The Kennedy Town site is currently a hangout for local buses
In today’s roundup of regional headlines, the Lands Department launches the sale of a Kennedy Town residential plot in Hong Kong’s first government tender of the financial year, and Amazon renews leases for India office park space despite recent job cuts. Also making the news is some investor pessimism for Asia’s largest warehouse developer and reports that India’s Adani may start selling off some real estate.
Hong Kong Land Sale Could Fetch $294M for Kennedy Town Plot
A plot of land on Hong Kong Island that is expected to yield about 450 flats — some with a sea view — could fetch HK$2.3 billion ($294 million) as the first government tender process of this financial year gets under way. The tender for the land, at the junction of Sai Ning Street and Victoria Road in Kennedy Town, started Friday, according to the Lands Department.
The plot should attract around five bidders and “conservative” bids of HK$2.2 billion to HK$2.3 billion, or HK$9,000 to HK$9,500 per square foot, said Cyrus Fong, head of valuation and advisory at Knight Frank. A nearby parcel sold in November for around HK$9,500 per square foot, according to Centaline Surveyors. Read more>>
Amazon Leases Chennai Space at $362K a Month for 3 Years
Despite news of Amazon planning to lay off at least 500 employees across verticals in India as part of the second round of mass job cuts announced earlier this year, Amazon Development Centre India Private Ltd has leased 338,000 square feet (31,401 square metres) of space for a period of three years at a rent of close to INR 3 crore ($362,116) per month in separate deals in Chennai, documents accessed by Propstack showed.
The deals were registered on 9 May. The e-commerce giant has renewed the space in Global Infocity Park by Airoli ITP Development Private Ltd in Perungudi, Chennai. Read more>>
Investor Darling GLP Now Sliding Into Distress in Asia
Major Asian logistics operator GLP was for years sought after by investors, both when it first went public more than a decade ago and then when the company was for sale.
But sentiment has darkened more recently, with its investment-grade dollar bonds the worst performers in Asia this year and the firm at risk of being downgraded to junk territory. Read more>>
Adani Group May Sell Non-Core Real Estate Assets to Fund New Projects
Adani Group is reportedly considering the monetisation of select real estate assets deemed non-core to its operations. After identifying certain assets for potential sale, the group is expanding the list to generate funds for its new real estate ventures, the Economic Times reported.
One of the properties being targeted for sale is Inspire BKC, a commercial real estate project situated on the periphery of Mumbai’s Bandra-Kurla Complex, a prime business district housing numerous multinational corporations and Indian corporate giants. Read more>>
Trident Group Acquires Shipra Mall in Ghaziabad for $66.5M Via Auction
Developer Trident Group has acquired Shipra Mall at Ghaziabad for INR 551 crore ($66.5 million) through an auction process, CEO Parvinder Singh said Friday.
Trident Group, which is developing projects in Delhi-NCR, Mumbai and Tri-city (Panchkula), has forayed into the retail segment with the acquisition of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh. Read more>>
S-REITs’ Operating Performance Robust in Q1, but Headwinds Remain
Singapore-listed REITs mostly delivered robust operating performance for the first quarter of 2023, with stable occupancy rates and positive rental reversions.
Even though the sector continued to face headwinds from higher borrowing costs and adverse foreign exchange movements, analysts remain optimistic that S-REITs are in a better position for recovery given the potential pause in interest rate hikes. Read more>>
Hong Kong Homebuyers Snap Up Flats at In One Above in Ho Man Tin
Historically high lending rates did not stop Hong Kong’s homebuyers from returning to the market on Sunday to snap up a fresh batch of flats in Ho Man Tin, highlighting improved sentiment in the city’s battered home market.
In the first two hours of the sale, 48 of the 90 flats were sold at the In One Above project by Chinachem Properties and MTR Corporation, according to Chinachem. Another 20 units were set to be sold separately via bidding. Read more>>
New Anti-Heatstroke Curbs May Boost Hong Kong Developer Costs
Hong Kong’s new anti-heatstroke guidelines for employers took effect last week, as rising temperatures around the region put pressure on authorities to protect the health and safety of workers vulnerable to extreme heat.
Hong Kong’s labour department issued its first heat warning under the new system on Thursday, when parts of the city recorded highs of up to 34C (93F) with high levels of humidity. The system requires that workers rest, depending on the heat index and the nature of their jobs. 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.
Leave a Reply