In today’s roundup of regional news headlines, a row of shophouses in Singapore’s Lavender Street sells for $50 million as an entire floor at the Suntec City office complex hits the market. Meanwhile, Frasers Hospitality Trust lays out contingency plans in case a planned privatisation of the S-REIT falls through.
Shophouses on Singapore’s Lavender Street Sell for $50.6M
Singapore-listed Hafary Holdings announced in a board filing on Tuesday that it has exercised the option to purchase a property at 161 Lavender Street at the price of S$71.28 million ($50.6 million), through its wholly owned subsidiary Hafary Flagship Store.
The property, which consists of a row of 11 shophouses tenanted to popular cafes such as Apartment Coffee and Glacier, will be established as the group’s new flagship store. Read more>>
Suntec City Sees Fresh Floor Hit Market at $25.6M
Following the sale of an entire floor at Singapore’s Suntec City Tower 2 last month, another floor is on the market at an indicative guide price of S$36 million ($25.6 million) or S$3,600 per square foot.
Marketed by Knight Frank, the total area, comprising four strata titles, measures 9,989 square feet (928 square metres). The space is tenanted, located on a high floor and enjoys panoramic views of both the sea and city. The column-free and regular shape offers flexibility and efficiency in layout planning, Knight Frank said. Read more>>
Singapore’s Normanton Park Sells All 1,862 Units in 18 Months
The final unit at Singapore’s Normanton Park — a 1,087 square foot (101 square metre), three-bedroom premium apartment on the second floor of one of the nine 24-storey residential towers — was sold Monday at $2,006,000 ($1,845 per square foot). This means that Normanton Park, with 1,862 residential units and eight strata commercial units, is 100 percent sold to date.
What’s more, the project has achieved the feat in just 18 months, having been officially launched in January 2021. “It’s unprecedented for a project of this scale to sell out in such a short period of time,” said Bruce Lye, managing partner of SRI. Read more>>
Rising Rates Cancel Out End of Pandemic Curbs for Thai REITs
Thailand’s REITs, deemed one of the barometers for Southeast Asia’s wider economic performance, are feeling the heat from surging inflation and rate hikes, just as the tourism-dependent nation tries to lure visitors back since it lifted all COVID-19 travel curbs.
According to Bloomberg data, there are more than 50 REITs and property funds listed in Thailand — more than the 40-odd in Singapore, which is seen as the largest REIT market in Asia outside of Japan. Read more>>
Frasers Hospitality Trust Sets Out Plans Should Privatisation Bid Fail
Frasers Hospitality Trust has described its privatisation scheme as one that has been conceived in the best interest of unitholders, and is confident that the bid will be approved at an upcoming extraordinary general meeting.
FHT first announced in June that it was seeking to privatise the hospitality trust via a trust scheme. Read more>>
Temasek Sees Its Investments Slowing Down After Record Year
Singapore’s Temasek Holdings expects to slow down its investments due to a deteriorating global economy, after posting a nearly 6 percent rise in its portfolio value to a record S$403 billion ($286.5 billion) in the year to March 2022.
Last year’s performance was powered by gains in unlisted companies and Singapore-based firms and came after Temasek reported a record portfolio value the previous year. Read more>>
Hopes Raised as Mainland Property Market Picks Up
The mainland property market is seeing clearer signs of a rebound after data including developer financing and land transactions showed a month-to-month rise in June, China Securities Journal reported.
The sector is also expected to stabilise with the combined effects of measures to contain COVID-19 and efforts to lift the real estate market. Read more>>
China Developers Suffer Broad Bond Sell-Off Amid Lockdown Fears
Dollar bonds of Chinese developers fell across the board Tuesday, with stress spreading from junk-rated names to investment-grade peers amid renewed concerns about more COVID lockdowns in the country.
High-yield notes from the sector dropped as much as 2 cents on the dollar, according to credit traders, led by Country Garden, China’s top builder by contracted sales. Investment-grade dollar bonds from peers Longfor Group and China Vanke were poised to set record lows. Read more>>
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