Singapore’s City Towers Sells for $304M and More Asia Real Estate Headlines

Leading today’s news roundup, Singapore has notched another large collective sale, with a freehold development in District 10 changing hands for more than 13 percent above the reserve price. There’s some tech news as well, as a Hangzhou-based startup that makes smart gadgets for your home has scored a record-breaking funding haul, and Apple is getting on board with China’s mobile payments revolution. And many of China’s 700 ski facilities could face-plant amid regulatory caps and a possible downhill slide in interest after their Olympics peak. Read on for all these stories and more.

Singapore’s City Towers Sells for $304M

City Towers, a freehold development in prime District 10, has been sold for S$401.9 million ($340 million). The sale price — which is more than 13 percent above the owners’ reserve price – works out to a land rate of about $1,847 per square foot per plot ratio (psf ppr), after factoring in a development charge of S$3.5 million.

The land rate for the 17-storey City Towers is a tad higher than the S$1,840 psf ppr achieved for the collective sale of nearby Crystal Tower in November 2017. The City Towers collective sale tender, which was launched on Jan 04 and closed at 3pm on Feb 07, attracted a total of seven competitive bids, said marketing agent Colliers International. Read more>>

China’s Broadlink Raises $54.4 for AI, Smart Home Devices

China’s smart home devices start-up Broadlink said on Monday that it had raised RMB 343 million (US$54.4 million) in a new round of funding led by Citic Private Equity Funds Management (Citic PE). Other Chinese investors were technology titan Baidu and detergent manufacturer Libai Group.

The closure of the series D round – the largest amount raised in the smart home devices sector in China to date – also marked the start of the initial public offering application process in China, said Hangzhou-based Broadlink, without giving a timeline. Read more>>

Barings Confirms $650M US Hotel Portfolio Sale to Junson Capital

Barings, a Charlotte-based asset management firm, has sold seven US hotels to Hong Kong-based Junson Capital for $650 million ($318,471/room).

Junson Capital is retaining Barings, which acted on behalf of its client, an international financial services company, to remain as asset manager for the hotel portfolio on a long-term basis. The portfolio comprises seven upscale business-class hotels in the Chicago, Boston, Washington, Seattle and Phoenix metropolitan areas. Read more>>

Apple To Accept Alipay at 41 Retail Stores in China

In a move seemingly designed to increase sales and local sentiment, Apple will soon accept payments from popular Chinese service Alipay at its 41 brick-and-mortar stores in the country, the first third-party system in the world to enjoy support from Apple’s retail arm.

Alibaba subsidiary Ant Financial announced the forthcoming support on Wednesday, saying the partnership will make Alipay the first third-party mobile payments system to be accepted by Apple retail, reports Reuters. Read more>>

China’s Ski Resorts Could Face Uphill Climb

The ski resort in Beijing’s Mentougou district, planned for completion later this year, is just one of many popping up across northern China as local governments look to pivot economies from heavy industry towards consumer services – and cash in on a skiing boom fuelled by rising incomes and changing consumer tastes.

China currently has more than 700 ski facilities – outdoor and indoor – nationwide, and some could struggle to survive after the Olympics shine wears off. Outdoor ski resorts are also being reined in as the government steps up environmental requirements, including on the water used for snowmaking in the arid north. Read more>>

CapitaLand Completes Purchase of Rock Square from PGIM

Singaporean property developer CapitaLand has completed the purchase of Rock Square, a retail asset located in China’s Guangzhou region, for a consideration of $511 million from PGIM Real Estate, according to a press release.

PGIM Real Estate is part of PGIM, the $1 trillion global investment management businesses of NYSE-listed Prudential Financial, Inc. CapitaLand has been growing its footprint in China and announced the transaction in November 2017. Read more>>

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