Some sizable Singapore asset sales are in the top drawer of today’s roundup of news headlines from around the region. Elsewhere, Chinese giant Xiaomi is making a bet on smart home systems, while the fading online casino craze has dealt a busted flush to Manila’s residential market.
Fortuna Hotel, a 106-key hotel next to Farrer Park MRT Station has been put up for sale at a guide price of S$98.8 million reflecting S$932,000 per key or S$2,060 per square foot on Gross Floor Area.
CBRE announced on October 28 that it has been appointed as the exclusive marketing agent for Fortuna Hotel, a 106-key hotel at 2 Owen Road, right next to the Farrer Park MRT station. The sale will be by way of a public tender exercise which will close on 10 December 2020 at 3pm. Read more>>
Savills Singapore, announced on October 27 that as the exclusive sole marketing agent, it is pleased to offer for sale a sizeable prime office space of approximately 10,785 sq ft at Paya Lebar Square. The offering features four contiguous premium office units located on Level 9 of Paya Lebar Square.
Paya Lebar Square is a mixed-used building consisting of a ten-storey premium office tower above a three-storey retail podium with prominent frontage along Paya Lebar Road. Completed in 2014 and designed by award-winning architectural firm DP Architects, the commercial development is strategically located in the heart of Paya Lebar Central and enjoys seamless connectivity with sheltered access to Paya Lebar MRT Interchange. Read more>>
Chinese electronics giant Xiaomi has agreed to invest in Beijing-based home improvement company Dongyi Risheng as part of a wider push into “smart home systems” powered by Internet of Things (IoT) connected home products.
Xiaomi Technology (Wuhan), which is owned by Xiaomi Corp., has signed a deal to buy 21 million shares in Dongyi Risheng from its controlling shareholder Dongyi Tianzheng Investment for 139 million yuan ($20.7 million), according to a stock filing on Wednesday. Read more>>
New World Development priced the second phase of its newest residential project on top of Tai Wai Station in the New Territories 4.8 per cent higher than the first, which sold out in well under two weeks.
The first batch of 337 flats at The Pavilia Farm, measuring 264 square feet to 753 square feet, will be offered at prices ranging from HK$17,250 (US$2,226) to HK$26,737 per sq ft. The average price for the new units works out to HK$19,838 per sq ft, up from HK$18,921 in phase one. Read more>>
The Urban Redevelopment Authority (URA) yesterday launched a residential with commercial site for tender, while JTC Corporation launched two industrial land plots – one via tender and the other for application.
URA put up the Northumberland Road site near Farrer Park for sale via public tender. The 99-year leasehold plot is zoned residential with commercial on the first storey and spans 8,733 sq m. Read more>>
More than half of the companies that had shown an interest in bidding for the last parcel of land in Hong Kong’s largest residential enclave are expected to stay away, as developers weigh the project’s heavy investment outlay against the city’s weak economy.
Industry observers expect only around 10 heavyweight players or consortiums to submit bids for phase 13 development of Lohas Park in Tseung Kwan O when the tender closes on Thursday. The plot, which can yield a total gross floor area of 1.55 million sq ft, can yield up to 2,550 flats. Read more>>
An exodus of online casinos from Manila is slowly emptying the Philippine capital’s residential towers, pulling rents lower, according to property broker KMC Savills. Next year could be worse, it said.
“We’ve seen entire residential towers emptied out,” Michael McCullough, managing director at KMC in Manila said on Tuesday. While vacancies from online casinos are so far just a “rounding error” in a multimillion square metre home market, “we’ll continue to see a lot more of that continuing to compound in the next six months,” he said. Read more>>