Signs of a late spring are popping up around Asia as Singapore’s Mapletree leads today’s real estate headlines with news of an investment in a India warehouse development.
Beyond that single deal, fresh government statistics show signs of home sales recovering in some of the region’s biggest markets, with transactions edging upward on the mainland as housing deals jumped more than 75 percent in Singapore and reached a month-long high in Hong Kong. Read on for all these stories and more.
Singapore-based real estate development firm Mapletree has entered into an agreement with India’s KSH Infra Industrial Park to acquire over 7 lakh sq ft space in its logistics park in Pune for $40 million (around Rs 300 crore), according to sources.
This is KSH Infra’s second deal for the Pune facility after Morgan Stanley Real Estate Investing, the real estate investment management arm of Morgan Stanley, picked up around 1 million sq ft of space for over USD 45 million last year.
“Mapletree has entered into a forward sale agreement with KSH Infra to pick up over 7 lakh sq ft space in logistics park in Chakan in Pune for USD 40 million,” a source said. Read more>>
Real estate investment and sales in China both quickened in May, pointing to continuing momentum as the property sector gradually recovers from the impact of the coronavirus outbreak.
The property market is a key driver of growth in the world’s second-largest economy, and was among many segments of the economy hit hard by the coronavirus crisis and tough containment measures. Read more>>
China’s home prices rose at the fastest pace in six months in May, as the property market continues its rapid recovery from the coronavirus shutdowns.
New-home prices in 70 major cities, excluding state-subsidized housing, increased 0.49% last month, National Bureau of Statistics data released Monday showed. That’s up from a 0.42% gain in April. Values in the secondary market, which is largely free from government intervention, gained 0.24%, the fastest pace in seven months. Read more>>
Hong Kong’s secondary homes market hit a four-week high with 22 deals in 10 major housing estates over the weekend, rising 37.5 percent week-on-week, benefiting from the low-interest-rate environment after the US Federal Reserve kept interest rates near zero, said Midland Realty.
A 213-square-foot apartment in Tin Lai Court in Tin Shui Wai fetched HK$3.08 million, or HK$14,460 per sq ft, the highest selling price in nearly a year, according to Many Wells Property Agent. Read more>>
Developers in Singapore sold 486 new private homes in May, a sharp 75.5 per cent rebound from 277 in April, as stay-at-home buyers became more confident of committing to a purchase during the “circuit breaker”.
The 486 transactions in May was about half of the 952 units sold in May 2019.
The “circuit breaker” was from April 7 to June 1. Singapore is reopening its economy in phases, but show galleries remain shut until further notice. Read more>>
Swire Properties (1972) predicted a substantial drop in first-half net profit, dragged down by losses of revaluation of investment properties and its hotel business, and lower profits from the sale of investment properties.
The company projected there will be a HK$2.6 billion loss on revaluation of investment properties, net of deferred tax, in the first six months, compared with a gain of HK$3.6 billion a year ago. Read more>>
Real estate giant Evergrande is moving its drive into new energy vehicles (NEVs) into high gear with its latest announcement that it will buy out the remaining shares it doesn’t already own to become the 100% owner of National Electric Vehicle Sweden AB (NEVS).
Evergrande’s Mini Minor unit began investing in NEVS more than a year ago, and has boosted its stake since then to 82.4% of the company. The latest transaction will see Mini Minor buy the remaining 17.6% of NEVS for about $380 million, according to a Thursday announcement by Evergrande Health Industry Group Ltd., the vehicle being used for the purchase. Read more>>
TikTok’s Chinese owner ByteDance has secured a 1.1 billion yuan (US$140 million) plot of land in Shenzhen where it plans to build its southern China headquarters.
Located in the southern district of Shenzhen where most of the city’s tech companies are based, the land will accommodate a multi storey office floor area of 62,600 square metres, equal to one third of the office space in New York’s Empire State Building. Read more>>