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Daiwa House income up YOY; South Korean logistics facilities to get US$500M

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Daiwa House income up YOY; South Korean logistics facilities to get US$500M

* Japanese real estate company Daiwa House Industry Co. Ltd.'s net income attributable to owners of the parent for the fiscal first quarter ended June 30 rose year over year to ¥52.41 billion, or ¥78.83 per share, from ¥50.64 billion, or ¥76.31 per share.

* Canada Pension Plan Investment Board agreed to partner with ESR and its Kendall Square Asset Management subsidiary on a platform that will invest US$500 million in modern logistics facilities in South Korea.

Hong Kong and China

* Chinese Estates Holdings Ltd. warned that it might book a net loss of between HK$345 million and HK$382 million in the first half of 2018, compared to the net profit attributable to company owners of about HK$2.56 billion a year ago, mainly due to its investment in China Evergrande Group.

* A recent survey by JLL revealed that Hong Kong's total retail sales increased 13.4% year over year in the 2018 first half, while 90% of foreign and domestic retailers saw their sales rise in the period.


* An IPO of the Home Consortium portfolio of retail centers looks to be in the cards, with some A$1 billion in real estate expected to have been redeveloped and reopened by the end of 2018 alone, The Australian Financial Review reported. With about 14 new centers slated to launch in 2019, the total portfolio will encompass 40 assets comprising 485,000 square meters.

* Shayher Group obtained approval for the 19-story Adina Apartment Hotel in Melbourne, slated to open in 2020, as the company presses ahead with the redevelopment of the historic Pentridge Prison site in Coburg into a A$1 billion master-planned community, The Australian reported.

* Qualitas, which engaged Evans & Partners to help the Melbourne-based property finance house with a listing on the Australian bourse, launched a property income fund for which it could raise as much as A$500 million, The Australian reported.

* Property developer Sheng Le Group received a conditional approval from Victoria's Planning Minister Richard Wynne for a A$420 million mixed-use project in Melbourne's Southbank that will comprise a 47-story twin-tower hotel and apartment project at 87-127 Queensbridge St., the AFR reported.

* Charter Hall Retail REIT agreed to sell a 47.5% stake in Salamander Bay Centre in New South Wales to its joint venture with Charter Hall Prime Retail Fund for A$83.1 million.

* German group Real IS is selling a 20-level office tower at 77 Grenfell St. in Adelaide to a joint venture between property executive Chris Lock and investment house Wingate for approximately A$105 million, The Australian reported.

* Lendlease Corp. Ltd.'s Australian Prime Property Fund Commercial sold a 15,731-square-meter office tower at 60 Flinders St. in Adelaide to the Nikos Property Group for more than A$100 million, The Australian reported.

* Adelaide-based developer Greaton, which is selling a 7,643-square-meter residential site in St. Leonards for approximately A$100 million, is open to including potential financing partners on the project, the AFR reported. According to the report, the site will be sold with a prepared development scheme called Project River, which has plans for 252 apartments.

* Thailand's Minor International PCL is set to purchase the 160-room QT Hotel in Port Douglas, Queensland, from Event Hospitality & Entertainment Ltd., The Australian reported.

* Mondous Property Group is poised to acquire an 82-hectare farm at 250 Lancefield Road in Sunbury, Victoria, that can house 1,000 lots in an approximately A$50 million deal, the AFR reported.


* CapitaLand Ltd. will keep allocating 50% of its capital to emerging markets and the remaining 50% to developed markets, Bloomberg News reported, citing President and CEO Lim Ming Yan. The report also quoted the executive as saying that with Singapore's recent property curbs, "we see new situations, new opportunities arising," and that China's residential market is "still a big part of" the Singapore-based company's business.

* RHB Bank Bhd. is considering various options for its main office building in Singapore, including an outright sale of the 17-story asset for approximately S$200 million, The (Malaysia) Star Online reported, citing people familiar with the matter.

Elsewhere in Southeast Asia

* Responding to a recent news article, Ayala Land Inc. said it has a balance of 8 billion Philippine pesos in its shelf registration and may issue up to 5 billion pesos worth of fixed-rate bonds to partly fund its CapEx for 2018. The company added that it may opt to increase the potential issuance to up to 8 billion pesos to maximize the remaining balance of its shelf registration, with the additional proceeds to be used to term-out short-term loans.


* Sumitomo Realty & Development Co. Ltd. will build a ¥63.3 billion twin tower in front of JR Nakano station in Tokyo, The Nikkei of Tokyo reported. The complex will comprise a 145-meter-tall condominium building and an office building with a height of 120 meters. Construction will start in October 2019 and is slated to complete in December 2022.

In other news, Sumitomo Realty started selling units at its 3,384.33-square-meter City House Muromi Station Court condominium project in Sawara Ward, Fukuoka City, R.E. Port 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 John Chan contributed to this report.