Property news round up 26 Nov 2017

Singapore property reits dividend yield

Big bricks-and-mortar stores say it with earnings: we’re not penny stocks

The report felt like a turning of the tide in the battle between established bricks-and-mortar stores and the all-conquering Shares of chains that had been on the brink of “penny stock” status, including JC Penney and Sears Holding, came roaring back.

Mayfair Gardens sold en bloc for S$311 million

THE en bloc train continues to chug along with Oxley Holdings’ subsidiary, Citrine Property, clinching Mayfair Gardens for S$311 million. The sale price, with an additional lease top-up premium estimated at S$52 million to top up the lease to a fresh 99 years, translates to a land price of approximately S$1,244 per square foot per plot ratio (psf ppr), said marketing agent Knight Frank in a press release.

[Also read: 3 things to look out for when buying an overseas property]

CapitaLand matches its charity work with the kind of work it does best

Business leaders would be remiss to take their eyes off outcomes – think profitability, or productivity. Yet, zooming in on outcomes doesn’t come as naturally when thinking about the philanthropy their businesses engage in. But it is important to focus on outcomes when developing a corporate philanthropy strategy, says CapitaLand president and group CEO Lim Ming Yan. And to do that, serious thought must first be given to the causes a company chooses to back.

Planting the Capella flag in Asia, one city at a time

Last month, it was reported that Singapore’s Kwee family had bought the ultra-luxe hospitality company from veteran hotelier and Ritz-Carlton founding president Horst Schulze. The deal – the terms of which were not publicly disclosed – also resulted in Capella relocating its global headquarters from Atlanta, Georgia (in the United States), to Singapore.

NY flats stay empty even as homelessness rate rises

Inadequate number of tenants in qualifying income brackets leaves units vacant in affordable residences

Roxy-Pacific takes 45% stake in A$74.1m purchase of Melbourne building

ROXY-PACIFIC Holdings has taken a 45 per cent stake in a joint venture that is acquiring a Melbourne office building for A$74.1 million (S$76 million). The freehold building at 312 St Kilda Rd in Southbank sits on a 1,906 square metre site with net lettable area of about 9,854 sq m

GIC takes majority stake in new innovation precinct in Melbourne

Sovereign wealth fund GIC announced on Monday its participation as a majority investor in a new educational and commercial project in Melbourne. The other partners in the venture consist of the University of Melbourne, Lendlease and Urbanest, a developer of student accommodation. Developed by Lendlease, the “innovation precinct” will be majority pre-leased to the University of Melbourne for 42 years.

[Also read: Ideo Mobi Rama 4 Bangkok property from S$200k]

Chinese buyers go cool on Australian homes

Chinese demand for Australian residential property has eased because of tighter capital controls imposed by Beijing and tougher restrictions on mortgage lending by local banks, a top central banker said on Monday. Jonathan Kearns, the Reserve Bank of Australia’s (RBA) head of financial stability, said that foreign buyers accounted for around 10-15 per cent of new construction, or about 5 per cent of total housing sales and around one-quarter of newly built apartments.

Apartment in HK’s: The Peak district sets record HK$132,000 psf price

The unit, measuring 4,242 sq ft, is part of the Mount Nicholson project and was sold to an unidentified buyer, according to SCMP

China’s home price growth picks up in October

Prices remain resilient in the face of falling sales and a tighter liquidity environment

Spanish hotels company Barcelo offers to buy NH Hotel Group

NH Hotel Group confirmed on Monday that it has received a possible takeover offer from rival Spanish hotel group Grupo Barcelo in a deal that could create the biggest hotel group in Spain. Grupo Barcelo, which has over 230 hotels in 21 countries, proposed having a 60 per cent stake in the shared group and a majority on the board in the unsolicited non-binding expression of interest, NH said in a statement to the Spanish stock exchange.

Investors drawn again to real estate rebound

In Urban Land Institute and PwC’s latest report, office and residential assets hit the sweet spot with investors amid partial easing of cooling measures

UOL makes mandatory offer for SingLand as stake in UIC crosses 50%

UOL Group Limited has announced a mandatory unconditional cash offer for all the shares in Singapore Land (SingLand) that it does not already own, at S$11.85 apiece in cash.

