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Scape seeks A$1B for city living project; 360 Capital fund plans merger with URB

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Scape seeks A$1B for city living project; 360 Capital fund plans merger with URB

* Scape Australia is seeking up to A$1 billion from global investors for a fund that focuses on developing apartments catered to young professionals and postgraduate students, IPE Real Assets reported. Scape, which has an A$5 billion portfolio across its home country, plans to build 500 so-called "city living units," mostly in Melbourne.

* 360 Capital Group's 360 Capital Total Return Fund plans to merge with URB Investment Ltd. to create a company with a market capitalization of approximately A$170 million and total assets of more than A$178 million. Upon completion, 360 Capital Group agrees to acquire the management rights to URB Investment from Contact Asset Management Pty. Ltd. for A$2.5 million, according to a news release.

Greater China

* Inc. secured approval to begin its 5 billion-yuan development of its 62,600-square-meter headquarters in Nanjing, China, Guandian reported. The facility will house the e-commerce company's operational headquarters, e-commerce account center and smart logistics showroom.

* Singapore-based Hatten Land Ltd. and Billion Celestial Holdings Ltd. agreed to establish Hatten Wellness China Pte. Ltd., a joint venture that will develop property projects across China.

* China Resources Land Ltd.'s contracted sales in September increased by 30.6% year over year to about 21.98 billion yuan, while contracted gross floor sales area rose 25.1% to approximately 1,288,772 square meters. In the same month, the Hong Kong-listed developer paid nearly 7.30 billion yuan to acquire various levels of interest in seven land parcels across China.

* Meanwhile, the contracted sales of Future Land Development Holdings Ltd. and China Merchants Land Ltd. for the nine months ended Sept. 30 respectively grew year over year by 23.89% to roughly 197.69 billion yuan and by about 19% to 26.14 billion yuan, according to separate filings.

* CK Asset Holdings Ltd. will launch 88 units at its Seaside Sonata development in Sham Shui Po, Hong Kong, on Oct. 17, with each unit priced between HK$9.0 million and nearly HK$22.7 million, Ming Pao reported. The developer's first batch of 180 units in the project was 3x oversubscribed after offering a 22% discount to buyers.

* Wing Tai Properties Ltd. plans to launch 38 luxury homes by October-end at its The Carmel development in Tuen Mun, Hong Kong, local publication The Standard reported. Each of the units measures between 1,706 square feet and 4,144 square feet.

In the same report, The Standard noted that Goldin Financial Holdings Ltd. will also commence the sale of 81 units at its Grand Homm development in Ho Man Tin, Hong Kong, on Oct. 19.


* Mitsubishi Jisho Residence Co. Ltd. and Mitsui Fudosan Residential Co. Ltd. will launch the first batch of their joint residential development in Mihama-ku in October, Jutaku-Shimpo-Sha reported. A total of 53 single-family homes will be available as part of the offering.


* Cushman & Wakefield said total investment in Singapore's property market in the third quarter amounted to S$16.74 billion, up 150% from the prior quarter. The real estate services company noted that the commercial sector led the investments, with sales reaching S$6.27 billion.

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.

Aries Poon, Emily Lai and Jaekwon Lim contributed to this report.