In today’s roundup of regional news headlines, the en bloc tender of central Singapore’s Shenton House closes without a bid, while two more residential sites in the city-state’s Lentor area are released for sale by the government.
The collective sale of Shenton House has entered into 10-week private treaty negotiations after its en bloc tender closed with no bids received.
Shenton House, a 99-year leasehold building in the Singapore CBD, was most recently put on the market on 6 February with a reserve price of S$590 million ($443.4 million). The tender closed on 11 April. The property had previously been put up for collective sale in March 2012 with an indicative price of S$530 million. Read more>>
The Lentor Hills estate is shaping up as a private residential enclave, with two more 99-year leasehold land parcels released by Singapore’s Urban Redevelopment Authority on Wednesday.
Developer interest in the estate has been on the decline, however, and market experts are expecting cautious bidding amid an uncertain economic outlook. Read more>>
Shapoorji Pallonji Group is looking to raise $2.5 billion by selling some of its infrastructure and real estate assets to pare debts. It’s planning to sell a stake in Afcons Infrastructure, a company acquired from ICICI Bank, and Gopalpur Ports, an asset acquired from metal trader Sara International and entrepreneur Mahimananda Mishra of Orissa Stevedores.
SP is also considering selling part of its interests in real estate assets with a development size of over 100 million square feet (9.3 million square metres). Read more>>
Mainland Chinese companies are pushing up demand for upscale shared office space in Hong Kong’s core Central business district.
The Executive Centre, the biggest flexible workspace landlord in Central’s Grade A buildings, saw a fivefold increase in new leases in March compared with January. About 70 percent of the new tenants were Chinese companies, according to the firm. Read more>>
The property transaction volume in Chinese cities near Shenzhen jumped last month as the real estate market in the southern megacity rebounded.
Some 9,400 new homes were sold in Huizhou, a city located northeast of Shenzhen, in March, an increase of 70 percent from the month before, Securities Times reported, citing data from the research institute of Leyoujia.com. Read more>>
Shanghai’s housing market recovered markedly in the first quarter of the year, according to new figures.
Twenty-three of 43 housing projects in the city that kicked off presales in the three months ended 31 March were sold out on the first day, according to data from the Shanghai research centre of the China Real Estate Information Corporation. Read more>>
Housing authorities in Beijing have proposed a pilot programme in an outlying district of China’s capital to boost home sales, further signalling a willingness to ease and refine policies to aid recovery of the nation’s property market.
The “one district, one policy” proposal by the Beijing Municipal Commission of Housing and Urban-Rural Development aims to assist families with multiple children and those working in the southwestern district of Fangshan to buy homes there, according to a statement from the commission on Monday. The authorities plan to submit the proposal, whose details have not been disclosed, for approval from more government bodies. Read more>>
Mitsubishi UFJ Financial Group on Tuesday laid out emissions-cutting targets for lending to the real estate, steel and shipping sectors and said emissions from its oil and gas business had fallen as loans were repaid.
As Japan’s top lender and a significant funder of carbon-intensive industries, MUFG is increasingly in activists’ crosshairs and is set to face a shareholder vote on its climate efforts at an upcoming annual meeting. Read more>>