Singapore’s Keppel REIT is choosing a preferred buyer for its Seoul’s T Tower (Image: Google Maps)
Keppel REIT leads Mingtiandi’s headline roundup today with the SGX-listed trust said choosing a preferred buyer for a Seoul office property. Also making the list, China home prices slid for a 10th straight month, despite policy support and PGIM is said to be struggling to find buyers for an office tower in downtown Singapore.
Keppel REIT Said Choosing Preferred Buyer for Seoul’s T Tower
Singapore’s Keppel REIT Management Ltd is nearing the final stages in its mission to divest the T Tower office building near Seoul Station in the South Korean capital.
Real estate managers Jones Lang LaSalle and Colliers, the lead managers for the sale, said on Tuesday they will select a preferred bidder from among approximately 10 potential buyers by the end of this month. Read more>>
China Home Prices Fall as Slump Shows Few Signs of Abating
China’s home prices continued to fall in March, adding pressure on authorities to step up efforts to support the embattled real estate market.
Price declines deepened from a year earlier for both new and used homes, even as they eased slightly on a month-on-month basis, National Bureau of Statistics figures showed Tuesday. Read more>>
PGIM Struggles With Buyer-Seller Price Gap for Singapore Towers
PGIM Real Estate has been trying to sell a pair of prime office towers in Singapore since last year without success, people with knowledge of the matter said, the latest sign of the country’s softening property market.
Efforts to divest 78 Shenton Way in the central business district have stalled as prospective buyers bid below what the real estate manager bought it for, the people said, asking not to be identified discussing private information. Read more>>
KWG, Logan Cut Prices 40% at Hong Kong Condo Project
Distressed Chinese developers trying to sell luxury apartments at a new complex in Hong Kong have begun slashing prices by almost half amid mounting debt repayment pressure and intensifying competition in the city’s property market.
Prices of some units at the first tower of The Corniche have been reduced to around HK$25,000 ($3,200) per square foot, according to promotional materials seen by Bloomberg. That represents a more than 40 percent discount from the original asking price of HK$45,000. Read more>>
CDL Sells 65 Sentosa Homes After Slashing Prices in Relaunch
Cityview Place Holdings, an associate company of City Developments Limited sold 65 units at The Residences at W Sentosa Cove Singapore in a week, more than the 58 units put on the market on 9 April.
Additional units had been put up for sale to “cater to the strong demand”, which saw around 3,200 visitors from 10 to 14 April, a company spokesperson said. Read more>>
State-Owned Company in China’s Zhengzhou Offers to Buy Homes to Encourage Project Sales
China’s central city of Zhengzhou has asked residents to sell their second-hand homes to a local state-owned company and buy new ones instead, in a bid to reduce new-home inventories and boost the local property sector.
Local state state-owned company Zhengzhou Urban Development Group Co will buy 500 second-hand homes from 20 April to 30 June, according to a notice released by the Zhengzhou Real Estate Association on Monday. Read more>>
Country Garden Seeks Fresh Extension of Some Onshore Bonds
Country Garden Holdings is pushing back some onshore bond payments to later dates despite a round of extensions last year, according to people familiar with the matter, underscoring the financial stress at the Chinese developer.
The builder’s main onshore unit plans to extend coupon and principal installment payments for a 4.8 percent RMB bond maturing in March 2026 to September, said the people, asking not to be identified because the matter is private. Last month, the firm missed an RMB 96 million ($13 million) coupon payment for the bond when it came due on 12 March, triggering a 30 trading-day grace period. Read more>>
Chinese National Pleads Guilty in Singapore East Coast Land Scam Case
A Chinese national who absconded after he was charged with authorising Singaporeans to front his purchase of landed properties worth millions of dollars pleaded guilty in court on Tuesday.
Zhan Guotuan admitted to authorising Hwampoa, a Singapore-incorporated company, to purchase an East Coast Road property with the intention that the company hold it in trust for him. Three other charges were taken into consideration. Read more>>
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