The URA is looking at a plot occupied by the Sing See Soon plant nursery in Simei (Image: Google)
In today’s roundup of regional news headlines, the Singapore government seeks to beef up public housing supply in an eastern neighbourhood of the island, and Aussie developer Lendlease secures the backing of Japan’s Daiwa House for a build-to-rent project in Melbourne. Also making the list, China’s home price rebound tapers off and Singapore’s Ho Bee Land warns of some bad news.
Government Envisions New Homes at Two Eastern Singapore Sites
New homes are set to be built across two sites in Simei, an area in the east of Singapore that has not had new public housing in more than a decade.
On Friday, the Urban Redevelopment Authority published a proposed amendment to its master plan that involves rezoning two land parcels in Simei Road to residential use from educational use. Read more>>
Lendlease Wins Backing of Japan’s Daiwa House for Build-to-Rent Play
Japanese companies are putting their stamp on the growing build-to-rent market, with Daiwa House backing a new project by local heavyweight Lendlease in Melbourne.
The move follows Mitsubishi emerging as a major backer of Mirvac’s specialist business, as offshore funds continue to make the running in the area. Read more>>
China June New Home Prices Flat in Weakest Showing This Year
China’s new home prices were unchanged in June, the weakest result this year, data showed on Saturday, increasing pressure on policymakers for more stimulus as economic recovery falters.
The flat result from a month earlier, with rises slowing nationwide, was below May’s 0.1 percent gain, according to Reuters calculations based on National Bureau of Statistics data. Prices were also unchanged from a year earlier, retreating from a 0.1 percent increase in May. Read more>>
Ho Bee Land Issues Profit Warning, Citing London Losses
Singapore’s Ho Bee Land warns that it will report a net loss for the six months ended in June, as it is booking a fair value loss on its portfolio of investment properties in London.
“The fair value loss on the London portfolio is non-cash in nature and arose mainly due to higher capitalisation rates,” the company said Friday. The most recent significant property bought by Ho Bee in London was the Scalpel skyscraper in February 2022. Read more>>
China Fortune Land’s Stock Gains After Builder Restructures All Debts
Shares of China Fortune Land Development rose after the developer said it had completed restructuring RMB 219.2 billion ($30.6 billion) in domestic and foreign bonds, with creditors passing a RMB 37.1 billion bond restructuring plan.
China Fortune Land rose 1.8 percent in Shanghai trading on Friday. Its market value was RMB 8.8 billion, compared with a record high exceeding RMB 135.7 billion in February 2018. Read more>>
Chinese Court Rejects Creditors’ Application to Wind Up Guangzhou R&F
A Chinese court rejected two creditors’ application for a bankruptcy restructuring of developer Guangzhou R&F Properties on Friday, according to China Securities Journal.
The developer’s 2021 and 2022 financial reports show it had more than RMB 110 billion ($15.4 billion) in assets, the Journal said, citing a response from R&F. Read more>>
Will China’s Property Slump Foil Hong Kong Developers’ Bets?
Mike Wong, the deputy managing director of Sun Hung Kai Properties, was particularly pleased with his high-speed train experience from West Kowloon to the company’s megaproject near Guangzhou South station.
“The journey took slightly more than 40 minutes,” said Wong, highlighting the efficiency and convenience of China’s high-speed rail network, the largest system in the world connecting Hong Kong with major cities in the south of the mainland. He said his experience reinforces the company’s strategy of investing in real estate projects close to mass transit links in the Greater Bay Area to capitalise on the transport convenience. Read more>>
India’s Gautam Adani Gets Nod to Transform Asia’s Largest Slum
India’s Adani Group, led by billionaire Gautam Adani, received final approval on Saturday to commence the redevelopment of Dharavi, one of Asia’s largest slums located in the heart of Mumbai, Bloomberg reports.
The Mumbai Metropolitan Region Development Authority, which oversees the project, confirmed that the Maharashtra state government has given the green light. Adani won the project with a bid of INR 50.7 billion 50.7 billion ($620 million) late last year. Read more>>
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