A Singapore developer leads the way in Mingtiandi’s roundup of Asia real estate headlines as the company controlled by billionaire Koh Wee Meng is braving the global downturn to snap up an Aussie hotel project for A$40 million.
In other news around the region, a Hong Kong conglomerate’s property unit posted a 19 percent profit for 2019, while the owner of French resort chain Club Med has said its slowly recovering China operations will help ease the hit from the Europe-wide shutdown.
Elsewhere, America’s two largest mall operators are shuttering their shopping centres across the US.
Singapore’s Fragrance Group, controlled by billionaire developer Koh Wee Meng, has defied the global tourism gloom, acquiring a new hotel in Devonport on Tasmania’s north-west coast for about A$40 million ($23 million).
Construction has only just started on the 187-room Devonport Waterfront Hotel, to be built on the site of the former Harris Scarfe store on Best Street, overlooking the Mersey River. Read more>>
CK Group core unit CK Hutchison Holdings, which spans businesses including retail, telecoms, ports, energy and infrastructure globally, saw its net profit rise 2 percent to HK$39.83 billion ($5.13 billion) for 2019, falling short of analysts’ estimates of HK$40.84 billion.
Another key unit, real estate developer CK Asset Holdings, beat consensus forecasts with an underlying profit of HK$28.73 billion, up 19% from a year earlier, despite challenges posed by the prolonged social unrest in Hong Kong. Read more>>
Twenty Hong Kong shopping malls have joined a program launched by Deliveroo to help food & beverage tenants survive the coronavirus by expanding their delivery business.
Deliveroo expects the mall partnership program to generate at least HK$20 million ($2.6 million) in incremental online sales for the restaurants, “a critical avenue of additional income” for retail food & beverage tenants hit by decimated footfalls as consumers avoid crowded places such as malls. Read more>>
Fosun Tourism Group, the owner of French resort chain Club Med, has said that its globalisation strategy is helping it to cope with the slump in its business.
The Hong Kong-listed travel company has seen its operations in China slowly recover from the slump caused by the coronavirus outbreak even as the deadly disease continues to spread rapidly across the world, affecting its operations in its main market of Europe. Read more>>
CapitaLand Retail China Trust led the declines with a 33 percent drop in returns.
The average total returns of the five S-REITs focusing on the China market has crashed 23 percent in 2020 for the year to date, reversing the 21 percent returns recorded by the end of 2019, according to an SGX report. Read more>>
Far East Consortium (FEC) is launching its latest Manchester development.
New Cross Central will comprise 80 homes made up of three-bed townhouses and one and two-bed apartments, including a collection of penthouses. Read more>>
Taubman Centers is going dark in response to COVID-19 with the exception of two outdoor centers.
The real estate investment trust said its malls will close at the end of business on March 19 and will remain shuttered through March 29, or later if required by state or local government. The announcement comes on the heels of Simon’s decision to close all of its retail properties in the US until 29 March. Read more>>