore government has launched five sites on the confirmed list and another five sites on the reserve list with a total site area of 13 hectares (32.1 acres) under its Industrial Government Land Sales programme for the second half of 2024.

Huttons Asia senior director of data analytics Lee Sze Teck pointed out that the supply of industrial land under the confirmed list is 30 percent less compared with the first half of the year. Read more>>

Last 18-Hole Golf Course in Singapore Gives Way to Development

Singapore closed its last public 18-hole golf course over the weekend, with the Marina Bay site overlooking the financial hub’s skyline succumbing to the government’s drive to redevelop land.

Opened less than 18 years ago, the course hosted its final rounds for the public on Saturday as it joins others in Singapore that have closed or shrunk in recent years. Only one public course remains, a nine-hole venue in the north of the city-state. Read more>>

Bids for Global Switch Data Centres Fall Short

Suitors interested in buying the Australian data centres owned by Global Switch have failed to hit the bid price, sources say, because of expectations that they come with a sizeable capital spending bill.

It’s understood there were suitors interested in paying A$2 billion ($1.3 billion) for the two data centres on offer. But the company’s global owner was holding out for about A$2.5 billion. Some have taken the view that the assets were worth not much more than A$1.5 billion because of the amount of capital spending needed. Stonepeak had been thought to be well placed to buy the assets and the contest frontrunner. Read more>>

Fujitsu Said Marketing Australian Data Centres

Fujitsu is reportedly looking to auction off its data centres in Australia. AFR reports that the Japanese multinational Fujitsu has called in Sayers Advisory to auction its six data centres in the country.

Fujitsu operates facilities across New South Wales, Victoria, Queensland and Western Australia, currently totalling 25 megawatts (though several sites have potential for further development). Fujitsu Australia’s website lists three facilities around Sydney. In North Ryde, the company leases a 4.8MW site. Read more>>

Google Ties Up With Gulf to Develop Thai Sovereign Data Centre Cloud

Google Cloud is teaming up with Gulf Edge to develop a sovereign cloud offering in Thailand.

The sovereign cloud will enable customers to meet data residency, security and privacy requirements in Thailand, and will also provide access to artificial intelligence and analytics capabilities from Google. Gulf Edge, a subsidiary of Gulf Energy Development, will operate a Google Distributed Cloud as a Managed GDC Provider. Read more>>