Sogo and Seibu have seen their business slump during the pandemic
In today’s roundup of regional news headlines, a Softbank-owned investment firm is reportedly seeking to buy Japanese department store Sogo & Seibu, an acquisition deal for Singapore’s Sime Darby Business Centre collapses, and the fate of a crypto investor’s luxury bungalows is up in the air.
Softbank’s Fortress Offers $1.5B to Buy Japan’s Sogo & Seibu
Softbank-owned Fortress Investment Group has offered JPY 200 billion ($1.48 billion) to buy Japanese department store unit Sogo & Seibu from parent Seven & i Holdings, Nikkei reported Sunday, citing sources.
Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said. Read more>>
AIMS APAC REIT Buy of Sime Darby Business Centre Falls Through
AIMS APAC REIT’s manager announced Monday in a filing with the Singapore Exchange that its plan to acquire the property at 315 Alexandra Road, Sime Darby Business Centre, has fallen through.
The purchaser and vendor will not be going through with the deal, as “renegotiation of the principal terms and conditions of the acquisition were not concluded”, the REIT’s manager said, hence necessary regulatory approvals were not obtained by the target date of 1 July. Read more>>
Park Hotel Management, Liquidators Sue Director Over Disposal of Assets
Park Hotel Management and its liquidators have filed a lawsuit against PHMPL’s sole director and shareholder, Allen Law Ching Hung, and three other companies over matters relating to assets sold to entities related to Law before PHMPL was placed into winding-up.
The three other defendants named in the suit are Park Hotel Group Management, BVI-incorporated Good Movement Holdings and Singapore Institute of Hospitality. PHG and SIOH are owned by Good Movement, which in turn is wholly owned by Law. Read more>>
Fate of Crypto Investor’s Singapore Bungalows Hangs in the Balance
The market is abuzz with speculation over the personal assets of Three Arrows Capital founder Su Zhu, following news of the crypto hedge fund’s liquidation order by a British Virgin Islands court last week.
As liquidators close in on the insolvent firm, a bungalow on Singapore’s Yarwood Avenue that Zhu purchased last December for S$48.8 million ($35 million) is said to be on the market, with a WhatsApp message detailing the urgent sale having made its way around rapidly. Read more>>
Hong Kong’s New World Group Tries Out 4.5 Day Week
Hong Kong conglomerate New World Group has introduced a four and a half day workweek for its employees with immediate effect, making it the first major developer to cut working hours without cutting wages.
The group, one of Hong Kong’s largest employers, will also allow its staff to work one day a week from home, according to its “Summer Fridays” pilot programme announced on Monday. Read more>>
Hong Kong Developer Billion Fails to Sell a Single Flat at Tai Po Project
Homebuyers stayed away from the sale of leftover flats at a project in Hong Kong’s Tai Po last Friday, the 25th anniversary of the city’s handover to China and the first day in office of Chief Executive John Lee.
As of 8pm, none of the 283 flats on offer at The Horizon and Centra Horizon in Pak Shek Kok, New Territories, by Billion Development and Project Management, had sold. Another 161 units were also available through tender in the first two phases. The project was first launched in 2018. Read more>>
The Beverly Hills of Singapore Shows Signs of Froth
Les Maisons is a low-rise development of just 14 units coming up on Nassim Road, a leafy street nestled between the bustling shopping district of Orchard Road on one end and the expansive quiet of the Singapore Botanic Gardens on the other.
As Business Insider described it, Nassim is the Lion City’s very own Beverly Hills. And right now, property prices along this mile-long stretch of hyper-exclusivity are scorching hot. Read more>>
Office Leasing Rises 2.5 Fold in Apr-Jun Across 6 India Cities
Gross leasing of office space jumped over 2.5 fold annually in April-June across six major cities to 14.7 million square feet (1.4 million square metres) on a lower-base effect and rising demand from corporates, according to Colliers India.
The gross leasing of office space stood at 5.6 million square feet in the year-ago period, Colliers India said Monday. Read more>>
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