The average cost of a new condo in Greater Tokyo has fallen for the third straight month
A three-month skid in Tokyo’s average home price leads Mingtiandi’s headline roundup today as condo values slide in the city’s central wards. Singapore’s Mapletree also makes the news with a US student housing disposal and a mainland tenant gets a deep discount at Hong Kong’s IFC.
Tokyo Condo Prices Decline for Third Straight Month
The average cost of a new condominium in Greater Tokyo has fallen for the third straight month. But prices remain high overall on the back of higher construction costs.
The Real Estate Economic Institute says the average price of condos in Tokyo, plus neighbouring Kanagawa, Saitama and Chiba prefectures, was around $474,000 in May. That’s down 7.2 percent in yen terms from a year ago. Read more>>
Mapletree Sells US Student Housing Project
Singapore’s Mapletree Investments has sold a student housing property called The Cottages of Boone for an undisclosed price to an unnamed buyer. The 894-bed student housing asset serves Appalachian State University in North Carolina.
It has been held under the Mapletree Global Student Accommodation Private Trust since 2017, a fund managed by Mapletree Real Estate Advisors, as part of Mapletree’s bid to go big into the student housing market. Read more>>
Mainland Tenant Rents Half-Floor in Hong Kong’s IFC at 40% Off Market Peak
A mainland tenant has leased a half-floor in tower one of Hong Kong’s IFC for around HK$100 ($12.80) per square foot per month, according to a report in the Hong Kong Economic Times citing market sources.
The reported leasing rate for the mid-zone unit in the Central district landmark represents a 40 percent discount from peak pricing five years ago as the Hong Kong office market struggles with weaker demand and domestic Chinese tenants play a larger role in the commercial hub. Read more>>
MGM Mulls Expanding Macau Property Beyond Casino Business
MGM China Holdings is considering an expansion of one of its casino resorts in Macau, adding hotel rooms and a range of wellness services as it seeks to attract customers beyond traditional high rollers, according to people familiar with the matter.
The group is speaking to consultants and designers about possibly adding a new wellness-themed building to its resort in Cotai, Macau’s version of the Las Vegas strip, the people said, asking not to be identified discussing private deliberations. Read more>>
Kaisa Group Boss Returns to Shenzhen to Push Debt Restructuring Plan
The chairman of defaulted Chinese developer Kaisa Group returned to mainland China from Hong Kong for the first time in almost a decade to get regulatory approval for an offshore debt restructuring, two sources familiar with the matter said.
Chairman Kwok Ying Shing travelled to the southern city of Shenzhen, where Kaisa is based, for talks with officials about two months ago and is still there, one of the industry sources close to the company said. Read more>>
Developers Shun Singapore Pilot Rental Housing Site
Singapore’s bid to tackle high rents suffered a setback after a pilot site for long-term serviced apartments failed to attract developers.
The Urban Redevelopment Authority said in a statement Wednesday that the Upper Thomson Road site in the city’s suburbs received no bids. The location was one of two earmarked for construction of some apartments requiring a minimum three-month stay, up from the current seven-day requirement. Read more>>
NTT Breaks Ground on Jakarta Data Centre
NTT has broken ground on another data centre in Jakarta. First announced in May, the seven-story Jakarta 2 Annex Data Center (JKT2A) will offer 12 megawatts across 5,800 square metres (62,430 square feet) of IT space and is designed for high-density racks of up to 40 kilowatts.
The existing JKT2 offers 9.4MW across 5,400 square metres and capacity for 2,800 racks across eight stories. The company acquired the facility in 2015 through the purchase of Cyber CSF. Read more>>
South Korean Finance Firms Vow to Loan $3.6B for Real Estate Projects
Five banks and five insurance firms in South Korea agreed Thursday to provide up to KRW 5 trillion ($3.6 billion) in additional funding for real estate development projects. The move comes amid government-led efforts to normalise real estate project financing loans as prices continue to rise, which include the liquidation of failing projects.
Under a memorandum of understanding signed Thursday, the five banks and five insurance firms will first create a KRW 1 trillion syndicated loan and gradually expand their funding to a maximum of KRW 5 trillion, if necessary, according to the Financial Services Commission. Read more>>
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