A Hong Kong land sale leads today’s real estate news from around the region, with a trio of local developers teaming up with Shenzhen’s China Merchants Land to purchase the last phase in the MTR’s Lohas Park project.
Indian REITs are also back in the spotlight, with a joint venture involving Singapore’s sovereign fund aiming to list a commercial trust within 18 months, and a mysterious Hong Kong-based investor has made a big splash in Sydney’s office market.
A consortium of Hong Kong and mainland developers trumped eight bidders to win the last parcel of land in Hong Kong’s largest residential enclave that would require an investment of up to HK$20 billion (US$2.6 billion).
The tender for phase 13 development of Lohas Park in Tseung Kwan O has been awarded to Dynamic Wish, a consortium formed by Sino Land, Kerry Properties, K. Wah International Holdings and China Merchants Land, MTR Corporation said on Friday. Read more>>
Realty major DLF‘s rental arm DCCDL has started the process of structuring its rent-yielding commercial assets in Real Estate Investment Trust (REIT) form but the timing to launch the public issue will be decided by the promoters.
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore’s sovereign wealth fund. Read more>>
The country’s biggest office landlord, Dexus, has defied the market jitters with the sale of a key office tower in North Sydney for A$273 million, with the funds being used to repay debt.
The tower at 60 Miller Street was snapped up by an overseas-based investor, understood to be the Hong Kong group Huge Linkage, at a 3 per cent premium to book value. Read more>>
Hong Kong’s homebuyers jumped at the chance for life in the luxury district of Sha Tin, snapping up a new residential project launched there, while giving their collective cold shoulder to a two-year old leftover development at the city’s former airport site.
CK Asset Holdings sold 86 out of 98 flats on offer at the El Futuro project in Sha Tin as of 9.30pm, with more than 800 buyers vying for every available apartment. Read more>>
Homebuyers and investors have seized the opportunity to get their hands on yet another new property project, snapping up most of the flats offered for sale on Sunday in one of Hong Kong’s fastest-growing districts.
Hong Kong Ferry Holdings and Empire Group sold 218, or 88 per cent of the 248 flats on offer at the second phase of Starfront Royale in Tuen Mun as of 6:30pm, with 16 bidders vying for each available unit, agents said. Hong Kong Ferry is owned by Henderson Land Development, one of the city’s largest property developers. Read more>>
Small apartments appear to be bucking a downward trend in Hong Kong’s property sector, gaining in price as the city struggles with a crippling recession.
The prices of bigger homes and commercial property are falling as the coronavirus pandemic, which followed months of social upheaval, has wrought havoc on the local economy, slashing household budgets and causing a spike in unemployment. Read more>>
The Le Meridien Singapore at Sentosa has announced that they will cease operations with effect from Oct. 31, 11:59 pm.
They will also no longer be affiliated with Marriot International, the hotel group that owns them. This announcement was posted on their official Facebook page, on the morning of Oct. 31. Read more>>