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Real Estate News & Analysis: May Edition


Mitsubishi CEO talks landmark project; China Resources' 7-month sales up YOY

* Mitsubishi Estate Co. Ltd. is confident that it will be able to complete, by 2027, the development of a complex in the Marunouchi district, which includes a 390-meter building poised to become Japan's tallest building. CEO Junichi Yoshida told the Nikkei Asian Review that the company is "emboldened by the fact [that] this is an important project representing Japan."

* China Resources Land Ltd. and its subsidiaries' contracted sales amounted to roughly 10.71 billion yuan in July, representing approximately 863,268 square meters of gross floor area sold. Year-to-July, the conglomerate's accumulated contracted sales and sales area grew 16% and 7%, respectively, to an estimated 73.93 billion yuan and roughly 5,230,960 square meters compared to a year ago.

Southeast Asia

* Mapletree Logistics Trust is looking to divest to its sponsor, Mapletree Investments Pte. Ltd., a seven-story warehouse in Singapore for S$68.0 million. The sale of 7 Tai Seng Drive, which has a gross floor area of 23,844 square meters, is expected to be completed by the fourth quarter of fiscal year 2017-2018.

The trust disclosed in a filing that the property has a limited potential to be redeveloped into a modern logistics facility.

* Singapore-listed City Developments Ltd. is planning to invest S$60 million for the refurbishment of its Republic Plaza office property in the city-state's central business district. Enhancement works will start first quarter of 2018 with completion slated by first-half 2019.

* Mah Sing Group is gearing up for the opening of its third project in Rawang, Selangor, Malaysia. The 97-acre M Aruna @ Rawang, which will have a development value of 520 million ringgit, will feature 565 residential units, The (Malaysia) Star reported.

Hong Kong and China

* Link Real Estate Investment Trust plans to improve the mixture of tenants at its Metropolitan Plaza mall in Guangzhou, China. The (Hong Kong) Standard, citing Link Asset Management Director for China Gary Fok Yip- sang, reported that the company wants to improve the mix of food and beverage retailers and incorporate for-children elements in the mall, which was purchased in May for 4.07 billion Chinese yuan.

* According to Fitch Ratings, the proposed asset restructuring of Wanda Hotel Development Co. Ltd., aside from providing more transparency on the operations of its parent Dalian Wanda Commercial Properties Co. Ltd., will also allow the company to focus on property investments.

* Sales of units in the second phase of China Overseas Land & Investment Ltd.'s One Kai Tak development in Kowloon, Hong Kong, were slow on the Aug. 12-13 weekend, with only 156 units sold out of the 290 units on offer. According to the South China Morning Post, buyers over the weekend opted to purchase micro flats that are sold for not more than HK$6 million.

* Sina.com reports that many cities in China have raised interest rates on home loans, with banks phasing out loan rate discounts for first-time buyers.

Australia and New Zealand

* UBS analysts cited by The Australian forecast that earnings results of Australian real estate investment trusts like Mirvac Group and Stockland will be strong for the reporting period ended June 30, thanks to an increase in office building values and the residential property market boom.

* Colliers International's latest capital markets review found that investments in Australia's office property market by offshore private investors increased by 59% in fiscal 2017 to A$2.09 billion. The Australian, citing the review, reported that A$1.05 billion of the recorded offshore investments were contributed by Chinese investors, adding that Hong Kong and Singapore injections in the sector also grew to A$906 million in the reporting period from A$73 million a year prior.

* CIMIC Group Ltd.'s CPB Contractors won the contract to design and build the Christchurch Convention and Exhibition Centre in New Zealand, which upon completion can accommodate up to 2,000 people. CIMIC disclosed in a filing that it expects revenues of NZ$240 million from the deal.

Japan

* AEON Co. Ltd., in a bid to capitalize on the country's elderly group of consumers, is planning to build 100 or more stores specializing in selling products and services for senior citizens by 2025, the Nikkei Asian Review reported.

* Tokyo Governor Yuriko Koike is looking to expedite the city's pre-2020 Olympics agenda of relocating the Tsukiji fish market to Toyosu and building a transport hub at the vacated site, Tokyo's The Nikkei reported.

* New apartment sales in the seven prefectures of Kyushu increased 13.4% year over year to 3,170 units in the first half, helped by a 7.6 year-over-year drop in the average selling price across major cities, The Nikkei reported.

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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.