Golden Mile Tower (left) is following the next-door Golden Mile Complex onto the market
In today’s roundup of regional news headlines, a 1970s-era commercial tower heads for collective sale in Singapore, SGX-listed First REIT reportedly targets a portfolio of Aussie healthcare assets, and China’s stimulus measures boost Hong Kong-listed property stocks.
Golden Mile Tower to Go Up for Sale at $473M
Further revitalisation of Singapore’s Beach Road area could be on the cards with Golden Mile Tower set to be launched for collective sale on 18 November at an indicative price of S$650 million ($473.3 million).
Located at 6001 Beach Road, the 99-year leasehold commercial development sits next to the iconic Golden Mile Complex, which was itself successfully sold en bloc in May to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million. Read more>>
Singapore’s First REIT in Hunt for Australian Healthcare Property Portfolio
Singapore-listed First REIT is pursuing the portfolio of Healthscope properties in Australia that were purchased by Medical Properties Trust in 2019 for A$1.2 billion (now $800 million).
Medical Properties Trust is listed in the US and invests in real estate globally. First REIT invests in income-producing real estate or related assets in Asia that are used for healthcare and related purposes. Read more>>
Country Garden, Longfor Boost Hang Seng Index as China Adds Stimulus
Hong Kong stocks jumped, extending the biggest gain in over eight months last Friday, as Beijing continues to roll out more stimulus measures to bolster the property sector and the COVID-hit economy.
The Hang Seng Index ended 1.7 percent higher at 17,619.71 on Monday, while the Hang Seng Tech Index jumped 1.8 percent and the Shanghai Composite Index retreated 0.1 percent. The Hang Seng China Enterprises Index jumped 1.9 percent, taking its gains to over 20 percent from an October low and into bull-market territory. Read more>>
Hong Kong Home Prices to Fall 25% This Year in Some Areas, Agents Say
Prices of lived-in homes at Hong Kong housing estates may drop by 25 percent this year, setting off alarm bells as prolonged COVID-19 restrictions, rising interest rates and high emigration drive the worst decline since the financial crisis of 2008, property agents say.
Average prices at two estates, Royal Ascot in Sha Tin and Luk Yeung Sun Chuen in Tsuen Wan, have plummeted more than 20 percent since December 2021 and may end 2022 down 25 percent, according to Midland Realty. Read more>>
China Reopens Access to Pre-Sale Revenues in Developer Bailout Measures
China gave embattled real estate developers a boost Monday by allowing them access to more money held in pre-sale accounts, the biggest source of funds for the cash-strapped builders.
Mainland regulators will give “quality” property developers access to as much as 30 percent of the pre-sale funds with letters of guarantee from banks, according to a statement posted on the banking and insurance regulator’s website. The funds are money that homebuyers have paid to developers in advance of their property being built, and that is generally held in an escrow account. Read more>>
Singapore’s Clifford Centre Closing for Refurbishment, Tenants Leaving
Tenants at Clifford Centre in Singapore’s CBD will have to move out by the end of 2022 as the building will be refurbished in 2023, dealing a blow to office workers looking for affordable food and drinks in the city centre.
The Straits Times reported the cessation of businesses there, with Singapore Land Group, which owns Clifford Centre in Raffles Place, working with tenants to find suitable spaces in its other properties. Read more>>
Japanese Telecom to Buy Half Stake in Brisbane Office Block
A Japanese corporation is looking to add to its local property empire by taking a half stake in a A$300 million ($200.3 million) Brisbane office block in one of the city’s biggest trades this year.
Telecom giant Nippon Telegraph & Telephone Corporation, advised by Realmont Property Partners, is targeting the purchase of the 50 percent interest in 53 Albert Street, which JPMorgan Asset Management is looking to offload. Read more>>
India’s Keystone Realtors Opening $78M IPO
The initial public offering of Keystone Realtors, which operates under the brand Rustomjee, is set to open on 14 November and close on 16 November. This will be the first real estate company to raise money from India’s primary markets this year.
Keystone Realtors plans to raise INR 635 crore ($78.2 million) through the IPO, with INR 560 crore of it through a fresh issue of shares and INR 75 crore through an offer for sale by promoters and existing shareholders. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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