Singapore Startup Leads Brokerage Wins with S$340M Robinson Road Deal Mingtiandi Broker Battle

Sakal Real Estate Partners tops the deal charts this week as the startup Singapore investment brokerage scooped the big players with its work facilitating the S$340 million sale of a commercial property on Robinson Road.

Local player Edmund Tie also scored in Singapore, brokering the S$79.3 million sale of a commercial property next to the Bras Basah complex to UOL Group.

In Hong Kong, CBRE was appointed to sell a commercial property in Kowloon reported to have a market value of HK$1.8 billion, as well as being appointed to facilitate the compulsory sale of a property in Wong Chuk Hang that Henderson Land owns 93 percent of.

On the mainland, BlackHills bagged a Shenzhen leasing agency appointment, while Cushman & Wakefield scored with a strata-title office sale in Nanjing.

Keep reading for all the details on which brokerages won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Singapore

Sakal Real Estate Partners, founded in 2018 by former Savills MD Steven Ming, is understood to have brokered the sale of the Robinson Centre in downtown Singapore on behalf of Homax Pte Ltd, a private company controlled by the family of Taiwanese billionaire Tsai Tseng-yu, according to a market source who spoke to Mingtiandi. A fund managed by ARA Asset Management is said to have purchased the 20-storey office property at 61 Robinson Road for around S$340 million ($251 million), or around S$2,600 per square foot based on the building’s net leasable area of 132,300 square feet (12,291 square metres). Read more>>

Edmund Tie has brokered the sale of the KH Kea Building next to Bras Basah Complex at 333 North Bridge Road on behalf of Indonesian-owned real estate firm K H Kea Properties. UOL Group paid S$79.3 million for the 9-storey commercial building, which is on a 999-year leasehold tenure and has a total gross floor area of 2,699 square metres. UOL said that it intends to explore the possibility of amalgamating the property with the neighbouring Odeon Towers as well as of enhancing the asset, according to a stock exchange announcement.

Knight Frank has brokered the sale of Leshan Gardens, a 38-unit residential development off Geylang Road in Singapore. Kwong Wai Shiu Hospital sold the property for S$26.28 million or around S$623 per square foot, according to a local press report. Located on 1 Lorong 32 Geylang, the property can be redeveloped into as much as 45,955 square feet in gross floor area. Read more>>

Singapore property agent WTG Property has been appointed by Fong Yun Thai Association to broker the sale of a portfolio of 13 strata-titled semi-detached houses at Eleven @ Holland in District 10 with an asking price of S$38 million, or around S$2.93 million for each house. Read more>>

Hong Kong

CBRE has been appointed as a joint sole agent for the sale of the commercial component of the Imperial Cullinan housing development in Kowloon. Located at 10 Hoi Fai Road, the property, which was developed by Sun Hung Kai Properties and currently leased to Dalton School Hong Kong, has a total gross floor area of 110,000 square feet. According to local press accounts, the building has a market value of HK$1.8 billion ($230 million) or around HK$16,000 per square foot. Read more>>

CBRE has been appointed as the sole agent for the sale by tender of the Cheung Tak Industrial Building in Wong Chuk Hang. Located at 30 Wong Chuk Hang Road, the 1971-vintage building occupies a site area of approximately 9,800. The property can be redeveloped as a modern industrial building or office conversion of up to 6 147,000 square feet of gross floor area, according to CBRE.

Savills has been appointed as the exclusive sales agent for the tender of the Hang Fat Industrial Building in Cheung Sha Wan. Located at 550-556 Castle Peak Road, the 12-storey industrial property occupies a 15,837 square foot site, which can be redeveloped into up to 190,044 square feet of hotel or commercial space by gross floor area. The project is said to have a market value of HK$120 million, or around HK$6,314 per square foot of potential construction area. Read more>>

Savills has been appointed by local development giant Henderson Land to broker the compulsory sale of four tenement buildings in Kowloon. Located at 39-53 Tai Kok Tsui Road, 1 Ka Shin Street and 2 Pok Man Street, the properties occupy a 9,642 square foot site and have a reserve price of HK1.15 billion. Henderson Land currently owns 93.25 percent of the properties. Read more>>

Mainland China

Shenzhen-based property consultancy firm BlackHills has informed Mingtiandi that it has been appointed by developer Shenzhen Corun National Engineering Centre for Advanced Energy Storage Materials Company as the lead leasing agent for the office component of the CES Building in Shenzhen. The 58-storey grade A commercial tower in the city’s Nanshan Hi-Tech Park, one of a number of areas sometimes referred to as China’s Silicon Valley, has 94,000 square metres (one million square feet) of office space.

Cushman & Wakefield’s Hangzhou team has brokered the sale of 9,432 square metres of office space in the Aux Center in Nanjing’s Future Science and Technology City on behalf of Aux Real Estate, the real estate investment arm of Zhejiang-based electrical appliances manufacturer Aux Group. Read more>>

Savills has been appointed to provide business positioning and leasing agency services for the retail component in Sinhai Group’s 380,000 square metre commercial development in Guangzhou’s Panyu district. Read more>>

Cushman & Wakefield has been appointed by China Poly Group as the leasing agent for Nanjing’s Poly Center, which will house the state-owned enterprise’s Nanjing HQ. Located on Huijing North Road in the Qinhuai district, the 20-storey building is due to reach completion by the end of 2019. Read more>>

Cushman & Wakefield has been appointed by Qingdao West Coast Civic Center Investment and Construction as the exclusive leasing agent for the Qingdao West Coast Civic Center, which is expected to open in 2021. Located south of Binhai Avenue in the new Qingdao West Coast business district, the property will have a total floor area of approximately 190,000 square metres. Read more>>

Maldives

JLL Hotels & Hospitality has announced the sale and manage-back of three resort islands located in the South Male Atoll in the Maldives.  According to local media reports, Blackstone has purchased the resorts on the Dhigu, Veli and Naladhu islands from Thailand’s Minor Hotels.

Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.