* Starwood Capital is no longer competing for a chance to partner with Dexus in a A$1 billion integrated development in Sydney, The Australian reported, citing unnamed sources, who said the U.S. investment house backed out of the race after deciding that the apartment and hotel project at 201 Elizabeth St. was too expensive.
* Hong Kong's Lands Department received a total of six bids from tenderers including Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Chinachem Group Co. Ltd. and a consortium comprising New World Development Co. Ltd., Henderson Land Development Co. Ltd., Wheelock Properties Ltd. and China Overseas Land & Investment Ltd. for a residential site in the Kai Tak area of Kowloon, the South China Morning Post reported.
The Area 4B Site 1 that can yield a gross floor area of 722,060 square feet is expected to fetch between HK$9.4 billion and HK$10.8 billion, according to Knight Frank and CHFT Advisory and Appraisal.
* Separately, the land authority launched March 22 the public tender for an approximately 9,765-square-meter nonindustrial land parcel in Kowloon's Kai Tak area, and flagged the March 29 launch of tender for a roughly 10,692-square-meter nonindustrial site in the same area in Hong Kong.
* Mitsubishi Corp.-UBS Realty Inc., the asset manager of Japan Retail Fund Investment Corp. and Industrial & Infrastructure Fund Investment Corp., agreed to merge with Mcubs MidCity Investment Corp.'s asset manager, Mcubs MidCity Inc. Mitsubishi will be the surviving entity under the memorandum of agreement executed March 22.
* Dai-ichi Life Insurance Co. Ltd. said a development consortium it is participating in has won a building project located in Toranomon, Minato-ku, Tokyo. The company is expected to invest about ¥60 billion for a 38-story mixed-use building expected to complete by November 2023.
* Mori Building Co. Ltd. said it signed an agreement with the city of Yokosuka on a five-year participation in the city's comprehensive urban redevelopment promoted under the Yokosuka Revival Plan.
* Singapore-listed Ho Bee Land Ltd. acquired 12,657,079 shares in Villa World Ltd., representing a 10.11% stake in the Australian developer, currently a target of a takeover offer from its Australian peer AVID Property Group Australia Pty. Ltd.
Hong Kong and China
* Sunac China Holdings Ltd. won the bid for a 39,765-square-meter land parcel in Tianjin city in China, for 2.05 billion yuan, Guandian reported. The developer is required to hold 4,000 square meters of the land, equivalent to 4% of the total gross floor area of 99,412 square meters.
* Minmetals Land Ltd.'s Onfem Finance Ltd. subsidiary secured a HK$1.50 billion revolving loan facility from an unnamed bank. The validity of the credit line is subject to, among other conditions, China Minmetals Corp. Ltd. holding at least a 31% shareholding in the Hong Kong-listed property developer.
* New World Development Co. Ltd. pocketed HK$1.8 billion from the sale of 294 apartment units at its Artisan Garden development in To Kwa Wan, Hong Kong, The (Hong Kong) Standard reported.
* Guangzhou Municipal Planning and Natural Resources Bureau plans to supply 346 land parcels in 2019 as part of its land sale plan for the year. The plots can provide a total gross floor area of 29.92 million square meters.
* The Housing and Development Board awarded the tender to a mixed-use site along Pasir Ris Drive to Kerry Properties Ltd.'s 30/70 joint venture companies with Allgreen Properties Ltd. at a price consideration of nearly S$700.0 million. The development site with a site area of about 409,068 square feet is intended for a commercial and residential development, according to a filing.
Elsewhere in Southeast Asia
* SK Group Ltd., through its SK Southeast Asia Investment subsidiary, is planning to contribute US$500 million in a consortium that will invest US$1 billion in Vingroup JSC, DealStreetAsia reported, citing a report from Korean news platform MK.co.kr. The South Korean conglomerate and its financial investor partners are expected to begin by April the investment in the Vietnamese company that has businesses in sectors including real estate, retail, hospitality and technology.
* Retailer Siam Piwat Co.Ltd. allocated 70 billion baht for its five-year plan to develop malls across Thailand, including one with U.S.-based retail real estate investment trust Simon Property Group Inc., The Nikkei Asian Review reported.
The Thai company will also operate the US$1.6 billion Iconsiam commercial and entertainment hub in Bangkok that it is developing with Thai conglomerate Charoen Pokphand Group Co. Ltd. and Magnolia Quality Development Corp.
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.
Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.