WeWork’s Singapore flagship location in Collyer Quay
In today’s roundup of regional news headlines, WeWork reports a quarterly loss nearly $200 million greater than what analysts predicted as the flexible office giant’s long-promised profitability remains far off.
WeWork Misses Analyst Views With $527M Q4 Loss
WeWork missed analysts’ expectations for profit in the fourth quarter but showed a glimmer of potential for future profitability.
The New York-based co-working giant lost $527 million in the fourth quarter, a greater amount than the $328 million analysts had predicted, according to data compiled by Bloomberg. The company reported revenue of $848 million for the quarter, less than analyst estimates of $859 million. Read more>>
Horizon Towers Takes Another Stab at S$1.1B En Bloc Sale
Singapore’s Horizon Towers condominium has been relaunched for collective sale at an unchanged reserve price of S$1.1 billion ($820 million).
Including an estimated lease top-up premium of S$277 million, the price works out to S$2,049 per square foot per plot ratio for the 204,742 square foot (19,021 square metre) site. Read more>>
Sim Lian Prices Dairy Farm Condo Launch From S$998,000
Sim Lian Group will start previews of its Upper Bukit Timah area project, The Botany at Dairy Farm, on Saturday with prices starting at S$998,000.
The 99-year leasehold condominium has 386 units in five blocks on a site of 168,597 square feet (15,663 square metres). Read more>>
GIC Top Bidder for SP-Allianz Office Asset in Hyderabad
Singaporean sovereign fund GIC has emerged as the highest bidder for the Waverock office complex in Hyderabad by quoting INR 2,200 crore ($265.5 million), a source said.
GIC outbid investors including Singapore’s Mapletree and Canada’s CPPIB in the race to buy the 2.4 million square foot (222,967 square metre) property. Read more>>
Developers Make Record Bids in Suzhou’s First Land Auction of 2023
China’s real estate market is showing signs of an upswing after the year’s first land auction in Suzhou had developers placing record bids.
The bidding for a piece of land at Suzhou Industrial Park in Jiangsu province started at RMB 3.2 billion ($466.6 million) and reached the price ceiling of RMB 3.6 billion after 65 rounds on Thursday, according to the China Index Academy. The winner will be chosen from the 31 real estate firms that bid that amount via a lottery, it added. Read more>>
Embassy REIT Raises $120M to Repay Loans, Save on Interest
Embassy Office Parks REIT has raised a term loan of INR 1,000 crore ($120.7 million) from Bajaj Housing Finance to mainly repay existing debt.
In a regulatory filing, the Blackstone-sponsored trust said it would use the proceeds of the debt raise primarily to repay existing construction debt and for general corporate purposes. Read more>>
Hyundai Reportedly Buying Manhattan Building for Offices, Showroom
Hyundai Motor Group is buying a New York building to house offices and a showroom, joining a group of companies expanding their base in the city and owning their own real estate.
South Korea’s Hyundai is paying about $275 million in cash for 15 Laight Street in Manhattan’s Tribeca neighbourhood, according to people familiar with the matter. The eight-story boutique office building near the Holland Tunnel was newly redeveloped and includes outdoor terraces on each floor. Read more>>
Fitch Affirms Hopson Development at B+ With Stable Outlook
Fitch Ratings has affirmed Hopson Development’s long-term foreign currency issuer default rating at B+ with a stable outlook. Fitch also affirmed the company’s senior unsecured rating and the rating on its outstanding senior unsecured notes at B+ with a recovery rating of RR4.
Hopson’s ratings reflect the Guangzhou-based developer’s ability to generate cash flow for debt repayment, given its relatively resilient contracted sales and manageable land and construction outflows. Read more>>
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