Cheng Wai Keung, chairman and group managing director of Wing Tai Holdings
Wing Tai Holdings leads our roundup of real estate headlines today as the Singaporean developer announces the acquisition of a Melbourne site. Making the list from farther north is Queensland’s QIC, which is expanding its Asia presence with a Singapore office, and a GIC-invested office project in Melbourne hits 76 percent occupancy.
Wing Tai Acquires Melbourne Property for $18M
Singapore-based property group Wing Tai Holdings said its wholly owned Wincrown subsidiary has acquired a site in Melbourne for A$28 million ($18 million).
The property, 11-27 Tavistock Place, is a former power substation in Melbourne’s central business district. The 1446 square metre (15,5655 square foot) building occupies an 840 square metre parcel of land and had been marketed by Cushman & Wakefield in a campaign which began in June of this year. Read more>>
Australia’s QIC Opens Singapore Office to Build Asia Presence
Queensland Investment Corporation has expanded its international presence with a new Singapore office established to support a greater focus on Asia-based institutional investors.
Located in the Marina Bay Financial Centre, the space will serve as a hub to strengthen local partnerships and explore capital opportunities in the region. Read more>>
GIC-Charter Hall Sydney Office JV Hits 76% Occupancy
Charter Hall has attracted Bendigo and Adelaide Bank to the group’s 555 Collins Street joint venture office development with Singapore’s GIC in Melbourne, bringing the total floor space leased to 76 percent after the building received its temporary occupation permit in June.
Bendigo and Adelaide Bank will occupy more than 4,000 square metres across levels three through five the project, with Charter Hall having been advised by James Palmer at JLL. Bendigo and Adelaide Bank was advised by Peter Walsh at JLL. Read more>>
BoA Banker Warns China Property Slump to Last Years
China’s property downturn is set to last for years, and a drought of deals in the sector is unlikely to end soon due to a lack of investor confidence in the world’s second-largest economy, according to a senior Bank of America banker.
“The real estate sector in China will likely entail a multi-year recovery timeframe,” said Martin Siah, co-head of real estate investment banking for the Asia Pacific region. “It would be too quick to expect a swift resolution to the real estate deals issue.” Read more>>
Nomura Economist Says Mainland Real Estate Could Clear Up in 2024
The Chinese real estate market will have a chance to resolve its risks next year, according to the chief economist at Nomura China, the Chinese arm of Japanese securities brokerage Nomura.
Although some of this year’s challenges will continue next year, there is hope because some industries, such as the real estate one, will have the possibility to grasp the opportunities in the challenges and find a balance, Lu Ting said. Read more>>
Chinese Regulators Allow Developers More Leeway for Discounting
Chinese regulators are starting to accept bigger property price cuts amid developers’ liquidity woes.
Officials are not opposing recent price decreases even though the unwritten rule used to be that new homes should cost no less than 85 percent of the price filed with the government, Yicai learned. Read more>>
Keppel DC REIT Issues $67M in Floating Rate Notes
Keppel DC REIT’s manager said the data centre trust has issued S$90 million ($67 million) in floating rate notes due in 2026.
The notes come with an interest rate based on the compounded daily Singapore Overnight Rate Average plus an agreed spread. Read more>>
Singapore Luxury Home Market Set to Rise as Hong Kong Sinks
The worst is likely over for the luxury property segment globally, with prime home prices set to rise more than previously anticipated, according to a report by Knight Frank.
But the fortunes of the high-end segment in Singapore and Hong Kong are likely to move in opposite directions due to the divergent property policies in the rival Asian hubs. 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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