trending Market Intelligence /marketintelligence/en/news-insights/trending/d9PJY_eKkz3g1yzZR6n7sQ2 content esgSubNav
In This List

DEXUS plans A$2B Sydney project; CPPIB grabs 50% stake in New Zealand portfolio

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


DEXUS plans A$2B Sydney project; CPPIB grabs 50% stake in New Zealand portfolio

* DEXUS Property Group plans to build a A$2 billion tower in Sydney inspired by the Grand Central Station in New York City, The Australian reported, citing DEXUS CEO Darren Steinberg. The company submitted an unsolicited proposal to the New South Wales government for the development of a building atop the new Martin Place station.

The plan further stimulated competition with other groups that seek to develop the site, including Macquarie Group, according to the report.

* Canada Pension Plan Investment Board agreed to acquire a NZ$580 million half stake in the Public Sector Pension Investment Board's portfolio of 13 office and retail assets in New Zealand. The half stake comes with a NZ$230 million equity investment, subject to customary closing adjustments, according to a news release.

Hong Kong and China

* China Overseas Land & Investment Ltd., its subsidiaries, joint ventures and associates recorded approximately HK$10.76 billion of contracted property sales for November, down from approximately HK$28.60 billion year over year. The latest sales figure represented approximately 880,100 square meters of gross floor area.

The company and its subsidiaries also acquired two land parcels in Changchun and Fuzhou, China, for a land premium of roughly 2.51 billion Chinese yuan.

* China Resources Land Ltd. and its subsidiaries also reported its contracted sales for November, amounting to approximately 8.12 billion yuan with a contracted gross floor area of around 601,600 square meters. The sales figure represented an increase from approximately 6.09 billion yuan in the same month in 2015.

* Longfor Properties Co. Ltd. and its subsidiaries' contracted sales for November reached 6.23 billion yuan, corresponding to 571,000 square meters of gross floor area. For the first 11 months of 2016, the group's contracted sales amounted to 80.40 billion yuan, up 64.9% year over year.

* Swire Properties Ltd. intends to shake up the mix of tenants at its Cityplaza shopping mall in Hong Kong with the opening of 12 new eateries and retail outlets by the first half of 2017. The plan takes place as the Hong Kong Town Planning Board rejected the company's proposed changes to its HK$15 billion redevelopment project for Taikoo Place in Quarry Bay.

Australia

* Macau gaming tycoon Loi Keong Kuong is believed to be the buyer of ExxonMobil's A$160 million headquarters in Melbourne's Southbank, The Australian Financial Review reported. The 22,000-square-meter office building is considered to be among the most prominent waterfront properties in the Southbank area, according to the report.

* Propertylink exchanged conditional contracts to acquire the 205-231 Fairfield Road property in Yennora, western Sydney, for A$46.6 million, reflecting a 7.39% initial yield. The industrial property's total lettable area spans 31,086 square meters on a 5.5-hectare site.

* Metro Property Development completed the unconditional A$5.2 million sale of management rights to the Brisbane Casino Towers project in South Brisbane to Song Properties.

Japan

* The new investment units to be issued by Nippon Prologis REIT Inc. under a domestic and international placement bear a per-unit price of ¥222,460. The company will use the net proceeds from the issuance to repay certain bridge loans related to a ¥30.6 billion portfolio buy.

* Contracts for new home construction declined sharply in November from a year ago for six of Japan's top seven homebuilders, Tokyo's The Nikkei reported. Many prospective home buyers continue to delay purchases after the government postponed a consumption tax hike.

* According to Real Estate Information Network for East Japan, existing apartment sales in the Tokyo region edged up 0.5% year over year to 2,985 units in November, while existing detached home sales there fell 8.6% year over year to 1,026 houses, Jutaku-Shimpo-Sha reported.

Southeast Asia

* SM Prime Holdings Inc.'s residential development unit, SM Development Corp., expects to record approximately 22 billion Philippine pesos of sales from its Shore Residences 3 and S Residences projects at the Mall of Asia Complex in Pasay City, Philippines, The Manila Times reported, citing SM Development Executive Vice President Jose Mari Banzon.

* Megaworld Corp. subsidiary Global-Estate Resorts Inc. is investing 5 billion pesos in the next five to seven years for the development of Eastland Heights, an "integrated lifestyle community" at a 640-hectare site in Antipolo, Philippines.

* Frasers Centrepoint Ltd.'s Frasers Hospitality Group launched a new serviced residence in Bangkok, the 105-unit North Park Place within the Rajpruek Golf Club.

Now featured on S&P Global Market Intelligence

Data Dispatch: Rate hike expectations, postelection bond rout spur demand for MSRs: The carrying yield of aggregate mortgage servicing assets among the top 10 U.S. bank holding companies rose to $31.63 billion for the three-month period ended Sept. 30, up slightly from the second quarter.

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 and Jaekwon Lim contributed to this report.