The promise of more housing in Singapore’s home-starved market leads today’s real estate news from around the region, while Macau provides a new element of risk for gambling enthusiasts as it locks down an MGM casino. Meanwhile, a pair of CapitaLand REITs report rising revenues and the departure of Longfor founder Wu Yajun adds to a slide in mainland developer securities.
Singapore’s URA Launches Lentor Gardens, Lentor Central Tenders
Two 99-year leasehold residential sites at Lentor Gardens and Lentor Central have been launched for sale by the Urban Redevelopment Authority (URA) under Singapore’s second half 2022 Government Land Sales (GLS) programme.
The Lentor Gardens site, on the URA’s confirmed list, has an area of 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield about 530 housing units. These units could span eight storeys under low-rise zone requirements, or 16 storeys under the mid-rise zone. Read more>>
MGM Macau Casino Locked Down After Covid Case
MGM China’s Cotai casino in Macau was locked down on Sunday after a dealer tested positive for Covid-19, city authorities in the world’s biggest gambling hub said, ordering everyone inside to stay put until Nov 1.
MGM did not immediately respond to a request for comment. The closure deals a blow to casino operators who have already been grappling with Covid restrictions for more than two and a half years. Read more>>
CapitaLand’s CLCT Sees Gross Revenue Rise 7% on Rent Hikes
China real estate investment trust Capitaland China Trust (CLCT) reported gross revenue of RMB 1.4 billion ($192 million) for the nine months ended 30 September 2022, rising 7 percent from the RMB 1.3 billion recorded during the same period one year ago, on the back of positive rental reversions.
Net property income (NPI) for the first three quarters of the year came in at RMB 970.8 million, which was up 7.5 percent from the RMB 903.4 million booked during the same interval in 2021. Read more>>
CapitaLand India Trust Annouces 13% Jump in Income
CapitaLand India Trust’s total property income for the quarter ended 30 Sep rose 13 percent to INR 3 billion ($36.2 million) from INR 2.7 billlion last year. This comes on the back of higher income contribution from its portfolio, including Building Q1, Arshiya Warehouse 7 and industrial facility at Mahindra World City, Chennai.
Net property income grew 8 percent to INR 2.4 billion in Q3 2022, from INR 2.2 billion. Gains from higher property income contributions were, however, partially offset by higher property expenses, said the trust’s manager. Read more>>
Hong Kong Unsold Home Inventories Rise to 15-Year High
THE number of unsold new homes in Hong Kong has increased to the highest in more than 15 years due to Covid restrictions and rising interest rates that are weighing on the city’s property market.
About 15,000 completed first-hand homes were available for purchase in the third quarter, according to Centaline Property Agency. That’s the highest since early 2007, the data show. Read more>>
Longfor Chair Resignation Pulls Down Mainland Developer Shares
Longfor Group Holdings Ltd., the country’s 10th-largest builder, tumbled in the bond and share markets Monday after billionaire Chairwoman Wu Yajun stepped down, citing health and age reasons. China’s builder-dominated high-yield dollar bonds, which haven’t posted a daily gain in nearly four weeks while logging one of their worst-ever monthly losses, fell another 1 cent to 3 cents, according to credit traders.
A Bloomberg Intelligence equity index of Chinese builders fell 4.7 percent Monday following the Longfor announcement, to put this year’s slump at 51 percent. Shares of China’s largest developers by sales, Country Garden Holdings Co. and China Vanke Co., skidded at least 9.8 percent on the day in Hong Kong, hitting record lows, while third-ranked Poly Developments and Holdings Group Co. fell the 10 percent limit in Shanghai. Read more>>
No Treats for Hong Kong Home Sellers on Halloween Weekend
Hong Kong new home sales turned out to be tepid on Saturday, as rising interest rates and weaker economic growth dampened consumer demand despite lower prices offered by developers. Out of 118 offerings at One Innovale-Cabana in the Northern Metropolis, Fanling, 66 were sold on Saturday – just 56 percent.
Although it was the cheapest new property launch since September 2021 in the city, buyers are seen cautious amid a prolonged down cycle in the local real estate market, which is forecast to plummet to a 27-year low this year according to Centaline Property Agency. Read more>>
Residential Site on Singapore’s Wilkie Road Up for Tender at $13.8M
Adjoining freehold residential sites on 62 and 64 Wilkie Rd will be put up for collective sale with a guide price of S$19.5 million ($13.8 million) on Tuesday, 1 November, said marketing agent Propnex.
The sites comprises of three and five residential units respectively with a combine site area of 5,849 sq ft. Zoned “residential” has a gross plot ratio of 2.1 under the Urban Redevelopment Authority’s Master Plan 2019. This translates to a price of S$1,485 psf per plot ratio, inclusive of a 7 per cent bonus balcony space and land betterment charge. Read more>>
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