Month: March 2025

The Government Land Sale (GLS) tender for Media Circle (Parcel A) in one-north closed on March 4 with a winning bid of $315 million from the consortium of Qingjian Realty, Forsea Holdings, and minority investor Hoovasun Holding. The 99-year leasehold site is zoned for residential use, with commercial spaces on the first storey.The top bid translates to a land rate of $1,037 per square foot per plot ratio (psf ppr) for the 82,125 square foot site, which has a maximum gross floor area of 303,865 square feet. The proposed development could have about 325 housing units and two high-rise residential towers.The neighbouring Media Circle GLS plot, which will be home to the upcoming Bloomsbury Residences with 358 units, was awarded to Qingjian and Forsea in January 2024 at $395.28 million, or $1,191 psf ppr. Du Dexiang, managing director of Qingjian Realty, is confident in the upcoming transformation of Media Circle, …

HPL (Hotel Properties Ltd), a leading player in the property and hotel industry, is making strides in expanding their global reach with the acquisition of InterContinental Auckland, worth NZ$180 million ($138.5 million). This marks a significant milestone for the group as it will be their first investment in the New Zealand market, and their second InterContinental hotel acquisition after the successful launch of InterContinental Maldives Maamunagau Resort.

The transaction was an off-market deal, facilitated by JLL’s Asia Pacific Hotels & Hospitality Group, who advised on the sale by New Zealand’s Precinct Properties. According to JLL, this is the largest single hotel asset sale ever recorded in New Zealand. The purchase of the Auckland hotel comes shortly after HPL opened The Boathouse Tioman in Malaysia, offering 31 luxurious bungalows, and the 176-room Four Seasons Hotel Osaka in Japan, last year.

HPL has expressed their ambition to expand their portfolio of upscale …

In the second half of 2024, institutional investments in Asia Pacific (Apac) real estate saw a 6% increase year-on-year, reaching a total of US$83.2 billion ($112 billion), according to research by Colliers. This brings the full-year investments to US$155.9 billion in 2024, climbing by 12% compared to the previous year. The figures cover the top nine markets in the region: Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand and Taiwan.

This rise in investments demonstrates the resilience of the Apac real estate market and sets the stage for a robust 2025, according to Chris Pilgrim, Colliers’ managing director of global capital markets, Asia Pacific. Pilgrim also noted that domestic investors have continued to drive growth in key markets such as South Korea, Taiwan and New Zealand. In the second half of 2024, local investors accounted for over 80% of real estate inflows in these markets.

The …

Singapore-based private equity real estate firm SC Capital Partners Group has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group sold the property, which is situated on Anzac Parade and Lorne Avenue in Kensington, for a significant premium to its initial purchase price and a 19% premium to its current book value. The buyer of the property is none other than the University of New South Wales (UNSW) in Sydney.

SC Capital Partners Group had acquired the property in 2016, reportedly paying A$57 million for the asset. With this sale, its current book value has increased significantly. Spanning over 85,035 square feet, the purpose-built student accommodation features 233 beds and a ground-floor commercial podium. It is strategically located within 600 meters of the UNSW Kensington Campus, making it an ideal choice for students. The student accommodation component …

for over $1 billion

Lee Chee Koon, CEO of CapitaLand Investment Limited (CLI), was recently awarded the ‘Industry Figure of the Year’ for Asia Pacific at the prestigious PERE Global Awards 2024. This annual event, organized by the London-based private equity real estate publication, recognizes outstanding firms, individuals, and deals from the past year. CLI also received the runner-up award for ‘Firm of the Year’ in Asia Pacific, showcasing the company’s exceptional performance in the region.

The winners for 2024 were chosen by a panel of PERE journalists, a change from previous years where readers voted for the winners from a shortlisted group of submissions.

CLI, in a press release issued on March 4, stated that the CEO award for Lee is a testament to “his role in driving CLI’s transformational growth and his significant contribution to the private real estate industry in the Asia Pacific region.” Since taking over …

City Developments Shares Plunge After Family Spat

Shares of City Developments (CDL) experienced a sharp drop of 28 cents, or 5.47%, when trading resumed today amid an internal tussle that has now reached the courts. The trading of CDL’s shares had been halted since February 26, when a scheduled results briefing was suddenly cancelled and news of a disagreement between Executive Chairman Kwek Leng Beng and his son Sherman Kwek, who is the Group CEO, came to light.

CDL released a statement on March 3, saying that they will not be commenting on the allegations made against the board as they are currently subject to ongoing court proceedings. They also reassured shareholders that the company’s business operations remain unaffected and it is “business as usual”. Sherman Kwek will continue to hold the position of Group CEO until the board makes a decision to change the company leadership.

As a result …

In a recent announcement, Elite UK REIT’s trustee, Perpetual (Asia) Limited, successfully sold its property known as Crown Buildings, Caerphilly, located at Claude Road, Caerphilly, for a total of GBP710,000 ($1.2 million). This sale was made at an 18% premium, demonstrating the strong demand for this vacant property.

This transaction was disclosed in a filing with the bourse on March 3, made by Elite UK REIT’s manager. The property, which was evaluated by CBRE, had a value of GBP600,000 at the end of 2024. This is a significant increase from its valuation of GBP530,000 at the end of 2023.

Crown Buildings, Caerphilly is situated in Wales and boasts a gross floor area of 20,712 sq ft. After the successful sale, the net proceeds will be utilized to pay off any outstanding borrowings for Elite UK REIT.

According to information provided on Elite UK REIT’s website, Crown Buildings, Caerphilly has an …