In today’s roundup of regional news headlines, a Singapore condominium relaunches its collective sale and new properties hit the Lion City market on Cecil Street and in Geylang. Also in the news, US flexible workspace provider Industrious expands in Asia via the purchase of regional player The Great Room, and Hong Kong mogul Tony Fung is selling a casino in Australia.
The Thomson View condominium in Singapore is up for collective sale again via public tender, with a guide price of S$950 million ($680.5 million), exclusive marketing agent OrangeTee said Wednesday.
The condominium was put up for sale at the same price in November 2021, but the relaunch was unsuccessful amid market cooling measures announced in December. Read more>>
A portfolio of office units spanning across 4 levels in 20 Cecil Street has been put up for sale with a guide price of S$75.9 million ($54.4 million).
The guide price for the total of 22 strata units across the 4 levels translates to approximately S$3,100 per square foot (psf), based on the strata area, marketing agent CBRE said on Wednesday. Read more>>
A row of shophouses located at 284 to 296 Geylang Road has been put up for sale via expression of interest with a reserve price of S$50 million ($35.8 million).
This translates to about S$2,767 per square feet (psf) on the existing estimated total built-up floor area of 18,072 sq ft, sole marketing agent PropNex Realty said on Wednesday. Read more>>
American flexible workspace provider Industrious has purchased Singapore-based co-working operator The Great Room as part of its international expansion. On 9 May, the New York-headquartered firm announced its acquisition of The Great Room, as well as European co-working player Welkin & Meraki.
According to a source quoted by Bloomberg, Industrious paid S$139 million ($100 million) in cash and stock for the two companies. The deal immediately adds over 350,000 square feet (32,516 square metres) to its portfolio across six new markets in Asia and Europe, as well as a 600,000 square foot pipeline of new deals across key cities in the two regions. Read more>>
New World Development has sold 75 percent of its first Grade A office tower in Kowloon West.
The 28-storey commercial building in Cheung Sha Wan has been completed. About half of the floor area was bought by financial, insurance and tertiary institutions including Nanyang Commercial Bank, listed tech firm PC Partner Group and the University of Hong Kong School of Professional and Continuing Education. Read more>>
Europe-focused IREIT Global flagged a possible slowdown in the region’s office letting and investment activity, as the outbreak of war between Ukraine and Russia as well as rising interest rates and inflation have led to “significant economic and geopolitical uncertainty”.
In a quarterly business update on Wednesday, the Singapore-listed trust’s manager said that while IREIT’s portfolio has not been adversely affected so far, it is “closely assessing the situation and maintaining its vigilance”. Read more>>
The wealthy family behind the Oscars Group empire is taking a step up in the gaming world and has snapped up Casino Canberra from Tony Fung’s Aquis Entertainment for A$52 million ($35.8 million).
The deal will see a private company controlled by the Gravanis family buy the casino from the ASX-listed minnow controlled by the Hong Kong mogul who has shifted to the Gold Coast. Read more>>
Singapore and Hong Kong’s retail property segments are likely to see opposite fortunes this year, with the Lion City gaining an upper hand as it eases most COVID-19 restrictions and welcomes tourists back to its shores.
Rents of retail properties in Singapore are likely to rise by 1 to 2 percent this year, while Hong Kong will see a decline of between 5 and 15 percent, according to analysts. Read more>>
Adelaide developers the Palumbo family are looking to cash in on improving conditions in Australia’s hotel sector after listing their brand-new Sofitel luxury hotel for sale with an asking price above A$160 million ($109.9 million).
The offering of the 251-room hotel, which opened in the Adelaide central business district in November, adds to the total of more than A$1 billion of major hotels that have hit the market this month after Singaporean real estate giant CapitaLand renewed efforts to sell a portfolio of six Australian hotels and the Bayview Eden hotel in Melbourne’s St Kilda Road precinct was listed for sale by its Malaysian owners. Read more>>