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Singapore project trades for S$585M; City Developments JV sells Manulife Centre


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Singapore project trades for S$585M; City Developments JV sells Manulife Centre

* Sydney-based logistics specialist Logos Property Pty. Ltd. agreed to buy a 25-hectare industrial development in Singapore from the local unit of Norwegian solar company REC for S$585 million, Mingtiandi reported, citing CBRE Group Inc.

However, sources with knowledge of the deal told the news platform that the sale-and-leaseback deal for the 151,810-square-meter property in the Tuas South region of the city-state was worth more than the reported consideration.

* Golden Crest Holdings Pte. Ltd., an 80/20 joint venture between City Developments Ltd.'s Bestro Holdings Ltd. subsidiary and Golden Spot LLP, sold the Manulife Centre commercial building at 51 Bras Basah Rd. to Bras Basah Acquisition Ltd. for S$555.5 million. From the completed transaction, the listed property company is expecting to gain S$144.3 million, according to a news release.

Hong Kong and China

* Country Garden Holdings Co. Ltd.'s contracted sales attributable to shareholders for full-year 2018 increased 31.25% on an annual basis to 501.88 billion yuan. The sales figure represents approximately 54.2 million square meters of gross floor sales area.

* During the same reporting period, Midea Real Estate Holding Ltd.'s contracted sales grew by about 55.82% year over year to roughly 79.0 billion yuan. The unaudited 12-month sales figure for 2018 reflects gross floor sales area of approximately 7,907,000 square meters.

* China Overseas Land & Investment Ltd. received over 3,400 deposits over the Jan. 5 weekend for the 324 apartments launched in The Regent, representing a 9x oversubscription, Apple Daily reported. Units in the project, located in Tai Po, Hong Kong, are priced at an average of HK$12,800 per square foot, a level similar to used flats in the area.

* Majority of the units launched at the Grand Central project jointly developed by Sino Land Co. Ltd., Chinese Estates Holdings Ltd. and Hong Kong's Urban Renewal Authority in the Kwun Tong area of the special administrative region were already sold, The (Hong Kong) Standard reported.

* Developers revealed sale plans for the new year at an industry event, with Sun Hung Kai Properties Ltd. aiming to launch six projects in the first half of the year, Ming Pao reported. Henderson Land Development Co. Ltd. will introduce two projects in the first quarter; CK Asset Holdings Ltd. will debut 115 units on Borrett Road in the Mid-Levels; and K. Wah International Holdings Ltd. is aiming to sell 1,000 units in Kai Tak and 10 luxury apartments in Kowloon Tong.

* Sheng Songcheng, People's Bank of China adviser and dean of the research institute at China Chief Economist Forum, was quoted by the China Securities Journal as saying that an increase in property values in China is no longer guaranteed as housing price cooling measures take effect, Reuters reported. Songcheng added that the policies are anough to stabilize housing prices in the next 10 to 15 years.


* Owners of the Flynn Park residential site off Pasir Panjang Road are working to trim the reserve price for the freehold property's collective sale to S$325 million from S$363.8 million, The (Singapore) Business Times reported. The development spanning 208,443 square feet on Yew Siang Road was taken to the market with the original asking price in May 2018.


* Sunshow Industry Co. Ltd., a housing developer based in Gifu Prefecture, is selling residential plots exclusively for Filipinos working in Japan, Tokyo's The Nikkei reported. The company's new sales program is based on its marketing concept that a foreign housing community will help residents better respond to natural disasters and other emergencies.

* The city of Shizuoka is planning to relax restrictions on large retailers to locate shopping malls in the city center as part of an effort to reverse urban population declines, The Yomiuri Shimbun reported.

Other news

* A consortium involving Filipino developer Filinvest Development Corp., JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airports International's Changi Airport Philippines (I) Pte. Ltd. subsidiary earmarked an estimated 6 billion pesos for the planned redevelopment of the New Clark International Airport that would double its capacity to serve eight million passengers yearly.

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.

Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.