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TEE Land settles S$72M site buy; Premier REIT plans asset buy, transfer in Tokyo

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TEE Land settles S$72M site buy; Premier REIT plans asset buy, transfer in Tokyo

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Singapore

* TEE Forward Pte. Ltd., a 60%-owned TEE Land Ltd. subsidiary, wrapped up its S$72.0 million acquisition of the roughly 3,527.7-square-meter residential site at 35 Gilstead Road, as planned, Feb. 27.

Malaysia

* UOA Development Bhd. is taking ownership of 13 land parcels in Kuala Lumpur through its nearly 61.1 million-Malaysian-ringgit acquisition of two ordinary shares in Cosmo Housing Development Sdn. Bhd., the company that holds the properties. The land plots collectively measure about 9.4 acres, according to a news release.

Japan

* Premier Investment Corp. is planning to buy the FORECITY Azabujuban II residential-retail complex in Tokyo's Minato Ward and the FORECITY Sasazuka residential property in the city's Shibuya Ward from an unnamed domestic corporation for ¥1.42 billion and ¥1.08 billion, respectively. Delivery of the properties is expected March 1, the company noted in a filing.

In the same filing, Premier Investment said it will transfer to an unidentified domestic corporation the Ougaku Building in the Chiyoda Ward of Tokyo for ¥1.87 billion for an expected gain of ¥173 million. Execution of the proposed transfer is scheduled Feb. 28.

* Nippon REIT Investment Corp. is investing ¥50 million for a 1.3% silent partnership interest in the Godo Kaisha NRT Growth 12, which owns the commercial Become Sakae property in Nagoya. The Tokyo-based REIT said it will finance the planned investment using its cash reserves.

Australia

* Retirement village owner and operator Gateway Lifestyle Group is paying a total consideration of A$7.5 million for its purchase of a 176-plot greenfield site at Evans Head in New South Wales' North Coast. The company, which made the announcement with its results for the six months ended Dec. 31, 2017, also said it is selling its Rainbow Waters and Bass Hill communities for expected proceeds totaling A$18.4 million, with the transaction for the latter asset set to close in July.

* One commercial suite in Tian An Australia Ltd.'s The Milton development in Brisbane is due for settlement in February, the company said in its financial-year 2017 results release. Units offered in the project's residential component have all been sold, with the listed company raking in nearly A$32.9 million from the transactions.

In the same release, Tian An also said it is selling Lot 370 in Port Bouvard in the Western Australian suburb of Dawesville.

Additional coverage

Suntec REIT takes up A$289M option to fully own Melbourne complex from DEXUS

C&D International subsidiary locks in rights over Suzhou, China, mixed-use site

DLF wins 11.76-acre mixed-use site in India with record 14.96B-rupee bid

Report: Chinese lead in consortium buying CK Asset tower for HK$40B backs out

As of Feb. 27, US$1 was equivalent to ¥107.45, 3.92 Malaysian ringgit and S$1.32.