Property

Frasers Logistics Trust partially divesting Australian asset for A$15 mil; seeks buyer for remaining components
SINGAPORE (May 16): The manager of Frasers Logistics & Industrial Trust (FLT) says it is divesting the warehouse and hardstand components of 610 Heatherton Road in Victoria, Australia, to Mack Bros Enterprises for A$15 million ($14.2 million). The deal represents a 11.1% premium to the property as at 15 April this year, and is subject to FLT’s successful registration of its subdivision ...
Funan office component said to hit 98% pre-leasing commitment at TOP
SINGAPORE (May 8): The manager of CapitaLand Mall Trust (CMT) and CapitaLand say the twin office blocks of Funan have secured a total pre-leasing commitment of 210,000 sq ft or 98% of its total office net lettable area (NLA) at the point of securing TOP in April. Formerly known as Funan DigitaLife Mall, Funan is owned by CMT and managed by CapitaLand. It is due to reopen in mid-2019 as an ...
Why investors love Singapore's struggling malls
SINGAPORE (May 7): Singaporeans aren’t spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners. The city-state has 6.1 million sqm of retail space, of which 8.7% is vacant. Yet companies are forecast to add a further 364,000 sqm, with the biggest chunk hitting the market this ...
Oxley sells Chevron House for up to $1.025 bil
SINGAPORE (Apr 30): Oxley Holdings has sold Chevron House at 30 Raffles Place Singapore to Golden Compass (BVI). See: Oxley accepts expression of interest for $1.03 bil sale of Chevron House The property is a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with an existing net lettable floor area of 24,273 square metres. In an early ...
Singaporeans snap up biggest share of homes compared to foreigners in decade
(Apr 29): Singaporeans’ deep-seated desire for home ownership has seen them snap up the biggest share of residential properties versus foreigners in a decade. About 79% of private apartments went to Singaporeans in the first quarter, the most since the first three months of 2009, according to property consultants OrangeTee & Tie. And the homes weren’t cheap -- the proportion of local ...
Billionaire Kwek keeps it in the family with luxury condo sales
SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause. Kwek’s wife and son Cecilia Kwek and Kingston spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing late Monday. His ...
Keppel REIT breaks into Seoul market with $301 mil office tower purchase
SINGAPORE (Apr 23): Keppel REIT is acquiring a 99.38% stake in T Tower, a freehold Grade A office building in Seoul’s CBD for KRW 252.6 billion ($301.4 million). The remaining 0.62% stake will be acquired by subsidiary Keppel Capital Holdings. The seller is PGIM Real Estate, the real estate investment business of PGIM, the global investment management businesses of Prudential ...
GuocoLand unveils design for Guoco Midtown at Beach Road
SINGAPORE (Apr 22): GuocoLand has unveiled the design of Guoco Midtown, the 950,600 sf mega mixed-use development at Beach Road. Slated for completion in the first half of 2022, Guoco Midtown will feature a 770,000 sf, 30-storey Grade A office tower with central core office floor plate and 3.3m-high ceiling. Panoramic views of the city, Kallang Basin and Marina Bay can be viewed through the ...
Perennial-led consortium to fully divest stake in Chinatown Point Mall for $520 mil; expects 2Q to turn profitable
SINGAPORE (Apr 22): Perennial Real Estate Holdings, together with its consortium of investors, is fully divesting its 100% stake in entities that own the retail mall and four strata office units in Chinatown Point, for a consideration of $225 million. The buyer is PAR Chinatown Point, a wholly-owned vehicle of a fund which is managed by Pan Asia Realty Advisors (Singapore). a joint venture ...
CapitaLand raises $528.3 mil in first closing of its maiden discretionary equity fund
SINGAPORE (Apr 22): CapitaLand announced that it has successfully set up its first discretionary real estate equity fund – CapitaLand Asia Partners I (CAP I) – after raising US$391.3 million ($528.3 million) for the fund’s first closing, nine months after fundraising started in July 2018. The establishment of CAP I is a part of CapitaLand’s efforts to ramp up its discretionary real ...