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Singapore Commercial Complex on the Market at $505M and More Asia Real Estate Headlines

2024/12/03 by Michael Cole Leave a Comment

The Como Orchard complex in Singapore’s Orchard Road area (Image: Google)

A recently redeveloped hotel and retail complex is the latest property to go on the market in Singapore’s Orchard Road shopping belt, with that story leading today’s headline roundup. Also making news, US apartment giant Greystar opens Australia’s biggest build-to-rent project and Samsung SDS plans a South Korea data centre.

Orchard Area Commercial Building on the Market at $505M

A Boustead Singapore-led joint venture is expected to put Como Orchard, a freehold hotel and retail building, on the market with an asking price of about S$680 million ($504.8 million).

Located at 28 and 30 Bideford Road, the 18-storey property is a redevelopment of the old Thong Sia Building and is home to the 156-room Como Metropolitan Singapore. Savills and Cushman & Wakefield are understood to have been appointed by the JV to find a buyer for the property, which is near The Paragon. Read more>>

Greystar Opens Australia’s Largest Build to Rent Project in Melbourne

International development heavyweight Greystar has opened the doors of what is Australia’s biggest build-to-rent project, at least for now.

The A$500 million ($323.4 million) triple-tower Gladstone at South Melbourne is the US-based build-to-rent specialist’s first Down Under development. It comprises 700 apartments across the three buildings of up to 30 storeys at 65 Buckhurst Street. Read more>>

Samsung SDS Plans South Korea Data Centre

Samsung’s IT services unit, Samsung SDS, is acquiring the Gumi Plant One site in South Korea from Samsung Electronics and intends to develop it into a data centre. Samsung SDS will purchase the land and auxiliary buildings at 244 1st Industrial Complex Street in Gumi, North Gyeongsang province for KRW 21.5 billion ($15.4 million).

In addition, Samsung SDS has appointed Lee Jun-hee, the former vice president of Samsung Electronics, as its new CEO and president. Lee joined Samsung in 2006 and has worked across various divisions. Read more>>

Brookfield’s DCI Opens Adelaide Data Centre

DCI Data Centers has officially launched its second A$70 million ($45.3 million) data centre in South Australia. Named Adelaide 02, the 4-megawatt site is a purpose-built edge data centre that can accommodate large IT capacity and programs of work with the ability to address higher security requirements.

“The opening of ADL02 underscores our commitment to enhancing the reliability and security of South Australia’s digital infrastructure,” said DCI president and chief development officer Shane Ross. Read more>>

Mainland Developer Shimao Wins Dismissal of Wind-Up Petition

Shanghai-based developer Shimao Group prevailed in a Hong Kong court decision to dismiss a creditor petition to liquidate the company, which will give the struggling homebuilder more time to restructure its $11.5 billion in offshore debt.

Shimao is currently seeking creditor approval for its latest offshore debt restructuring plan, with a hearing at the High Court of Hong Kong set for 16 January, the developer said in a stock exchange filing last week. It said it reached an agreement with its creditors to extend the final deadline for debt settlement to no later than 30 June from the end of this year. Read more>>

Singapore Little India Terrace Homes to Be Redeveloped

Two rows of colonial-era terraced houses in Little India have been set aside for residential use, as Singapore’s urban planners look to provide more varied types of housing in the heart of the city.

Located at 44 to 60 Chitty Road and 42 to 58 Veerasamy Road, the two rows of two-storey terraced houses — each with nine units — were built in 1927 to house government employees. There are no odd-numbered units in either row. Read more>>

Residential Resurgence Seen Triggering New Restrictions in Singapore

Singapore authorities may need to add more “aggressive” real estate curbs down the road if they fail to tackle a homebuying frenzy by early next year, Barclays warned.

A recent resurgence in the private market driven by a blockbuster November has “raised the likelihood of a revival in property prices” and a repeat of 2017-19, when buyers shrugged off cooling measures, analysts Brian Tan and Audrey Ong wrote in a note Monday. “A lack of response may well be interpreted as confirmation that policymakers are only half-heartedly trying to contain property prices.” Read more>>

Keppel DC REIT Launches Private Placement

The manager of Keppel DC REIT on Monday announced the launch of its preferential offering for 148.4 million new units at an issue price of S$2.03 each. The non-renounceable preferential offering, which is on the basis of 86 preferential units for every 1,000 existing units, opens on Monday at 9 am and will close on Dec 10.

It is part of an equity funding exercise to raise gross proceeds of around S$1.1 billion ($820 million), the manager said on 19 November. The exercise also includes a private placement, which closed on 20 November at S$2.09 apiece with 334.9 million new units issued, and the issuance of sponsor subscription units. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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Filed Under: crelist Tagged With: Boustead Singapore, DCI Data Centers, Greystar, Samsung Group, Shimao Property Holdings

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