FCL could do with bigger free float

Frasers Centrepoint Limited’s (FCL) recent full-year results announcement provided some insights into the group’s growth and transformation into a defensive real estate and hospitality group with an increased share of its assets and earnings from recurring-income businesses. This will help to buffer the group from the ups and downs of property development cycles in the various markets where it operates and provide more stable earnings.

[Also read: Ideo Mobi Rangnam Bangkok property from S$130k]

Harvard in talks for Bain to manage its real estate assets’

Deal with private equity firm seeks better returns from varsity’s endowment, which have been mediocre

Frankfurt residents divided over post-Brexit boom

Some hope influx will breathe new life; others worry about effect on an already dire housing shortage

Developers ‘in two main camps over how much to bid for land’

Findings of JLL study back up Redas comments that market has seen ‘different risk appetites of developers’ who differ in views on supply, demand

Cromwell Reit re-launches IPO after changes

The trust’s portfolio now comprises 74 properties after excluding seven Polish retail assets which did not find favour with investors earlier US homes sales accelerate, supply still a constraint Home sales up 2 per cent; chronic shortage of houses pushes prices upwards, sidelining first-time buyers

Kismis View launched for en bloc sale for S$102m

Kismis View, a collective sale site in Lorong Kismis in the Upper Bukit Timah area, has just been launched for sale by tender by JLL, for a minimum price of S$102 million.

Strong trading in UK housing market: Countryside

This was helped by low interest rates, higher demand from first-time buyers, but developer’s peers have flagged weakness in the sector

M&C opens new M Social hotel in Auckland

Plans are afoot to open more M Social hotels in other overseas markets such as Seoul and Silicon Valley

Oxley close to buying Chevron House

Price believed to be around S$660m, working out to S$2,526 psf on existing net lettable area.

Capital World acquires right to develop Johor township for RM63m

CATALIST-LISTED property developer Capital World is acquiring a joint development right to develop a township in Johor for RM63 million (S$20.6 million).

[Also read: Leasehold favoured over freehold properties in current en bloc fever]

Trump Organization to exit NY SoHo hotel

Property’s owner buys out management and licensing agreement with US president’s family company

Emaar Development IPO takes a beating due to M-E geopolitical risk

Geopolitcal risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates (UAE) market.

Keppel Land in JV to build two luxury condos in Bangkok’s CBD

Keppel Land Limited, the property arm of Keppel Corporation, has entered into a joint venture with Thai property developer KPN LAND Co Ltd to develop two premium condominium projects in Bangkok’s CBD. It said on Thursday that it has, through its wholly-owned subsidiaries, entered into a conditional joint venture agreement with KPN LAND Co Ltd to acquire two prime sites from KPN LAND and other existing landowners for 2.2 billion baht (S$90 million).

Britain slashes property purchase tax for first-time buyers

British Prime Minister Theresa May slashed property purchase taxes for first-time buyers in a bid to win over younger voters who have shunned the ruling Conservatives because they are unable to buy a home.

CapitaLand and UnionPay to launch cashless payment in China

CAPITALAND has struck an alliance with China UnionPay to enable cashless payment in China through the former’s cardless rewards programme, CapitaStar.

GuocoLand’s EcoWorld enters option to buy Sydney residences

GUOCOLAND’S Malaysia-listed unit, EcoWorld International, has entered into an option agreement that will allow it to buy 25 out of 30 strata units in a Sydney site for A$33.8 million (S$34.7 million).

Sydney to spend A$2b to rebuild its two biggest stadiums

The two biggest stadiums in Sydney will be torn down and rebuilt in a major A$2 billion (S$2.05 billion) redevelopment, the state government said on Friday, in a controversial move that critics have deemed a waste of money. The 83,500-capacity ANZ Stadium – completed in 1999 for Sydney’s hosting of the 2000 Summer Olympics – will be replaced by a 75,000-seat rectangular ground, New South Wales state Premier Gladys Berejiklian said.