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Blackstone deals in India; Singapore en-bloc sale highest in 10 years

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Blackstone in India

* Indiabulls Real Estate Ltd. confirmed that it is in talks to divest a 50% interest in its 3.3 million-square-foot portfolio of two office assets in Mumbai to Blackstone Group LP. The financial terms of the deal were not disclosed, but it was tipped earlier that the stake could come with a price tag of up to US$650 million.

* In the retail sector, Blackstone and Nitesh Estates Ltd. are reportedly involved in negotiations that will give the private equity giant an 80% stake in the Nitesh Hub shopping center in Pune, India. The approximately 3.10 billion-rupee deal will see Goldman Sachs Group Inc. exit from the investment.

Singapore en-bloc

* 2017 saw a sudden surge in en-bloc sales efforts in the Lion City's property market, and by all indications is set to continue in the upwards direction, but it was only this week when a record-high was made. At the start of the week, GuocoLand Ltd. said that a subsidiary is part of a three-member investor group that offered S$980 million for the Pacific Mansion condominium estate in Singapore's prime River Valley district.

The offer, higher than the S$938 million asking price, is the biggest acquisition for a residential site in Singapore since 2007.

* Bukit Sembawang Estates Ltd. won big this week by placing the top bids for two Singapore estates. A subsidiary opened the week by offering S$345 million for the Katong Park Towers, while another won for S$168 million bid the residential Makeway View property. The first en-bloc sale was closed at a premium, as the leasehold for the site came with a S$288 million reserve price, while the other was sold at the asking price.

* Meanwhile, fresh on the block, owners of the Peak Court condominiums attached a S$106 million price tag on the property, while Olina Lodge is going up for sale for the third time for at least S$220 million.

Making profits

* China Resources Land Ltd.'s full-year 2017 core profit attributable to owners of the company increased 17.7% year over year to HK$19.16 billion. The figure excludes revaluation gains from investment properties.

* Country Garden Holdings Co. Ltd. said profit attributable to company owners surged 126.3% on an annual basis to 26.06 billion yuan for the 2017 full-year.

* Henderson Land Development Co. Ltd.'s underlying profit attributable to equity shareholders jumped 38.0% year over year to HK$19.56 billion for 2017.

* Longfor Properties Co. Ltd. said profit attributable to owners of the company for the 2017 full-year amounted to about 12.60 billion yuan, a 37.6% year-over-year increase.

IPO route

* Country Garden Services Holdings Co. Ltd. will be spun off from Country Garden Holdings and listed on the Hong Kong stock exchange. The property management business will cease to be a subsidiary of the developer if the plan comes to fruition.

In September 2016, the Chinese developer had planned to spin off and list a property management unit named Guangdong Country Garden Property Services Co. Ltd., but canceled the plan more than a year later due to a policy change at certain Chinese approval authorities.

* Karda Constructions Ltd.'s IPO on the Bombay Stock Exchange and National Stock Exchange of India Ltd. opened March 16 to strong subscription rates. The offering closed March 21 with a 2.54x subscription rate.

Featured this week on S&P Global Market Intelligence

China Resources Land targeting 20% jump in contracted sales in 2018Singapore property rebound just starting as land auctions continue to soar

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Rollen Catorce contributed to this report.

As of March 22, US$1 was equivalent to 6.33 yuan, 65.15 Indian rupees and S$1.32.