A land sale in a masterplanned eco-city in China leads Mingtiandi’s roundup of Asia real estate headlines today as a mainland developer plunks down RMB 1.2 billion ($170 million) got a 1.2 million square foot residential parcel.
In other news around the region, mainland China’s Central Bank says there is no evidence that cheap loans are being misdirected into property deals, while Singapore industrial rents and asset prices are facing downward pressure as a result of the pandemic. Elsewhere, the largest toy retailer in China is opening its fifth Lego store in Hong Kong.
A land plot in the Sino-Singapore Tianjin Eco-City in Tianjin in China was sold in a land tender for RMB 1.17 billion ($170 million), its joint-venture master developer Sino-Singapore Tianjin Eco-City Investment and Development Co (SSTEC) announced.
This was a 3.62 percent premium over the starting price and translates to RMB 7,013 per square metre for the 10.86 hectare (26.8 acre) residential plot in the central district of the Eco-City. Read more>>
China’s central bank said on Wednesday it had not found any incidents of cheap re-lending loans being illegally funnelled into real estate in Shenzhen, and that banks continue to conduct checks on possible misuse of other types of loans.
Chinese media reported this week that such loans, which form part of measures to support businesses hit by the coronavirus pandemic, were being misused to buy property in the southern city where Beijing has tried to deflate a real estate bubble. Read more>>
Keppel DC REIT’s net property income (NPI) grew 28.3 percent year-on-year to S$55.44 million ($39 million) in Q1 2020, from S$43.23m in 2019, the company announced.
Gross revenue jumped 25.5 percent to S$60.27 million over the same period. Meanwhile, distributable income rose to S$35.78 million during the quarter, a 32 percent expansion from S$27.11 million in Q1 2019. Read more>>
Frasers Centrepoint Trust (FCT) on Thursday posted a second-quarter distribution per unit (DPU) of 1.61 Singapore cents (1.13 US cents), down 48.7 percent from 3.137 cents a year ago.
This was attributable to an enlarged unitholders base and higher amount of distributable income retained during the quarter, the manager said. Read more>>
Prices and rents of industrial space in Singapore fell slightly in the first quarter of this year, while occupancy remained flat, but the data does not capture the full impact of the COVID-19 outbreak, said industrial land and infrastructure agency JTC Corp.
As the pandemic continues to evolve, there would be downward pressure on prices and rentals in the coming quarters, as well as potential delays in project completion, JTC said. Read more>>
Keppel Data Centres Holding Pte Ltd has signed a memorandum of understanding (MOU) with Toll Group to explore developing a near-shore floating data centre park (FDCP) at the Toll-operated Loyang Offshore Supply Base in Singapore.
In a related move, Keppel Data Centres has signed a separate MOU with Royal Vopak to study the feasibility and assess the commercial viability of using liquefied natural gas (LNG) and possibly hydrogen to run the FDCP’s power and cooling plants. Read more>>
Kidsland International Holdings, China’s largest toy retailer, is bucking a downward trend in Hong Kong’s retail sector to open a new Lego shop in the city’s Tuen Mun district.
The 2,400 square foot (223 square metre) store in tmtplaza — its fifth in Hong Kong — is set to open on April 29 and is targeted at the local community in New Territories West. It will also serve as a base for home delivery service for online purchases. Read more>>