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MTR site tipped to fetch over HK$15B; Robinsons Land mulls REIT foray

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MTR site tipped to fetch over HK$15B; Robinsons Land mulls REIT foray

* Sun Hung Kai Properties Ltd. and China Overseas Land & Investment Ltd. are among the 38 bidders for the fourth phase of the MTR Corp. Ltd. development atop the Wong Chuk Hang Station in Hong Kong, The (Hong Kong) Standard reported. Property consultant Pruden expects the site, with a maximum floor area of 638,000 square feet, to be sold for more than HK$15 billion.

* Robinsons Land Corp. said its Altus Property Ventures Inc. subsidiary, the company's vehicle for future real estate ventures, may include a real estate investment trust. The Philippine developer is currently listing 100 million common shares of the unit with an initial price of 10.10 pesos apiece, valuing Altus Property for at least 1.1 billion pesos.

Robinsons Land is the third property company in the Philippines to consider entering the REIT market recently. Ayala Land Inc. and DoubleDragon Properties Corp. have disclosed plans to list their own REIT vehicles.

Southeast Asia

* Frasers Property (Thailand) PCL's board said Golden Land Property Development PCL would be delisted from the Stock Exchange of Thailand, after about 94.5% of Golden Land shareholders accepted the Frasers Property Ltd.-affiliated company's 8.50-baht-per-share takeover.

* Megaworld Corp. earmarked 1.2 billion pesos for its development of two office buildings in the 34-hectare The Upper East township in Bacolod City, the Philippines. The planned No. 1 Upper East Avenue and No. 5 Upper East Avenue buildings will provide around 17,000 square meters of office space combined, and will primarily cater to the information technology and business process outsourcing sectors.

* The trustee of Singapore-based Ascendas India Trust secured a HK$290 million term loan facility from The Bank of East Asia Ltd.

Greater China

* Sun Hung Kai Properties will commence on Sept. 26 the sale of 352 flats at its Cullinan West III development atop the Nam Cheong MTR station, The Standard reported. The average price of previously released units in the project was HK$24,957 per square foot after discount.

* Mike Wong Chik-wing, Sun Hung Kai Properties' deputy managing director, said the developer would only sell sites already zoned for public housing back to the government, if it invokes the Lands Resumption Ordinance to purchase the rural land the developer owns to boost land supply, the South China Morning Post reported.

* Ronshine China Holdings Ltd. obtained an HK$815.5 million dual-currency term loan facility with a 36-month term commencing Sept. 23.

Other real estate news

* A joint venture led by South Korea's Mirae Asset Global Investments Co. Ltd. is selling the 225 W. Wacker Dr. office building in Chicago for approximately US$245 million. The 31-story tower spanning 651,000 square feet is nearly 96% leased to tenants including PPM America Inc. and Cushman & Wakefield PLC.

* Chinese real estate website Juwai.com expects sales of U.S. homes to Chinese buyers to decline to an eight-year low in the year ending March 2020, as the Sino-U.S. trade war continues to hit demand, Reuters reported.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.