Oei Hong Leong has won a round in his Canadian contest
In today’s roundup of regional news headlines, a Singapore billionaire scores a victory in a running legal spat over a Canadian development site, while back in the city-state a condo block changes hands in the first collective sale since the government’s cooling measures took effect.
Singapore Tycoon Wins Round in Battle for Prime Vancouver Site
A Canadian appeals court ruled against Concord Pacific Group, one of the country’s biggest property developers, in its long-running dispute with Singapore tycoon Oei Hong Leong over a failed $1.1 billion waterfront deal in Vancouver.
The future of the site — a singular, undeveloped swathe in the heart of one of the world’s most expensive cities — remains cloudy. Concord Pacific is seeking to appeal to Canada’s top court, prolonging the tussle, while the ruling may create uncertainty for large, complex projects in the region. Read more>>
Condo Block at Singapore’s Pasir Panjang Sold for S$70.3M
Freehold condominium Gloria Mansion has been sold en bloc for S$70.3 million ($52.1 million) to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
The sale of the 12-storey residential development, located at 292 Pasir Panjang Road, is the first full residential collective sale since the most recent round of property cooling measures was implemented last month. Read more>>
Singapore Collective Sale Nixed 1 Day Before Deadline
A day before its scheduled closing date, the tender for a Singapore residential redevelopment site has been taken off the table, according to a notice printed in the Business Times on Wednesday.
Marketing agent Colliers did not indicate why the tender was withdrawn and whether the property at 32-38D Hillview Terrace might still be available for sale via private treaty. Read more>>
Singapore Luxury Market Unfazed by Latest Property Cooling Measures
While market activity in Singapore’s property sector is said to have slowed after the cooling measures, demand for luxury homes has yet to dry up as some local first-time home buyers and others exempt from the Additional Buyer’s Stamp Duty continue to transact.
Still, analysts expect to get a clearer picture of how the luxury segment of the property market will be impacted by the latest curbs after the Chinese New Year period. Read more>>
Foshan Among Cities Offering Support as China Housing Market Slows
China’s $1.7 trillion housing market is getting some positive vibes from local government officials in some locations, helping property developers recover from the crushing effects of policy tightening in the industry.
Foshan in southern Guangdong province would be “open to and welcome investment by property firms” and would take steps to help lower their cost of fundraising,” according to a Friday announcement labelled as “measures for a good start of economic development in the first quarter.” Read more>>
China Drafts Rules to Ease Developers’ Use of Escrow Funds: Sources
China is drafting nationwide rules to make it easier for property developers to access pre-sale funds held in escrow accounts, in its latest move to ease a severe cash crunch in the embattled sector, four people with knowledge of the matter said.
Years of regulatory curbs on borrowing via typical channels has plunged the sector into a deep crisis, highlighted last year by the troubles at China Evergrande Group — once the country’s top-selling developer and now the world’s most indebted property company with $300 billion in liabilities. Read more>>
Allianz Leases 463,000 Sq Ft in Trivandrum Tech Park
Allianz Group has leased 463,000 square feet (43,014 square metres) at Embassy Taurus TechZone, in the largest single office lease transaction in India this year.
The new office space in Trivandrum will see the firm consolidate and expand its operation in the city and is expected to be operational by the end of this year. Read more>>
Mitsui’s Malaysian Shopping Mall Ready for Opening
Tokyo-based global real estate group Mitsui Fudosan says LaLaport at Bukit Bintang City Centre, its flagship project in Southeast Asia, will begin its operations on 20 January.
About 400 stores will be opened in sequence upon LaLaport BBCC’s opening, with numerous well-known brands from Japan that are making their first appearance in Malaysia. Read more>>
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