China Evergrande is getting a government assist on some projects in Shenzhen’s Longgang district
In today’s roundup of regional news headlines, a Shenzhen government-owned firm intervenes to help complete a set of projects developed by beleaguered China Evergrande, while Singapore’s Cuscaden Peak puts three pricey Nassim Road bungalows on the market.
Shenzhen State-Owned Firm Steps In to Complete 4 Evergrande Projects
Embattled China Evergrande is working with a real estate investment and operations firm owned by the Shenzhen government to complete four property developments in the tech hub, the two companies said.
They said in a joint statement posted on the WeChat account of Evergrande’s Shenzhen unit on Monday that as instructed by the authorities, Evergrande has introduced Shenzhen Longgang Ancheng Investment Operation into four developments situated in Longgang district. The state-owned firm will help with the project construction to ensure delivery of homes to buyers, they said. Read more>>
Cuscaden Unit Puts 3 Nassim Road Bungalows on Market for $166M
Three freehold bungalows along Singapore’s Nassim Road owned by Cuscaden Peak Investments have been put on the market with an asking price of S$5,200 ($3,623) per square foot of land area. If achieved, this would be a record price for bungalow redevelopment land in a Good Class Bungalow area.
Completed about 23 years ago, the two-storey bungalows were renovated extensively in 2015. They have built-up areas of 6,950-7,400 square feet (646-687 square metres) and are currently tenanted, with the earliest lease expiry in late July 2023. Read more>>
15 Strata Units in International Plaza for Sale at S$60M Guide Price
A portfolio of 15 commercial units in Singapore’s International Plaza has been put up for sale via expression of interest, with a guide price of S$60 million ($41.8 million), sole marketing agent Edmund Tie said Tuesday.
Comprising five shop units and 10 office units, the portfolio has a total strata area of 18,482 square feet (1,717 square metres). Read more>>
Two Commercial-Zoned Tanjong Pagar Buildings Headed for Collective Sale
A pair of five-storey buildings on Hoe Chiang Road and Lim Teck Kim Road in Singapore’s Tanjong Pagar area will be launched for collective sale in mid-November after recently achieving 80 percent consent from owners.
Built in 1959, the two buildings sit with their backs facing each other on 999-year leasehold land and are located at 1, 3, 5, 7 and 9 Hoe Chiang Road and 2, 4, 6, 8 and 10 Lim Teck Kim Road. Read more>>
Frasers Builds Towards A$10B Logistics Portfolio With Sydney Land Grab
Frasers Property Industrial boss Ian Barter says his latest acquisition — a 74 hectare (183 acre) super site in Kemps Creek in Sydney’s tightly held western corridor — shows the developer and investor is on track to double its A$5.5 billion ($3.6 million) Australian portfolio within five years.
Running along Aldington Road in the Mamre Road industrial precinct, the Kemps Creek site Frasers acquired for an undisclosed sum will support about 450,000 square metres (4.8 million square feet) of new logistics facilities with an end value of more than A$1 billion. Read more>>
Sunac China Seeks to Extend Payment for RMB 4B Bond for 3rd Time
Struggling developer Sunac China is seeking to extend the repayment for a RMB 4 billion ($560 million) bond for the third time by pushing out the deadline by another six months, two sources with knowledge said Tuesday.
After the adjustments, Sunac will not pay the two remaining amortisation payments scheduled for this year, and the last instalment will be delayed to 31 March 2024 from 30 September 2023, the sources said. Sunac declined to comment. Read more>>
Young Hongkongers Snap Up Cheap Flats in Northern Metropolis
The scrapping of hotel quarantine requirements and a relaxation of mortgage rules boosted sales of affordable new homes in Hong Kong’s Northern Metropolis area, said analysts, as young buyers snapped up flats priced from HK$3.07 million ($391,085) each.
Henderson Land Development’s One Innovale-Bellevue in Fanling had sold 200, or 82 percent, of 243 flats on offer as of 6.30pm on Tuesday, according to a spokesman for the developer. Read more>>
Shanghai Commercial Landlords Pinched by High Vacancies, Rent-Cut Demands
Commercial property owners in Shanghai find themselves beset by high vacancy rates and demands for rent reductions as China’s zero-COVID policies continue to suppress the retail and restaurant trades, dashing hopes of a recovery after the city’s two-month lockdown earlier in the year.
Vacancy rates at premium shopping malls, wholesale clothing centres, wet markets and street shops are set to increase in the face of weaker consumer sentiment, analysts said. Read more>>
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