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Scentre plans offices atop A$2B mall; SM, Ayala gets OK for reclamation project

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Scentre plans offices atop A$2B mall; SM, Ayala gets OK for reclamation project

* Scentre Group launched a plan to build a 40-level office building atop the A$2 billion Westfield Parramatta in Sydney, The Australian reported. The developer's office project is expected to be the biggest of its kind in Parramatta, as the 175-meter building would comprise 100,000 square meters of office space.

* SM Prime Holdings Inc. and Ayala Land Inc.'s plan to develop a 26-hectare land parcel at South Road Properties in Cebu, Philippines, received the green light from the local city council. The joint venture plans to build an information technology park at the reclamation site that it bought in July 2015 for 10 billion Philippine pesos, The Philippine Daily Inquirer reported.

HONG KONG AND CHINA

* The Hong Kong government received 24 bids from property developers such as K. Wah International Holdings Ltd. and Sino Land Co. Ltd. for a commercial site in Wong Chuk Hang, which could fetch up to HK$2.4 billion, the South China Morning Post reported, citing real estate agents. The 19,000 square-foot site will have about 284,900 square feet of space.

* Bloomberg News reported that DBS Vickers Hong Kong Ltd. predicts that a 30% decline in China's home prices would lead to 4.1 trillion Chinese yuan in bad debt, while Commerzbank AG believes that such a price drop would cause another 4 trillion yuan in delinquencies.

* Meanwhile, People's Bank of China Governor Zhou Xiaochuan said the mainland government is closely monitoring increasing real estate prices in certain cities, as it plans to pass new curbing measures to cool down the market, Reuters reported.

* A Centaline index suggests that property market sentiment in Hong Kong is improving, the Hong Kong Economic Times reported.

JAPAN

* Sekisui House SI Residential Investment Corp. plans to acquire trust beneficiary interests in Sekisui House Ltd.'s Prime Maison SHIROKANE-TAKANAWA and Prime Maison ICHIGAYAYAMABUSHICHO for ¥4.50 billion and ¥4.00 billion, respectively. The company plans to issue new investment units to fund the purchase of the residential properties in Tokyo, according to a filing.

* Mori Trust Co. Ltd. transferred four hotel properties in Tokyo and Osaka to Mori Trust Hotel REIT Inc., a new trust that is set for listing on the Tokyo Stock Exchange by March 2017, Kentsu Shinbunsha reported.

* Mizuho Securities senior analyst Yosuke Ohata believes that Asian investors are interested in mergers, particularly within the J-REIT sector, amid mounting concerns about the growth prospects of REITs, the Nikkei Asian Review reported.

The publication noted that mergers can serve as an efficient tool for growth. Some of the recent business combinations within the sector included an absorption-type merger by Daiwa House REIT Investment Corp. and the proposed merger between the asset managers of Comforia Residential REIT, Inc. and Activia Properties Inc.

SINGAPORE

* City Developments Ltd., Hong Leong Holdings and TID have sold 337 condominium units at the 519-unit Forest Woods scheme over the Oct. 8 weekend, The (Singapore) Business Times reported.

* Oakwood Asia Pacific Ltd. will manage the Oakwood Premier OUE Singapore serviced residence as part of its management contract with OUE Ltd. The property is scheduled to open in 2017.

ELSEWHERE IN SOUTHEAST ASIA

* Vista Land & Lifescapes plans to invest 2.2 billion pesos in the development of the Costa Vista Boracay project in Boracay Island, Philippines, The Philippine Star reported. The mixed-use project will feature six residential towers, private villas, a hotel and other facilities.

* Sime Darby Bhd and I&P Group Sdn Bhd reached a 535.5 million-Malaysian-ringgit deal for the exchange of land parcels in Selangor and Johor, Malaysia, New Straits Times reported.

AUSTRALIA

* Investors from Asia are circling office properties in Brisbane ahead of an expected uptick in the leasing market, The Australian reported. Their interest in the city's offices is a shift from other cities such as Sydney and Melbourne, according to Ben McGrath, Knight Frank managing director for Queensland.

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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, Jaekwon Lim and Spencer Sheehan contributed to this report.