Singapore Tower on Market for $2B and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Singapore’s International Plaza building launches the city’s biggest-ever collective sale, Hong Kong’s Nan Fung acquires an office building in Boston’s Chinatown, and SGX-listed CDL Hospitality Trust enters a deal to invest in a Manchester apartment project.

Singapore’s International Plaza Tries for $2B Collective Sale

International Plaza in Tanjong Pagar, Singapore’s largest collective sale in terms of number of units and value, has been launched for sale by public tender at a reserve price of S$2.7 billion ($2 billion).

This comes after more than 80 percent of the owners, by both share value and strata area, agreed on 7 July to put the 50-storey leasehold commercial-with-residential building — one of Singapore’s biggest integrated developments — on the market for the first time. Read more>>

Nan Fung Pays $210M for Two Financial Center in Boston

A US unit of Hong Kong developer Nan Fung Group is bolstering its Boston portfolio, paying $210M for a Chinatown office building.

Nan Fung Life Sciences Real Estate bought the 210,000 square foot (19,510 square metre) Two Financial Center at 60 South Street from Lincoln Property Co and ASB Real Estate Investments last week, according to land records. Read more>>

CDL Hospitality Trust to Invest $101M in Manchester Apartment Project

CDL Hospitality Trusts has entered a land-purchase and development-funding deal to invest in a residential build-to-rent project in Manchester for £73.3 million ($101 million), marking its first foray into an adjacent lodging segment.

The investment is the first under the trust’s strategy change to include alternative-accommodation real estate, such as rental housing, co-living, student accommodation and senior housing, to seek increased diversification and income stability. Read more>>

Phoenix Property Looks for New Retail Tenants in Causeway Bay

The landlord of a massive space vacated by DJI in Hong Kong’s popular shopping district of Causeway Bay is unlikely to find a single tenant amid the shift in the city’s retail landscape, but dividing the space into smaller units can improve its chances, said market observers.

DJI, the world’s largest maker of recreational drones, occupied some 10,318 square feet (959 square metres) spread over three levels at Tower 535 on Jaffe Road, owned by Phoenix Property Investors. Together with two other vacant shops on the ground and first floors, some 18,784 square feet of space is available for lease. Read more>>

Evergrande Boss Admits Risk of Default, Legal Action

The billionaire chairman of the world’s most indebted developer, China Evergrande, has admitted that his company faces the risks of defaulting on loans and legal action from creditors.

Xu Jiayin, who founded the Shenzhen-based home builder in 1996, made the rare admission in an earnings statement on Tuesday as Evergrande reported a dramatic plunge in profits. The high-profile tycoon also revealed that construction work had been halted at some of the developer’s projects. Read more>>

Key Evergrande Backer Trims Stake in Sign of Waning Support

A long-time supporter of China Evergrande Group’s Xu Jiayin cut her stake in the developer for the first time since she started accumulating her shareholding four years ago.

Chan Hoi-wan, chief executive of Chinese Estates Holdings and wife of Hong Kong billionaire Joseph Lau, sold 6.3 million shares at an average of HK$4.48 each on 26 August, according to a disclosure to the Hong Kong stock exchange. The sale, which raised HK$28.3 million ($3.6 million), reduced her holding to 8.96 percent from 9.01 percent. Read more>>

Singapore Boosts Residential Land Charges by 11%

Development charge rates for landed and non-landed residential uses have been raised for the half-year period starting on Wednesday.

This is in line with an improving economic outlook, bullish Government Land Sales bids and brisk sales in the private housing market. Read more>>

Fortune Park Makes 2nd Attempt at Collective Sale With $85.6M Price

Fortune Park, a freehold residential block at 109 Tampines Road, has been put up for collective sale via a second public tender with an indicative price of S$115 million ($85.6 million), sole marketing agent ERA said Wednesday.

The 10-storey building was previously put up for sale in March with an indicative price of between S$115 million and S$118 million. 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.