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Mitsui Fudosan reports FY'16 earnings; SM Prime confirms delay in reclamation project

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Mitsui Fudosan reports FY'16 earnings; SM Prime confirms delay in reclamation project

* Mitsui Fudosan Co. Ltd. exceeded its forecast of ¥107.00 billion in attributableprofit for fiscal year 2016. The company recorded ¥117.72 billion in attributableprofit to owners of its parent in the year ended March 31, up 17.5% year over year.

* SM Prime Holdings Inc. confirmed in a filing that its 138billion Philippine peso project in Cebu, the Philippines, is facing delays. Thecompany addressed a reportby Manila's BusinessWorld that said theproject is in limbo after the Philippine Reclamation Authority found that the for the project didnot follow the right process for the 1,500-hectare development.

* China Resources Land Ltd. said contracted sales of the company and its subsidiariesamounted to 8.22 billion Chinese yuan in April, down from around 8.60 billion yuanin March.

* Henderson Land Development Co. Ltd. is implementing an"aggressive" financingscheme to boost sales at its Wellesley luxury project in Hong Kong, the South China Morning Post reported.The company offers buyerswith first mortgages of up to 95% of a unit's value, which means that purchasersare only required to pay a 5% down payment.

MidlandRealty CEO for residential, Sammy Po, was reported by the publication as sayingthat Henderson's offer might be the highest loan-to-value ratio being provided bya luxury residential developer in the past three or four years.

AUSTRALIA

* Frasers Centrepoint Ltd.'s Frasers Property Australia Pty.Ltd. is believed to be planning a sale of certain properties in its S$2.6 billionoffice and industrial portfolio in the country, The Australian reported.The purported sale would take place as Frasers Centrepoint seeks to some of its Australian assets intoan S-REIT.

* Chinese investors spent US$4.6billion in Australian real estate in 2015, and that figure will continue to increasedue to diversified but specific strategies and investors, The Australian Financial Review reported, citing Savills.Investors from Singapore and the U.S. were tied as the second largest group of propertybuyers in the same year.

* Australian businessman Max Fremderplaced an A$80 million commercial building at 440 Elizabeth St. in Melbourne onthe market, the AFR reported.Investment vehicle Selected Growth Properties owns the 10-floor building in thecity's central business district. It has a net lettable area of 13,812 square meters.

HONG KONG AND CHINA

* Great Eagle Holdings Ltd. Chairman Lo Ka-shui believes theretail sector in Hong Kong is yet to reach its lowest point, as the industry isin an adjustment period, The (Hong Kong)Standard reported.In the office market, Lo sees a continually positive performance in the sector,with an office vacancy rate of 1.5%.

* House prices in Hong Kong, particularlyin the New Territories, will face more pressure with the launch of around 108,000new homes in the next five years, the SCMPreported,citing data from Knight Frank.

A majorityof the new homes, estimated to be 21,600 properties per year, will be deployed inthe New Territories, potentially affecting second-hand homes in the region by placingdownward pressure on their prices, according to Thomas Lam, head of valuation and consultancy at Knight Frank.

* Moody's said contracted salesgrowth for mainland China's residential sector will continue to be "healthy,"despite a projected slump over the next 12 months. An increase in new housing startsand an expected slowdown in sales growth will lead to slightly bigger inventorylevels in first- and second-tier cities, Franco Leung, a Moody's vice presidentand senior credit officer, said in a note.

JAPAN

* Heiwa Real Estate Co. Ltd. plans to construct two towerson a site close to the Tokyo Stock Exchange building, as part of the Tokyo GlobalFinancial Centre redevelopment plan, the SCMPreported.

* openedthe commercial component of its Otemachi Financial City Grand Cube complex in Tokyo.Food Stadium reported thatthe scheme will have 35 levels, 16 shops at the ground level and a 2,600-square-meterpublic square. 

* Japan Post Bank Co. Ltd. plansto invest in real estate as one of several alternative assets in "this businessyear," Reuters reported,citing KatsunoriSago, Japan Post Bank chief investment officer. The bank plans to allot "afew hundred billion yen" in properties, private equity and hedge funds, accordingto Sago.

SINGAPORE

* Frasers Centrepoint CEO Lim EeSeng cited employment concerns and curbing measures for real estate as factors forthe continued decline in demand for residential properties, The (Singapore) Business Times reported.Lim commented on the topic after its joint venture with Keong Hong Holdings forthe 628-unit Parc Life EC project posted weak sales since its launch in late April,according to the newspaper.

* Resale prices for nonlanded condominiumsincreased 0.5% in April, following a 0.1% month-on-month gain for , The Business Times reported,citing SRX Property data.

INDIA

* Prestige Estates Projects Ltd. is currently consolidatingits office business as an initial strategy to establish a REIT or to raise fundsfrom an investor, The Economic Times ofIndia reported,citing Prestige Group Chairman Irfan Razack.

PHILIPPINES

* Property developers in Metro Manilalogged 4.8 million square meters of current retail stock between January and March,the largest area in Southeast Asia, the ManilaTimes reported,citing a Jones Lang Lasalle report.

* Ayala Land Inc. is mulling over a plan to issue between 2billion pesos and 3 billion pesos of new Homestarter bonds in 2016, The Philippine Star reported,citing Ayala Land CFO Jaime Ysmael. The company has also initiated a plan to raise50 billion pesos via debt securities, as previously reported.

Now featured

: S&P Global Market Intelligence presents aweekly rundown of recent significant management and board changes and personnelmoves in the European and Asia-Pacific real estate industries.

The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.