In today’s roundup of regional news headlines, Singapore-listed Stamford Land responds to questions raised by regulators about the proposed disposal of an Auckland hotel, and a redevelopment site in the city-state’s Pasir Panjang area sells to homebuilder Silver Edge.
Stamford Land has responded to Singapore Exchange Regulation regarding its proposed disposal of the Stamford Plaza Auckland and the business of SPAK, as well as the inability to seek shareholders’ approval before the proposed disposal.
The regulator had queried the company on the differences between the excess book value and expected net gain of disposing Stamford Plaza Auckland and SPAK. Read more>>
The tender for 303/305 Pasir Panjang Road has been awarded to luxury home developer Silver Edge Investment Holdings at S$475,000 above its S$18 million ($12.6 million) guide price, sole marketing agent Knight Frank said Thursday.
The figure translates to a land rate of S$1,128 per square foot based on the freehold residential development site’s land area of 16,379 square feet (1,522 square metres). Read more>>
On the back of tourism recovery in Singapore, Marina Bay Sands’ net revenue contribution more than tripled year-on-year for the quarter ended 30 September to $756 million.
Adjusted property earnings before interest, tax, depreciation and amortisation for MBS also grew more than 22 times to reach $343 million, up from $15 million in 2021. Read more>>
Las Vegas Sands reported third-quarter net revenue of $1.01 billion, up from $857 million in the year-earlier period. Net loss from continuing operations in the third quarter was $380 million, narrowing from $594 million in the same three months of 2021.
“While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore’s recovery, with Marina Bay Sands reaching $343 million in adjusted property EBITDA,” said chairman and chief executive Robert G Goldstein. “We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao.” Read more>>
Agile Group, one of China’s top home sellers, has redeemed a RMB 1.5 billion ($207 million) bond due this month, according to a late Wednesday filing with the Hong Kong stock exchange.
The bond was sold by Guangzhou Panyu Agile Realty Development, an indirect wholly owned subsidiary of Agile Group, in October 2020. The total redemption of RMB 1.593 billion included the principal sum and 6.2 percent annual interest on the securities, according to the filing. Read more>>
Two major investors are duking it out to become the dominant warehouse player. In one corner: Prologis, a public REIT with a market cap of $100 billion, a long history of investing in warehouses, 460 million square feet (42.7 million square metres) of warehouse space under management in the US and over 1 billion square feet globally.
In the other: Blackstone, a giant alternative investment firm with a market cap of $131 billion, which used its capital deployment skills over the past 12 years to bet big on warehouses, jumping from 70 million square feet in the US to 370 million square feet, and also operating 1 billion square feet globally. Read more>>
China on Monday suddenly delayed the release of its economic data — including September housing sales — that was scheduled for this week. But there is little doubt that the property market is still in a dire shape and likely won’t get better without more determined help from Beijing.
While defaults for property developers in China have become a common event, the recent one from CIFI Holdings still rocked the market. The company said last week that it missed an interest payment on a Hong Kong dollar-denominated convertible bond. It blamed the missing payment on a weeklong holiday in China, which delayed the remittance of funds. Yet there have been speculation and media reports about its liquidity situation since last month. Read more>>
Mumbai-based IRB Infrastructure Developers on Wednesday said Singapore sovereign fund GIC would be investing INR 1,045 crore ($126.4 million) in the Ganga Expressway project.
IRB Infra made the announcement on the day it completed the equity raise of INR 533.2 crore for the project. Read more>>