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Elite Commercial REIT mulls Singapore IPO; CP Group eyes China urban projects

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Elite Commercial REIT mulls Singapore IPO; CP Group eyes China urban projects

* Elite Commercial REIT is seeking about £150 million from an IPO in Singapore, The (Singapore) Business Times reported. The trust plans to file a listing prospectus before the Chinese New Year. It will be the first IPO in Singapore in 2020 as well as the first real estate investment trust denominated in British pound listed in the city-state.

* Thailand's Charoen Pokphand Group Co. Ltd. and China's GoHigh Capital set up a 10 billion-yuan fund to invest in urban renewal projects in China's first-tier and upper-second-tier cities, Mingtiandi reported.

Greater China

* Longfor Group Holdings Ltd. acquired an 88,955-square-meter site in Wenzhou in Zhejiang province at the reserve price of 2.51 billion yuan, China Internet Information Center reported. The site will be built for retail, restaurant, hotel, financial and entertainment purposes.

* Agile Properties Ltd. bought two mixed-use land parcels in Zhaoqing in Guangdong province at the reserve price of 839 million yuan, Guandian reported. The plots have a combined gross floor area of about 496,000 square meters.

* Kaisa Group Holdings Ltd. is issuing US$500 million of 10.5% senior notes due 2025. The net proceeds from the issuance will be used to refinance its existing medium- to long-term debt.

* Redsun Properties Group Ltd.'s December contracted sales rose 20.9% to 7.04 billion yuan from a year earlier. The group recorded a sales area of 539,356 square meters with an average selling price of 13,061 yuan per square meter.

* The first batch of 50 units at China Vanke Co. Ltd.'s new residential project at 15 Western St. in the Western District in Hong Kong was 4.2x oversubscribed, Hong Kong Economic Times reported. The price of the units ranges from HK$5.94 million to HK$10.44 million, or from HK$25,386 to HK$32,105 per square foot.

* Sun Hung Kai Properties Ltd. will launch its Townplace Soho rental apartments in Central, Hong Kong, in March, with monthly rent starting from HK$22,000, Apple Daily reported. The project will provide 293 apartments ranging from 286 to 1,092 square feet.

Japan

* Phoenix Property Investors Ltd. sold the Oakwood Residence Shinagawa apartment building in Tokyo to a Korean institutional investor for ¥20 billion. The 18,847-square-meter property comprises 202 serviced apartments.

Singapore

* Urban Redevelopment Authority's tender of a 99-year leasehold private housing site at Irwell Bank Road near Great World City received seven bids, The Business Times reported. The highest bid of nearly S$583.89 million is offered by City Developments Ltd.

Meanwhile, the tender of the Jalan Bunga Rampai site near Bartley MRT Station drew nine bids. The highest bid of S$93.39 million came from Wee Hur Development Pte. Ltd.

Other Real Estate News

* Chinese co-living platform Phoenix Tree Holdings Ltd. seeks to raise up to US$174.9 million from an IPO in New York. The company plans to offer 10,600,000 American depositary shares at between US$14.50 and US$16.50 apiece.

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 and Emily Lai contributed to this report.