Singapore Minister for National Development Chee Hong Tat
The Singapore government cuts back on its residential land sales programme, with that policy move leading today’s headline roundup. Also in the news, Malaysia’s IOI Properties plans an SGX-listed REIT and China’s COSCO joins the consortium to buy Li Ka-shing’s ports.
Singapore Trims New Home Pipeline by 6.1% for 2025 2H
Private housing supply on the confirmed list of Singapore’s Government Land Sales programme for the next six months will fall by 6.1 percent to 4,725 units, a move that analysts attribute to the uncertain economic climate.
But supply on the reserve list will increase, the Ministry of National Development said Friday. Reserve list sites are launched for sale when a developer offers a minimum price that the government accepts, or when there is enough market interest. Read more>>
Malaysia’s IOI Properties Planning Singapore REIT by 2027
Malaysia’s IOI Properties Group is planning to list a REIT in Singapore by 2027 as part of a plan to monetise its assets and cut debt, according to a Malaysia investment bank.
The trust will include Singapore properties such as the South Beach mixed development and IOI Central Boulevard, which have an estimated combined valuation of up to S$8 billion ($6.2 billion), Hong Leong Investment Bank analyst Tan Kai Shuen said in a report last week. Read more>>
China’s COSCO Said Joining Consortium Buying CK Ports
China’s largest shipping company is among the firms in talks to invest in a multinational consortium seeking to buy billionaire Li Ka-shing’s global ports, according to people familiar with the matter, in an effort to ease Beijing’s concerns over the controversial deal.
China COSCO Shipping Corp is one of several Chinese state-backed companies in discussions with the consortium led by Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd on matters including how they might participate in the port deal, the people said, asking not to be identified discussing private information. The buying group also includes US firm BlackRock and its Global Infrastructure Partners unit. Read more>>
Nomura, Tor IM Lend $52.3M to Indian Developer Suruchi
Indian real estate company Suruchi Properties has obtained INR 4.5 billion ($52.3 million) in private credit for refinancing purposes, according to people familiar with the matter.
Alternative credit manager Tor Investment Management and Nomura Holdings provided the debt, which is in the form of non-convertible debentures — a typical structure of many private credit deals in India, the people said, asking not to be identified discussing a private matter. Read more>>
New World Refinancing Said Contingent on Reworking 100% of Loans
As distressed Hong Kong builder New World Development gathers more support from banks for its targeted HK$87.5 billion ($11.1 billion) loan refinancing, a key part of the terms shows that it must get 100 percent in commitments or the deal will fall through.
Documentation for the potential borrowing shows that if New World doesn’t achieve a 100 percent approval rate by 30 June, any collateral pledged would be released and bank commitments cancelled, people familiar with the matter said. Read more>>
Singapore’s Perennial Exploring China REITs
Singapore property player Perennial Holdings is exploring REIT listings in China: one for commercial properties and another for healthcare assets, chief executive Pua Seck Guan told the Business Times.
The REITs, which could be listed in Shanghai or Shenzhen, would ride on booming demand from yield-hungry investors on the mainland. Read more>>
NextDC Plans $1.3B Melbourne Data Centre
Australian data centre firm NextDC is to expand its footprint with a new development in Melbourne, with the company announcing a A$2 billion ($1.3 billion) commitment to build a new campus at 127 Todd Road in Port Melbourne.
Located on the former Westgate Park Printing Complex, once home to the nation’s largest newspaper presses, the 150-megawatt Fishermans Bend campus will span 50,000 square metres (538,195 square feet). Read more>>
New World Sells Hong Kong Luxury Homes at a Discount
New World Development and its partners sold 138 apartments in a few hours at a new project after pricing the homes at a discount to lure buyers in Hong Kong’s sluggish real estate market.
The companies sold the apartments in Deep Water Pavilia in southern Hong Kong Island on Saturday within a few hours, according to New World. The homes were the cheapest of any new residential project in the Southside area. The low price, coupled with declining interest rates, attracted homebuyers while bringing much-needed cash to the embattled builder. Read more>>
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