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Sabana REIT in strategic review; New World Development plots £1B London project

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Sabana REIT in strategic review; New World Development plots £1B London project

* Sabana Shari'ah Compliant Industrial REIT is undergoing a strategic review as a way to determine how the company can further grow. The review includes an evaluation of the REIT's strategic direction and business, as well as the current shareholding structure and management of its manager, Sabana Real Estate Investment Management Pte. Ltd.

* New World Development Co. Ltd. has committed to the £1 billion development of a mixed-use project in London, making the company the first Chinese investor to make a big investment in the U.K. after the EU Referendum, the South China Morning Post reported, citing information from Knight Dragon Vice Chairman Sammy Lee. The 1.4 million-square-foot project will include 800 apartment units, office space and 500 hotel rooms.

Southeast Asia

* Saizen Real Estate Investment Trust said Sime Darby Property Singapore Ltd.'s proposed reverse takeover of the company received in-principle approval from the Singapore bourse, subject to certain conditions.

* Ekovest Bhd Managing Director Datuk Seri Lim Keng Cheng said the company intends to launch IPOs for its property and infrastructure units on Bursa Malaysia, New Straits Times reported.

Hong Kong and China

* Cheung Kong Property Holdings Ltd. Executive Director Justin Chiu said the company will be more aggressive in bidding for land in Hong Kong, amid the special administrative region's improving economy, AAStocks Financial News reported, citing the executive's comments at a radio program. Chiu also noted that an impending U.S. rate hike will not affect the pace of the company's project launches.

* Regal Hotels International Holdings Ltd.'s Capital Charm Holdings Ltd. won a contract to develop a proposed hotel development at Site A1a of SKYCITY at the Hong Kong International Airport for approximately HK$2.19 billion. The hotel will be on an approximately 6,650-square-meter site with 33,700 square meters of permissible gross floor area.

* Sino-Ocean Group Holdings Ltd. said Grand Beauty Management Ltd. conditionally agreed to subscribe for up to 597,230,534 new convertible preference shares in Gemini Investments (Holdings) Ltd. for HK$3.0 apiece. The subscription amounted to an indicative price of HK$1.79 billion.

* About 1,652 residential units were sold in Shenzhen in January, down 23.6% year over year, according to China Securities News. Average sale prices, meanwhile, amounted to 53,941 Chinese yuan per square meter.

* Macquarie Research expects total saleable residential units in Hong Kong to reach 35,000 in 2017, just above the 10-year average of 32,000, the Hong Kong Economic Times reported.

Australia

* Singapore-based Rockworth Capital Partners acquired Alceon and Capital Transactions' shopping center in Redbank Plains, Queensland, for A$160 million, The Australian Financial Review reported.

Japan

* Hulic Reit Inc. plans to issue ¥10.0 billion of investment corporation bonds between March 1 and June 29. The company will use the proceeds from the issuance to acquire certain assets, to repay loans and for working capital.

* Comforia Residential REIT Inc. completed its approximately ¥18.45 billion purchase of eight properties in Japan. Tokyu Land Corp. and Godo Kaisha Jemini sold the properties.

* Tokyu Land will put 130 apartments on the market as part of an area redevelopment project around Hagoromo Station in Takaishi, Osaka, Tokyo's The Nikkei reported.

* The H.I.S. travel group will develop a ¥75.5 billion mixed-use complex in Kumamoto for a 2019 opening, The Nikkei reported. The development will include a convention center, a 200-room hotel and shopping and residential spaces.

India

* Godrej Properties Ltd. Chairman Adi Godrej will become the company's chairman emeritus, while Pirojsha Godrej will be the executive chairman, according to a release. Mohit Malhotra will succeed Pirojsha Godrej as managing director and CEO.

South Korea

* Work on the would-be tallest building in the country is progressing, with information from the Gangnam District Office noting that the main tower of the Hyundai Global Business Center will stand in southern Seoul at a height of 569 meters with 105 floors, The Chosun Ilbo reported. Hyundai will build the structure at the former KEPCO headquarters site.

Other real estate news

* City Developments Ltd. plans to develop a £222 million luxury residential project in Battersea, London. The company exchanged contracts to the buy the 0.65-hectare Ransomes Wharf site from Curatus Trust for £58 million.

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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. Articles and links are correct as of publication time.

Cam Nones, Jaekwon Lim and Spencer Sheehan contributed to this report.