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New World clinches HK$30B complex contract; India's 1st REIT gets listing nod

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New World clinches HK$30B complex contract; India's 1st REIT gets listing nod

* New World Development Co. Ltd. won a 25-year contract to design, build and operate a sports park in Kai Tak, Hong Kong, that is expected to cost approximately HK$30 billion. The 28-hectare complex will be the biggest sports venue in Hong Kong, with a 50,000-seat stadium, among other features, The (Hong Kong) Standard reported.

* The Securities and Exchange Board of India approved the listing of private equity giant Blackstone Group LP-backed Embassy Office Parks REIT, with the launch reportedly expected to occur in the March quarter of 2019. Embassy Office Parks REIT would mark India's first real estate investment trust listing and is expected to raise 50.00 billion rupees.

Australia

* Projected state government revenues have taken a more than A$6 billion hit due to falling house prices and property sales, with concerns that additional falls would lead to reduction in infrastructure expenditure, The Australian reported, citing an analysis of state government budget updates.

Hong Kong, China and Taiwan

* Property developer Keppel Land China Ltd. secured a 4.7-hectare site in China's Sichuan province for 889.7 million yuan that will be developed into a residential community consisting of 768 units of high-rise apartments and 96 units of low-rise apartments.

* China New Town Development Co. Ltd. unit Shanghai Golden Luodian Development Co. Ltd. signed an agreement with a local government body concerning continued cooperation on the Luodian New Town Project in Shanghai's Baoshan District. Under the agreement, the unit will receive a reimbursement of approximately 1.52 billion yuan as the fees of the demolition and relocation works in the eastern zone of the project.

* China Overseas Land & Investment Ltd. is projected to log a 15% profit margin on its roughly HK$8.03 billion purchase of an approximately 9,048-square-meter lot in Kai Tak in Kowloon, Hong Kong, far less than it minted in its early purchases in the area, the South China Morning Post reported. The developer made an estimated 53% to 79% profit on two parcels it purchased in 2013, the publication noted, citing calculations by a managing director at Centaline Surveyors.

* Hong Kong Secretary for Development Michael Wong said the government plans to sell four residential sites capable of providing around 1,860 flats through public tender in the fourth quarter of the 2018-2019 financial year. Two of the sites are in Kai Tak, with one each in Lantau and Yuen Long. In the same quarter, MTR Corp. Ltd. will tender package 11 of LOHAS Park, its mass residential project in Hong Kong.

Wong said there is enough land capacity to build 13,850 private flats for the entire financial year, with the government focused on allocating more land to build public housing.

* Separately, the Hong Kong Lands Department is inviting bids for a site sanctioned for non-industrial use in Tai Po, New Territories. The tender for the roughly 32,900-square-meter site will expire Feb. 8, 2019.

* The Shanghai Municipal Housing and Urban-Rural Construction Administration cautioned developers against rushing construction work on their projects after three workers were killed in an accident near the foundations of a China Vanke Co. Ltd. building site in the city's Minhang district, the SCMP reported.

* Kaisa Group Holdings Ltd. aims to raise US$98.4 million in net proceeds from its issuance of US$100 million of 10.5% convertible bonds due July, 14, 2021, with the proceeds likely to go toward debt refinancing.

* A consortium of C&D International Investment Group Ltd. subsidiary Xiamen Yirui Investment Management Co. Ltd. and Shanghai Bairen Health Industry Co. Ltd. purchased the operation rights of a social welfare service center in Xiamen city in China's Fujian province for a 20-year term. The partners will invest around 70.0 million yuan in the center, apart from the rent payable.

* The appraised land value in Taiwan, as assessed by local governments, rose 0.46% for 2019 from a year earlier, the Taipei Times reported, citing Ministry of the Interior data. Lienchiang County experienced the biggest rise in assessed land value with a 3.46% rise year over year, among the nation's 22 cities and counties, the report noted.

* Still in Taiwan, Hilton Worldwide Holdings Inc. announced the opening of the 14-story DoubleTree by Hilton Taipei Zhongshan in downtown Taipei. The 106-room property is owned by Jiu-Yu Property Group and will be managed by Hilton.

Singapore

* State industrial landlord JTC Corp. will release five sites in the confirmed list and seven sites in the reserve list under the government land supply program for the first half of 2019, marginally down from the second half of 2018 figures, The (Singapore) Business Times reported.

* The National University of Singapore's flash estimates revealed a 0.4% month-over-month dip in the November prices of completed private apartments and condominiums in the city-state, following a 0.6% month-over-month drop in October, The Business Times reported. According to the report, the dip was due to a 1% fall in apartment prices in the central region, excluding small units.

India

* The Ministry of Housing and Urban Affairs plans to sanction construction of 10.0 million houses before 2020, in line with the government's aim to ensure housing for all by 2022, the Press Trust of India reported.

Elsewhere in Southeast Asia

* Malaysia's finance ministry said first-time homebuyers will be fully exempt from paying stamp duty for properties up to 1 million ringgit from Jan. 1, 2019, The (Malaysia) Star reported. Minister of Finance Lim Guan Eng said the move is mainly to boost home ownership, as well as to spur the local residential real estate market, which is suffering from an oversupply of unsold developer units.

* Filipino real estate company Century Properties Group Inc. is looking to foray into the co-working space sector, with a view to expanding its business portfolio and tripling leasable space by 2020, The Manila Times reported, citing Jose Marco Antonio, the company's co-COO and managing director.

* Berjaya Land Bhd. agreed to sell its 75% stake in T.P.C Nghi Tam Village Ltd. to Hanoi Hotel Tourism Development LLC for approximately 222.2 million ringgit in cash. T.P.C. Nghi is involved in the operation of the international five-star hotel known as Intercontinental Hanoi West Lake Hotel in Hanoi.

* The central bank of the Philippines said its residential real estate price index jumped year over year to 116.5 from 111.6 in the July to September period, as higher prices across different types of housing units drove the market up, The Manila Times reported.

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Abdul Rehman Maqbool contributed to this report.