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Singapore estate hikes price to S$1.8B; Mahindra to develop tourism project

* The reserve price of the Dairy Farm estate in Singapore was raised to S$1.84 billion from S$1.69 billion to entice its residents to sign the collective sales agreement ahead of the April deadline, The (Singapore) Business Times reported. Currently, only 68% of the owners have signed for the en bloc sale of the property.

* Mahindra Lifespace Developers Ltd. signed an agreement to develop a 1,300-acre tourist destination in Murud in Maharashtra, India, The Economic Times (India) reported. The company's Deep Mangal Developers will oversee the development of the project, which was signed with the Maharashtra government.

Australia

* A joint bid between Australian developer Ecove Group Pty Ltd. and China Aoyuan Group Ltd. is on the shortlist of contenders to redevelop a 3,647-square-meter public housing site in Sydney that is expected to be sold for about A$120 million to A$150 million, The Australian Financial Review reported. The New South Wales Government is expected to unveil the name of the winning bidder at the end of January.

* AMP Capital's Chief Economist Shane Oliver is projecting low-single-digit growth for prices in Canberra's property market despite the credit crunch having a marginal impact on Australia's capital city, the AFR reported. Sydney and Melbourne are expected to be the worst affected due to a larger investor pool and greater loan-to-income ratios, Oliver added.

* A number of Chinese developers are looking to divest apartment development sites in Australia as Beijing restricts capital outflows from China, The Australian reported. Some, such as Dalian Wanda Group Co. Ltd. and HNA Group Co. Ltd., have already exited their investments, but the selloff seems far from over, the publication noted.

Hong Kong and China

* Chinese Estates Holdings Ltd. expects to incur an unrealized loss of HK$3.1 billion for the year ended Dec. 31, 2018, due to a fall in investment gain from China Evergrande Group shares to HK$6.6 billion from HK$9.9 billion year over year.

* Shimao Property Holdings Ltd. reported contracted sales of 176.15 billion yuan for the year ended Dec. 31, 2018, a 75% increase over the year-ago figure. The sales translate to 10.69 million square meters, a 76% uptick year over year from 6.06 million square meters.

* The Beijing government launched 732 hectares of private residential land to the market in 2018, exceeding the target supply by 13%, Xinhua News Agency reported. The supply of co-ownership land reached 103% of its target for the year, and the supply of land for subsidized housing reached 417 hectares, surpassing the target by 19%.

* A survey conducted in November 2018 reveals that 49% of the public opposes Hong Kong's HK$500 billion plan to construct four artificial islands to accommodate an estimated 1.1 million people starting in 2032, Bloomberg News reported. The government-backed Lantau Tomorrow Vision aims to add up to 400,000 housing units on 1,700-hectare islands in the city's central waters, between Lantau Island and Hong Kong Island.

Financial Secretary Paul Chan said the initiative could be bankrolled through bond issues, despite looming concerns that the city could rack up small fiscal deficits over the forthcoming period, the report added.

Singapore

* Cavenagh Gardens is on the market again at a reserve price of S$480 million, a land rate of S$1,695 per square foot per plot ratio. The 172-apartment development covers 128,255 square feet.

* The number of Housing Board flats sold dropped 23.9% month over month in December 2018, a greater decrease than the 20.1% drop recorded in 2017, The Business Times reported, citing flash data from real estate portal SRX. According to the report, this was the fifth straight month of decline in sale volumes after the launch of market-cooling initiatives in July 2018.

* According to a Colliers International analyst, overall private home prices could increase by 3% in 2019, in line with economic growth, The Business Times reported. Meanwhile, Cushman & Wakefield said property prices could have increased by more than 10% if not for the government's cooling measures.

India

* Increasing levels of disposable income and higher demand from e-commerce companies are increasing the need for storage space in the country, with space absorption increasing to more than 17.5 million square feet in the first three quarters of 2018, JLL 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.

Rollen Catorce and Emily Lai contributed to this report.