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Oxley to sell hotels for S$950M; Lendlease consortium in race for Sydney project


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Oxley to sell hotels for S$950M; Lendlease consortium in race for Sydney project

* Singapore-based property developer Oxley Holdings Ltd. is hoping to dispose of the Mercure and Novotel hotels at 28 and 30 Stevens Road in the city-state for S$950.0 million. The company's Oxley Gem Pte. Ltd. unit accepted a nonbinding letter of intent from an undisclosed buyer for the sale.

* Three consortiums that involved developers such as LendLease Group and Frasers Property Ltd. landed on the shortlist of the New South Wales, Australia, government for the development of its first build-to-rent project at 600-660 Elizabeth St. in Sydney’s Redfern suburb, The Australian Financial Review reported.

The successful consortium, which will build 500 units at the 1.1-hectare site, will be revealed in the third quarter.

Hong Kong, China and Taiwan

* A Henderson Land Development Co. Ltd. subsidiary lost a legal battle against Mega Well Development, and was ordered to refund over HK$69 million on account of misrepresenting the roof area at its development in Hong Kong's Sha Tin city, The (Hong Kong) Standard reported. The irregularity was discovered by the unit's buyer when she took possession of the property.

* Mulberry Land, a Hongkong Land Holdings Ltd. unit, filed a writ against HNA Group Co. Ltd. seeking redress over about HK$8.3 million in costs connected to its surrender of five floors at Three Exchange Square in Hong Kong as part of the conglomerate's cost-cutting initiative, the South China Morning Post reported.

* Sun Hung Kai Properties Ltd. saw a 20% rise in revenue to HK$18.8 billion in 12 of its major shopping malls last year, Apple Daily reported.

* The Regent in Hong Kong is at least 12x oversubscribed with 6,500 applications before the developer, China Overseas Land & Investment Ltd., cut off the sales, Sing Tao Daily reported.

* Shimao Property Holdings Ltd. plans to redeem US$550.0 million of 8.375% senior notes due 2022 at 104.188% of their principal amount, plus applicable interest.

* Yuexiu Property Co. Ltd. logged contracted sales of about 11.31 billion yuan in December 2018, translating to a gross floor area of approximately 573,600 square meters. The figures represent respective year-over-year increases of around 128% and about 185%.

* Prices of second-hand housing in Beijing saw the first year-on-year drop in the past 10 years, Caijing reported. Used housing in the city costs 60,925 yuan per square meter, according to the data released by Beike Research Institute, which shows a drop of 3.3% from the previous year.

* Cushman & Wakefield Taiwan remains "conservative" on the Taiwanese property market despite commercial property transactions hitting NT$99.6 billion in 2018, up 14% from NT$71.15 billion from a year earlier, The Taipei Times reported. The uptick, fueled by demand from financial and technology firms, was in contrast to the agency's forecast of transactions remaining the same as 2017.

* In a separate report, citing bid organizers JLL, The Taipei Times said the property arm of embattled conglomerate Tatung Co. Ltd. is looking to launch an auction for two properties in the greater Taipei area in March, as two of its units look to restructure their finances. JLL said it expects to collect more than NT$10 billion from the auctions.


* A 10-story, A$65 million hotel at 32 Morrow St. in Brisbane is expected to open its doors later in January, the AFR reported.

The 63-room property, a joint venture between privately owned development company Evans Long and private day hospital operator Montserrat, will be operated by UniLodge unit Essence Apartments and Suites.

* Real estate agents expect Sydney and Melbourne's middle suburbs will be hit the hardest by the residential building slump, as official figures revealed that house and apartment approvals fell more than 9% in November 2018 and dipped approximately 33% on an annual basis, the biggest drop since the global financial crisis was at its peak in early 2009, The Australian reported.

* According to a JLL report, Adelaide’s secondary office stock is undergoing a surge in redevelopment initiatives after several years of inactivity, as real estate investors look to keep abreast with demand for space from industries such as defense, health, education and infrastructure.


* China Communications Construction Group (Ltd.) and WCT Holdings Bhd. will jointly develop the first residential project at Tun Razak Exchange in Kuala Lumpur, with an estimated gross development value of 1.1 billion ringgit, The (Malaysia) Star reported.

* An RHB Research report said unsold and ongoing projects for developers, such as Sime Darby Property Bhd., IOI Properties Group Bhd. and UEM Sunrise Bhd., outnumber their annual turnover. The Star reported that the worsening the state of unsold property inventory is happening despite the aggressive sales policy adopted by developers over the past two years.

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 and Emily Lai contributed to this report.