Ex-Soho China CEO Zhang Xin has taken her act to a bigger stage
A one-time main character in real estate markets in Beijing and Shanghai has re-emerged in a new city with a report of Soho China’s Zhang Xin taking on an Upper East Side project leading today’s collection of real estate headlines from around the region. Also making our list is Lendlease making a record exit in Australia and improving results of a Singapore-listed data centre REIT.
Soho China’s Zhang Xin Aims to Take Manhattan
Chinese property tycoon Zhang Xin, who built her fortune shaping China’s skylines with commercial development firm Soho China Ltd., is seeking to expand her bet on New York City real estate.
Closer Properties, the real estate arm of Xin’s family office Closer Group, acquired five adjacent parcels on the Upper East Side at the intersection of East 79th Street and Lexington Avenue from W Financial in a cash deal totaling $62.5 million, according to a statement released Wednesday. The firm plans to develop a boutique luxury condominium building with retail space on the ground floor. Read more>>
Lendlease Fund Sells New South Wales Retail Complex for $583M
Lendlease’s flagship retail property fund struck a deal to sell the sprawling Erina Fair complex on New South Wales Central Coast for close to A$900 million ($583 million), the largest price achieved for a whole shopping centre in 15 years.
Local group Fawkner Property is now raising capital to buy the complex for a deal which would mark its largest ever purchase and add to its growing national network, which will be close to A$5 billion after a series of counter-cyclical bets. Read more>>
Digital Realty Singapore REIT Boosts Income
Digital Core REIT reported distributable income of $35.2 million for the nine months ended Sep 30, up 1.9 percent from a year earlier.
Revenue for the period climbed 83.9 percent to $132.4 million, from $72 million previously, its manager said in a bourse filing on Wednesday (Oct 22). Net property income rose 49.6 percent to $67.7 million, from $45.3 million in the same period a year ago. Read more>>
Singapore Properties Help Mapletree Pan Asia Commercial Trust Raise Distributions
Mapletree Pan Asia Commercial Trust posted a rise in distribution per unit (DPU) to 2.01 Singapore cents for its second quarter ended Sep 30, from 1.98 cents for the same period a year earlier.
The increase was mainly driven by higher contributions from Singapore properties, the trust’s manager said on Wednesday. This, it noted, was despite the absence of income from Mapletree Anson following its divestment in July 2024. Read more>>
Korean Players Team Up for Golf-Flavoured Philippine Condo Project
Koreit Asset Management Co, a unit of Korea Real Estate Investment & Trust Co, will team up with Dawon Co, South Korea’s leading landscaping firm, to develop a premium 27-hole golf course and residential complex near New Clark City in the Philippines, in one of the largest overseas leisure developments led by a Korean asset manager.
The project, located about 100 kilometres north of Manila in the province of Tarlac, covers roughly 150 hectares of land formerly part of a US Air Force base now managed by the Bases Conversion and Development Authority (BCDA). Read more>>
Sino Land Chairman Points to Positive Signs for Hong Kong Market
Hong Kong developer Sino Land’s chairman, Daryl Ng Win Kong, is confident about the outlook for the city’s property market next year, noting multiple positive signals have emerged boosting the market.
Chief among the factors were the start of a lower interest-rate cut cycle and a robust initial public offering market, Ng said after the company’s annual general meeting on Wednesday, his first since being appointed chairman in August. Read more>>
Tokyo New Home Sales Dominated by Speculators: Survey
An NHK survey has found that more than 60 percent of newly-built condominium units in Tokyo’s Chiyoda Ward have owners who do not actually live there. NHK analyzed the ownership records for all the units in a condominium under the survey that was put on sale this year.
The survey comes amid surging condo prices in central Tokyo. Some observers cite short-term condo reselling for speculative purposes as a factor behind the rising prices. Results show that 63 percent of the condo units in Chiyoda, at the heart of Tokyo, have an owner whose registered address does not match the address of the property itself. Read more>>
Novaland Wins Approval for $5B Phan Thiet Project
Vietnam’s Novaland Group has received investment approval for its $5 billion NovaWorld Phan Thiet project in the central province of Lam Dong after years of delay due to legal obstacles.
Approval for the 1,000-hectare resort and residential complex had been delayed by incomplete investment and land procedures, including valuation challenges tied to phased land leases. Among the obstacles had been land-use certificates issued and rental fees collected by local authorities before the developer fulfilled its financial obligations, complicating the legal process. Read more>>
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