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Hong Kong hotel attracts HK$4.8B offer; Ascendas buys Melbourne property

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Hong Kong hotel attracts HK$4.8B offer; Ascendas buys Melbourne property

* An unnamed buyer is believed to have offered HK$4.8 billion to buy the 546-room Kimberley Hotel in Hong Kong's Tsim Sha Tsui district, Mingtiandi reported, citing the Hong Kong Economic Times. The hotel with a price tag of HK$6 billion provides 243,301 square meters of space across a 21-story building.

* Ascendas Real Estate Investment Trust agreed to pay A$110.9 million for the acquisition of the office building development at 254 Wellington Rd. in Melbourne from ESR FPA (Wellington Road) Pty. Ltd. Practical completion of the targeted property is expected in the second quarter of 2020, upon which Nissan Motor Co. (Australia) Pty. Ltd. will occupy 65.2% of the project space for a 10-year lease term.

Greater China

* The contracted sales of China Evergrande Group and Country Garden Holdings Co. Ltd. in September rose year over year by about 31.9% and 40.39%, respectively, to roughly 83.11 billion yuan and 51.58 billion yuan. For the same month, the pre-sales value of KWG Group Holdings Ltd. and its subsidiaries rose 66.6% year over year to 9.23 billion yuan.

* CBRE Group Inc. decided to leave its headquarters at Hongkong Land Holdings Ltd.'s Three Exchange Square property in Hong Kong's Central district and move to Swire Properties Ltd.'s Pacific Place building in the city's Admiralty district. The move is expected to reduce its office costs by nearly half compared to what it would have to pay to renew its current lease, Mingtiandi reported, citing the Hong Kong Economic Times.

* Sun Hung Kai Properties Ltd. is set to launch on Oct. 8 a tender for a 3,447-square-foot house at its Le Palais development in Stanley, Hong Kong, local publication The Standard reported. Meanwhile, Country Garden is selling eight apartments at its Altissimo project in the Ma On Shan town of the city after pocketing HK$3 billion from the previous sale of 372 residential units in the same development.

* Quoting Land Registry figures, The Standard reported that the number of property transactions in Hong Kong declined 20.7% month over month to 4,090 in September, the lowest property transaction number in a month so far in 2019.

Philippines

* Filinvest Land Inc.'s Filinvest Alabang Inc. entered into a joint venture agreement with Mitsubishi Corp. for the 15 billion-peso development of an integrated complex in Alabang, Muntinlupa, Philippines. As part of the deal, Mitsubishi will acquire Filinvest Alabang's 40% stake in the project site spanning nearly 17,000 square meters.

India

* Apollo Global Management Inc. is in initial discussions to buy a stake in real estate lender Altico Capital India Ltd. under a transaction that could be worth between US$100 million and US$150 million, Mint (New Delhi) reported, citing two people aware of the development. One of the unnamed sources said the private equity firm wants to provide up to US$250 million in debt financing to Altico to help the latter grow its loan book.

Australia

* CBRE is auctioning off the three-level office building at 76-78 Jolimont St. in Melbourne. The property adjacent to the Melbourne Cricket Ground includes parking spaces for nine cars and has the potential to be redeveloped for residential, hotel, medical or commercial purposes, subject to planning approvals.

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