In today’s roundup of regional news headlines, the tender for a private assisted living project in Singapore’s Kovan neighbourhood attracts meagre interest, and China’s Agile Group warns of an eye-popping 2022 loss.
A Singapore state tender for a pilot private assisted living development at Parry Avenue has drawn muted results, with just four bids.
One was submitted by a consortium consisting of Evia Real Estate, Allium Healthcare, Yuan Ching Development and YK Realty (which is linked to tycoon Tan Yeow Khoon). Two tenders came from Pre 20, a subsidiary of Perennial Holdings, and another from United Medicare Development, an operator of private nursing homes. Read more>>
Agile Group Holdings on Wednesday warned that it expects to record a net loss in the range of RMB 12.5 billion to RMB 13.5 billion ($1.8 billion to $2 billion) for the full year of 2022 against a net profit of RMB 9.1 billion in 2021.
Loss attributable to shareholders of the Guangzhou-based developer will be in the range of RMB 14 billion to RMB 15 billion against a gain of RMB 6.7 billion a year earlier. Read more>>
K Wah International Holdings on Wednesday reported a profit for full-year 2022 of HK$1.4 billion (now $180 million), down nearly 59 percent year-on-year.
The Hong Kong developer’s revenue totalled HK$8.8 billion, down 46 percent. Read more>>
Henderson Land, one of Hong Kong’s largest property developers, posted a 29 percent decline in profit to HK$9.6 billion ($1.2 billion) for 2022, as the city’s real estate industry was severely affected by the COVID-19 pandemic.
The developer, founded by billionaire and Hong Kong’s second-wealthiest man Lee Shau-kee, said the drop in profit was partly due to the absence of a one-off gain it booked in 2021 in connection with Miramar Hotel and Investment becoming its subsidiary. Read more>>
ASX-listed landlord and developer Dexus has flagged a push into managing real assets as traditional commercial property classes come under pressure amid financial instability.
Big office towers and shopping centres are falling in value, but Dexus has just struck a fresh deal to acquire the Collimate Capital real estate and infrastructure business from AMP. Read more>>
Wah Loon Engineering founder Alan Chong is understood to have sold a landmark six-storey shophouse in Singapore’s Boat Quay for S$37 million ($27.7 million), making a nice gain over the S$21.35 million he paid for the 999-year leasehold property in 2018.
The new owner of 52 Boat Quay is an indirect wholly owned subsidiary of Tai Tak Estates, incorporated in Singapore in 1954. Read more>>
Shares of Singapore-based Ohmyhome rose 1.8 percent in after-hours trading following their NASDAQ debut on Tuesday.
The stock traded between $3.80 and $4.24 before finishing at $4.07, up from its $4 opening price, according to data from MarketWatch. Some 640,000 shares changed hands. Read more>>
The Chearavanonts, whose members have dominated Thailand’s billionaires list for decades, plan to set up an outfit in Hong Kong to invest the clan’s fortunes, becoming one of the biggest names in the rarefied world of family offices to heed the city’s ambition of becoming Asia’s wealth management hub.
Dhanin Chearavanont, the senior chairman and second-generation scion of the Charoen Pokphand Group, will fly in with his eldest son Soopakij — CP Group’s chairman — to join a Friday gala dinner at the Palace Museum, the highlight of the city’s inaugural Wealth for Good summit, said a clan member. Read more>>