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Far East to take part control of A$3B project; DEXUS plans new Sydney building

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Australia

* Far East Consortium International Ltd., Chow Tai Fook Enterprises Ltd. and The Star Entertainment Group Ltd. will take official control of their A$3 billion, 9.4-hectare Queen's Wharf project in Brisbane by Jan. 1, 2017, The Australian reported, citing planning documents. The trio will break ground on the same day, and the first phase of work will involve a staged demolition of government buildings within the following six months.

* DEXUS Property Group plans to build a A$2 billion tower in Sydney, inspired by the Grand Central Station in New York City, U.S., according to The Australian, citing DEXUS CEO Darren Steinberg. The company submitted an unsolicited proposal to the New South Wales government for the development of a building atop the new Martin Place station.

The plan further stimulated competition with other groups that seek to develop the site, including Macquarie Group, according to the report.

* The sale price for GPT Group's GPT Wholesale Shopping Centre Fund's 50% stake in the Westfield Woden shopping center in Canberra amounted to A$335 million, The Australian Financial Review reported. The fund struck a transaction with Perron Investments at an 11.7% premium to the asset's book value.

* As part of a redevelopment project, a new 44-floor office tower may soon rise at the Darling Park complex in New South Wales, which is co-owned by GPT Group's GPT Wholesale Office Fund, The Sydney Morning Herald reported, citing a development application. The planned revamp project is valued at approximately A$1 billion.

* Charter Hall Group's Charter Hall Office Trust sold two noncore commercial properties — the Avaya House building in Macquarie Park, Sydney, and the St Kilda office block in Melbourne — in separate transactions for a combined price of A$234.3 million, the AFR reported.

* Charter Hall Retail REIT acquired ISPT's 14,000-square-meter Arana Hills Plaza and an adjoining Shell petrol station in Brisbane for A$67.1 million, reflecting a 6% cap rate, the AFR reported.

* Propertylink exchanged conditional contracts to acquire the 205-231 Fairfield Road property in Yennora, western Sydney, for A$46.6 million, reflecting a 7.39% initial yield. The industrial property's total lettable area spans 31,086 square meters on a 5.5-hectare site.

* Lendlease Corp. Ltd. gained approval from the City of Melbourne for the main building at its A$2 billion Melbourne Quarter project, The Australian reported. Final approval for the 28-story Melbourne Quarter Tower will now be in the hands of Victoria Planning Minister Richard Wynne.

* Metro Property Development completed the unconditional A$5.2 million sale of management rights to the Brisbane Casino Towers project in South Brisbane to Song Properties.

China

* China Vanke Co. Ltd. and CapitaLand Ltd. are engaging in the shared office space business in China as demand for such leases is on an upswing, amid a dearth of activity for traditional office leasing, Reuters reported. The property developers are taking advantage of the growing trend by renting out their properties particularly to startups and self-employed individuals.

Japan

* Japan Prime Realty Investment Corp. plans to acquire the GINZA GATES property in Ginza and FUNDES Suidobashi in Chiyoda-ku, Tokyo, from Tokyo Tatemono Co. Ltd. for ¥10.10 billion and ¥3.25 billion, respectively. Japan Prime will also sell its Fukuoka Bldg. in Tokyo and JPR Hakata-chuo Bldg. in Fukuoka to Tokyo Tatemono for a combined price of ¥5.00 billion.

* Comforia Residential REIT, Inc. completed the ¥941.0 million acquisition of a trust beneficiary interest in the COMFORIA ICHIGAYAYAKUOJI property in Shinjuku-ku, Tokyo.

Singapore

* Sabana Shari'ah Compliant Industrial REIT trustee HSBC Institutional Trust Services (Singapore) Ltd. conditionally agreed to acquire the property at 107 Eunos Avenue 3 from General Cars Fleet Management Pte. Ltd. for a total cost of approximately S$36.1 million.

The property comprises a six-floor light industrial building with a basement carpark, with total gross floor area of approximately 133,946 square feet.

Indonesia

* MKH Bhd said its unit, MKH Plantation Sdn Bhd, completed the acquisition of PT Sawit Prima Sakti, a company that owns approximately 2,445.49 hectares of oil palm plantation land in Kalimantan Timur.

Macau

* Macau Property Opportunities Fund Ltd. said it received the Land, Public Works and Transport Bureau of Macau's approval for the company's design concept for a retail redevelopment in Senado Square district. The approval will allow the company to proceed with demolition and construction after it submits a detailed plan in the first quarter of 2017.

Thailand

* Frasers Centrepoint Ltd.'s Frasers Hospitality Group launched a new serviced residence in Bangkok. The 105-unit North Park Place is made up of one- and two-bedroom apartments, and is within the Rajpruek Golf Club.

Additional coverage

New World Development plans 14.5B yuan investment in Shenzhen projects: The company and its subsidiaries plan to invest approximately 14.52 billion Chinese yuan for the development of four land parcels in Shenzhen.

Swire Properties fails to gain approval for HK$15B redevelopment plan: Hong Kong's Town Planning Board rejected the company's proposed redevelopment of Taikoo Place in Quarry Bay, the South China Morning Post reported, citing a company statement.

GLP forms new US fund for $1B acquisition: The company formed Harvest Logistics Holdings LP, or GLP US Income Partners III, as its investment vehicle for a US$1.1 billion acquisition of logistic properties in the U.S.

China Overseas Land reports YOY decline in November sales: The company and its subsidiaries also acquired two land parcels in Changchun and Fuzhou, China, for a land premium of roughly 2.51 billion Chinese yuan.

China Resources Land reports YOY increase in November sales: In the first 11 months of 2016, the company's contracted sales amounted to 99.01 billion Chinese yuan.

CPPIB to buy NZ$580M stake in office, retail portfolio in New Zealand : The Canada Pension Plan Investment Board agreed to acquire a half stake in a portfolio of 13 prime office and retail properties in New Zealand.

Dalian Wanda, Immochan's €3.1B EuropaCity in Paris may undergo changes: The retail and leisure project will require modifications to its components to resolve concerns among politicians and locals in Paris, Property Investor Europe reported.

Vicinity Centres postpones Roselands project in Australia: The company decided to defer the New South Wales development due to the breakdown in negotiations with a major tenant in the center, according to Vicinity CEO Angus McNaughton.