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Owner seeks A$250M for Sydney office building; HDFC to raise US$500M for RE

* Real estate group Markham is selling its office building at 179 Elizabeth St. in Sydney, with expectations of reaping A$250 million from the sale, The Australian reported. The property, which features 16,520 square meters of net lettable area is being marketed with the help of agents from Savills and Colliers International.

* HDFC Property Fund, the private equity arm of Housing Development Finance Corp. Ltd., is looking to raise US$500 million for its third offshore fund, which will use the money for real estate investments focused on commercial office and residential projects in prime markets, India's Mint reported.

Hong Kong and China

* Chinese Estates Holdings Ltd., after recording a year-over-year decline in revenue and profit for the 2017 fiscal year, said it is mulling its options for its roughly 6.51% stake in China Evergrande Group that it collected over time through investments totaling HK$13.18 billion. The shareholder said it may consider realizing part of its stake in China Evergrande when the latter's share price "reaches a satisfactory and attractive level."

* A preliminary review of Xiwang Property Holdings Co. Ltd.'s accounts for the year ended Dec. 31, 2017, showed that the company, together with its subsidiaries, could record a consolidated net loss of between 5 million yuan and 10 million yuan due to a one-off cost that resulted from its property project during the year. Despite the profit warning, the China-based property developer assured its investors that the financial position of the group is still strong.

* Times Property Holdings Ltd.'s English name was officially changed, as planned, to Times China Holdings Ltd. In line with the name change, the company's stock name will also be changed to Times China from Times Property, effective Feb. 27.

* Redco Properties Group Ltd. is planning to issue US$300 million in 6.375% senior notes due 2019. Proceeds from the proposed offering, estimated at US$297.5 million, will be used for debt repayments and other corporate expenditures.


* Westfield Corp. Co-CEO Peter Lowy was quoted by The Australian Financial Review as saying that "there is no plan B" for the company other than the US$15.68 billion merger with Unibail-Rodamco SE. Lowy, during the announcement of the company's results for the 2017 financial year, said that Unibail's bid has the full support of the Lowy family and the target's board.


* In a bid to attract more investors, Global One Real Estate Investment Corp. decided to decrease the value of its investment units through splitting. In a filing, the office-focused real estate investment trust said the investment units of shareholders on record as of March 31 will be divided at a ratio of 1 to 4, effective April 1.

* Japan Logistics Fund Inc., through its asset manager, is buying two properties from Sumitomo Mitsui Finance and Leasing Co. Ltd. and another from JA Mitsui Leasing Tatemono Co. Ltd. for a combined consideration of nearly ¥6.95 billion. The delivery date for the assets being bought from Sumitomo Mitsui is March 1, while the company is yet to announce when it will close the deal with JA Mitsui.

* Advance Residence Investment Corp. is acquiring the RESIDIA Kamata V and RESIDIA Kamata IV multifamily housing buildings in Tokyo under deals totaling ¥5.55 billion. Completion of the agreements is scheduled March 3.

* Sumitomo Realty & Development Co. Ltd., Pressance Corp. Co. Ltd. and Nomura Real Estate Development Co. Ltd. emerged as the top three companies that have the most condominium units in the country in 2017, according to a nationwide ranking made by the Real Estate Economic Institute Co. Ltd., Nikkei reported.

Southeast Asia

* EL Development Pte. Ltd. is planning to build a 172-room hotel on Singapore's Hill Street. Telecommunications giant Singtel owns the site and the Singaporean developer is looking to purchase it for a price between S$115 million and S$120 million. Three buildings occupy the 39,738-square-foot Hill Street development site, of which one is being used as Singtel's Central Exchange and the other two being utilized as offices.

* Fitch Ratings upgraded its national long-term and national senior unsecured ratings on Ticon Freehold and Leasehold Real Estate Investment Trust to A(tha) from A-(tha), with a stable outlook. At the same time, the rating agency also removed the Thailand-based trust from its Rating Watch Positive list.


* The National Consumer Disputes Redressal Commission ordered Unitech Ltd. to refund one of the buyers of its homes after it failed to hand over a house in April 2014. The Economic Times of India reported that aside from the nearly 43.9 million-Indian-rupee refund, the embattled homebuilder will also pay the customer 25,000 rupees for compensation.

* Co-living startup CoLive raised 120 million rupees in its latest funding round for its planned expansion to 25 Indian cities, Mint reported. According to the paper, CoLive operates 3,000 beds across 75 properties in Bengaluru.

* Property developers, such as DLF Ltd., Prestige Estates Projects Ltd., K Raheja Corp. Private Ltd., Embassy Office Parks Private Ltd. and Brigade Enterprises Ltd., are shifting their strategies accordingly as the demand for commercial spaces in India increases, Mint reported.

The low vacancy levels and the expected expansion of rentals in key cities are reportedly among the factors prompting developers to consider a shift of focus to the commercial sector and away from the residential sector.

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.

Rollen Catorce and John Chan contributed to this report.

As of Feb. 22, US$1 was equivalent to 6.35 yuan, 64.98 Indian rupees, ¥107.03 and S$1.32.