Wing Tai’s “The M” was Singapore’s big seller for February
Singapore condo sales lead Mingtiandi’s collection of real estate news today, with fresh government figures showing the city state selling its second-highest number of new homes in the past eight years. In other news, Korea’s institutional investors are expected to boost their outbound real estate investments after new regulations restrict their deals closer to home, and India has given the green light for its first hotel REIT. All these stories and more are in today’s roundup.
SG Homebuyers Brave Virus to Buy 114% More Condos in February
Singapore’s new home sales last month surged more than 114 per cent from a year ago, defying the coronavirus outbreak and a looming global recession.
Posting the second-strongest February sales performance in eight years, developers moved 975 private homes – up 57.3 per cent from the 620 units they sold the month before, driven by competitively priced new projects. The latest figure is also 114 per cent higher than the 455 units developers sold in February last year. Read more>>
New Korean Regulations Expected to Drive More Outbound Property Deals
Securities companies in Korea are set to speed up their overseas drive in 2020 to minimize potential damages from new regulations in real estate project financing ― a major cash cow for brokerage houses here.
Under the regulations, securities firms have to reduce their debt guarantee obligations in real estate project financing to 100 percent of their total equity capital by July 2021. The government plans to impose additional measures, in what it said were moves to ensure their fiscal soundness. Read more>>
India’s Park Hotels Wins Approval for $135M IPO
Apeejay Surrendra Park Hotels has got regulatory go-ahead for its estimated rupees 10 billion ($135 million) initial public offer (IPO). The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore, according to merchant banking sources.
As per the latest update from the Securities and Exchange Board of India (Sebi), the regulator issued its final observation letter on March 9 for the public offer. This paves the way for the launch of the public offer. Read more>>
HK’s Far East Consortium Submits Plans for Manchester Project
Far East Consortium has set out plans for 634 homes in Manchester’s Red Bank neighbourhood, part of the first phase of the £1bn Northern Gateway regeneration project.
The scheme comprises a “family” of three residential towers, the main building of which will be 37 storeys high, flanked by sister buildings of 18 and 26 storeys each. Read more>>
Mainland Real Estate Tycoon Ren Zhiqiang Gets Detained
Friends of Ren Zhiqiang, the Chinese former property tycoon and outspoken critic of the Communist Party, are concerned about his whereabouts after losing contact with him for several days.
The 69-year-old has been out of touch for several days since an article he wrote criticising the way in which Chinese authorities responded to the coronavirus outbreak was widely circulated online, they said. Read more>>
HK Disneyland Loses Money for 5th Straight Year
Hong Kong Disneyland lost HKD105 million (USD13.5 million) in its fiscal year ended September, marking five years on the trot that the entertainment park has made a net loss.
The figure was down from a profit of HKD54 million a year earlier, when it doubled takings from 2017, according to the company’s latest financial report. Revenue at the theme park totaled HKD6 billion (USD773 million) for the fiscal year 2019, on par with income generated the year prior. Read more>>
Singapore’s Banyan Tree Sets Up Myanmar Hotel Management JV
Hospitality group Banyan Tree Holdings has formed a 50-50 joint venture (JV) with Myanmar Treasure Hotel & Resort Group (Htoo Hospitality) to initially manage 17 of the latter’s hotel properties.
Htoo Hospitality is the hospitality division of Myanmar business tycoon U Tay Za’s Htoo Group of Companies. It currently owns 15 hotels and resorts, with two in the pipeline. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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