* The tender for a residential site in New Territories, Hong Kong, that MTR Corp. Ltd. intends to sell within March could fetch a price of HK$2.7 billion, Mingtiandi reported. The land parcel in Lohas Park in the Tseung Kwan O area is expected to become the largest residential estate in the special administrative region as it could yield up to 1,850 homes with a total gross floor area of 950,000 square feet.
* Lippo Malls Indonesia Retail Trust agreed to buy the Lippo Mall Puri in the Puri Indah commercial precinct of West Jakarta, Indonesia, from PT Lippo Karawaci Tbk. for 3.700 trillion rupiah. The retail property, which features two eight-story buildings and two lower ground floors, is the flagship mall of the St Moritz Jakarta Integrated Development.
* Credit Suisse Group AG is selling the 15,888-square-meter tower at 25 Grenfell St. in Adelaide's central business district that could sell for as much as A$150 million, The Australian Financial Review reported. The investment management house appointed JLL to help market the building that it bought from GDI Property Group in late 2016 for A$125 million.
* Equinix Inc. will initially invest A$117 million for the development of its new data center facility in Melbourne, The Australian reported. The first phase of the U.S. data center giant's ME2 facility in the Port Melbourne suburb is expected to open later in 2019 with an initial capacity of 1,000 cabinets.
* A consortium comprising GPT Group, Brookfield Property Partners LP and AMP Capital faced the Independent Planning Commission to address concerns and finally obtain approval for its plan to develop a A$650 million tower in Cockle Bay, Sydney, the AFR reported. The design for the proposed development was revised four times, resulting in the respective reduction of the mixed-use building's height and value to 183 meters and from A$1 billion.
Hong Kong and China
* Mofang Apartments raised US$150 million at the completion of its series D financing led by Canadian institutional fund manager Caisse de dépôt et placement du Québec. The Chinese rental apartment operator is also backed by Avic Trust Co. Ltd. and Warburg Pincus & Co., according to a news release.
* Jiande International Holdings Ltd. is expecting a substantial year-over-year decrease in its profit attributable to owners of the company for the year ended Dec. 31, 2018. The Hong Kong-listed real estate company attributed the bearish forecast mainly to declines in both revenue and gross profit from its property development business and to the settlement of taxes related to its Binjiang International project in Quanzhou, China.
* Hopson Development Holdings Ltd.'s aggregate contracted sales for the first two months of 2019 increased by 36.2% on an annual basis to nearly 1.44 billion yuan from about 1.05 billion yuan. The two-month sales figure translates to about 99,759 square meters of gross floor area and an average selling price of 14,391 yuan per square meter.
* The luxury house with a gross floor area of 5,700 square meters at 28 Barker Road in Victoria Peak, Hong Kong, was sold lower than its asking price for between HK$610 million and HK$620 million, Mingtiandi reported, citing brokers quoted in an Apple Daily report. The home with an HK$830 million price tag comes with a private swimming pool, two parking spaces, a 940-square-foot garden and a 1,214-square-foot terrace.
* Ng Shung Mo, head of sales at Chinachem Group Co. Ltd., was cited by The (Hong Kong) Standard as saying that the proposed vacant property tax in China is "not reasonable" because luxury developments are not easy to sell in a short period. The publication, citing lawmaker Andrew Wan Siu-kin, added in the same report that the tax will not be effective if it is only imposed on primary properties.
The property tax that has been considered for more than a decade is "steadily advancing," according to Chinese senior parliamentary officials cited in a March 9 Reuters report.
* Sumitomo Realty & Development Co. Ltd. will develop the 30-floor City Tower Higashi Umeda Parkfront high-rise tower condominium in Kita Ward, Osaka City, Yutosoken reported. The 490-unit property will feature convenience facilities, such as a shopping area, a park and public facilities.
* Mitsui Fudosan Co. Ltd. is constructing a regional shopping center in Togo Town, Aichi District, Aichi Prefecture, Jutaku–Shimpo reported. The four-floor LaLaport Aichi Togo-cho is expected to be the largest shopping center in the Chubu area with about 190,200 square meters of total floor area.
* Filipino developer Megaworld Corp. is teaming up with its Empire East Land Holdings Inc. subsidiary to develop a 24-hectare property in the municipality of Cainta, Rizal. The partnership intends to build the Highland City township at a cost of 20 billion pesos over the next 10 years. The proposed development will be the location of the Highland Mall, which will encompass a gross floor area of approximately 58,000 square meters.
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.