In today’s roundup of regional headlines, Hong Kong’s biggest developers have joined the bidding as a tender for largest harbourfront plot in Central closed on Friday. Also in the news, Singapore’s GIC and US fund manager Nuveen are selling a two-thirds stake in a Melbourne department store, and Eagle Hospitality Trust has netted $154 million from the sale of five bankrupt hotels.
Half a dozen real estate developers owned by Hong Kong’s wealthiest families have thrown their hats into the ring to bid for the largest plot of harbourfront commercial land in Central, in a test of the property market that offers a peek into the city’s future standing as an Asian financial hub.
Sun Hung Kai Properties, Hong Kong’s largest developer by market value, controlled by the Kwok family, confirmed that it submitted a bid for Site 3 at Connaught Place in Central, a 516,316 square foot (47,970 square metre) plot that includes the 1976 General Post Office. The land parcel, which can yield 1.61 million square feet of gross floor area, has been valued at as much as HK$55 billion ($7.1 billion), tipping the scales as the most expensive plot in a city used to setting price records. Read more>>
Singapore sovereign fund GIC and Nuveen, a wholly owned subsidiary of the Teachers Insurance and Annuity Association of America, have sold a two-thirds stake of Myer’s Bourke Street Mall store in Melbourne.
The deal, with Abacus Property Group and Charter Hall, is believed to be worth A$270 million ($203.3 million). On that basis, the nine-level, 39,924 square metre (429,738 square foot) property is valued at A$405 million. It was priced at A$453.9 million in 2016 when Nuveen acquired its third from the Myer family (for A$151.3 million). Read more>>
Eagle Hospitality REIT (EH-REIT), which is part of Eagle Hospitality Trust (EHT), has received net proceeds of $153.9 million from the sale of five Chapter 11 properties.
The net proceeds have been partly used to repay the debtor-in-possession facility and the stalking-horse “break-up” fee, EH-REIT trustee DBS Trustee said in a bourse filing on Thursday. Read more>>
New-home prices in China rose in May at the same pace as in April, official data showed on Thursday. But there were signs that government measures to cool the market were beginning to temper gains.
Average new-home prices in 70 major cities grew 0.6 percent in May, unchanged from April, according to Reuters calculations based on data released by the National Bureau of Statistics. Read more>>
Co-working space operator WeWork has approached Prime US REIT with a proposal to restructure its lease at the latter’s Class A office property in California, and discussions are ongoing.
The tenant, a wholly-owned subsidiary of WeWork, occupies 56,977 square feet (5,293 square metres) within Tower I at Emeryville, out of the building’s net lettable area of 222,606 square feet. Read more>>
Major Hong Kong companies have embraced innovation to sharpen their competitiveness during the coronavirus pandemic, the China Conference heard on Thursday, and the trend is set to continue in its aftermath.
Chinachem Group, a major property developer that owns 7.53 million square feet (699,560 square metres) in gross floor area of office, retail, residential and hotel space in Hong Kong, was the first to introduce robots in its hotels and social distancing at the height of the outbreak last year. Read more>>
An entity linked to IOI Properties Group has been tipped as the party that triggered the white site in Marina View from the reserve list of the first-half 2021 Government Land Sales Programme.
The 0.78 hectare (1.9 acre) site, with a 99-year leasehold tenure, can be developed into 1.09 million square feet (101,264 square metres) of gross floor area. The plot can generate some 905 private homes, 540 hotel rooms or 21,528 square feet of commercial space. Read more>>
Flexible workspace provider The Executive Centre will expand its footprint in Singapore when the new extension to its centre at One Raffles Quay North Tower opens on 1 July. The 38,736 square feet (3,599 square metre) extension will occupy the penthouse level on the 50th floor and an office space on the 49th floor.
The Executive Centre is one of the largest premium flexible workspace providers in Asia Pacific, with over 150 centres in 32 cities. The company was founded in Hong Kong in 1994 and it has grown to serve over 32,000 members. It has been operating a flexible workspace centre on the 25th floor of One Raffles Quay since 2006. Read more>>