The Living Company co-founder and co-CEO Craig Carracher
Australia’s The Living Company expands its student housing portfolio with the purchase of a Sydney redevelopment site, with that deal leading today’s headline roundup. Also making the list, the public tranche of NTT DC REIT’s IPO sees heavy demand and a Singapore residential project nearly sells out at launch.
The Living Company Buys Sydney Site From Hong Kong Owner for $21M
Australian rental housing specialist The Living Company, formerly known as Scape, has put its confidence in the student accommodation sector on display by snapping up a site in Sydney’s inner suburb of Waterloo for A$32 million ($21 million).
It will develop about 300 student rooms on the site, capitalising on proximity to the nearby foundation school for University of Sydney at Taylors College. The company purchased the Waterloo site from a Hong Kong-based owner, who had held the property that currently houses two warehouses, parking and offices. Read more>>
NTT Data Centre REIT IPO Nearly 10x Oversubscribed in Singapore
The manager of NTT DC REIT said the public tranche of its Singapore initial public offer was about 9.8 times oversubscribed.
Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units, the manager said Friday. It received application monies totalling S$376.2 million ($293.7 million). Read more>>
Singapore Residential Launch Reaches Near Sell-Out Despite Fresh Curbs
Singapore’s first mass-market private residential project launched since new curbs were introduced saw the development almost all taken as homes were sold at lower-than-usual prices.
The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That’s 94 percent of the 343 units to be built at Singapore Science Park in the city’s south. Read more>>
Hong Kong to Release Just One Housing Site This Quarter
Hong Kong’s government will release a mid-size plot for sale in its fiscal second quarter, continuing its tight grip on land supply as the city’s residential market grapples with a glut that has forced developers to slash prices to find buyers.
A plot measuring 6,500 square metres (70,000 square feet) at the junction of Wing Shun Street and Texaco Road in Tsuen Wan in the western part of the New Territories will be made available via tender in the July to September quarter, enough to provide about 780 average-sized flats, according to Secretary for Development Bernadette Linn. Some 940 square metres has to be set aside for social welfare facilities. Read more>>
Mainland Retailers Expand in Hong Kong as Locals Struggle
The Tsim Sha Tsui district of Hong Kong was buzzing on a Friday evening in mid-June, yet not a single customer ventured into Prince Beef Brisket and Offal Noodles in the heart of one of the city’s top tourism and shopping spots. Just next door, customers streamed into Hefu Noodle, a more stylish and spacious mainland Chinese chain with similar prices.
“They have taken away half of our business since they opened in December, because their mainland owner has deep pockets for top-notch decorations,” lamented Ms Fung, a Prince Noodles worker in her early 40s. Read more>>
Aussie Homebuyers Undeterred by Lack of Rate Cuts
Australian homebuyers shrugged off the Reserve Bank’s decision to keep interest rates steady, with auction clearance rates holding firm as buyers try to get in amid early signs of renewed price growth in capital cities.
Preliminary figures from data firm Cotality show a national auction clearance rate of 72.2 percent, just below the 73.1 percent recorded a week earlier and not far from the year-to-date high of 74.5 percent achieved four weeks ago. The clearance rate has remained above 70 percent for five straight weeks. Read more>>
Sun Hung Kai Sells Out Batch of Hong Kong Homes
Buyers flocked to two new Hong Kong residential projects on Sunday, buoyed by an ongoing stock market rally and low interest rates — signalling a sustained rebound in the city’s property market.
Developer Million Nice sold 62 of the 69 units at 9 Eastern Street in Sai Ying Pun, according to agents. Meanwhile, Sun Hung Kai Properties sold all 110 units in the third round of sales at Novo Land Phase 3A in Tuen Mun. Read more>>
Hong Kong’s Hang Lung Leases Hangzhou Mall From Local Retailer
Hang Lung Properties, a Hong Kong-based developer and shopping mall operator, has inked a deal to rent a department store building in Hangzhou’s city centre, expanding its presence in the mainland luxury retail market.
A Hang Lung subsidiary signed a 20-year lease on Hangzhou Department Store last week, owner Baidai Group announced. The lease will begin in April 2028 after the current agreement with local retail giant Intime Department Store expires in February. Read more>>
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