Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project

 April 21, 2023

Shui On Group, founded by Hong Kong billionaire Vincent Lo, is the parent company of Shui On Land, the property development arm that has announced the joint venture with Shanghai Pucheng. This new project seeks to redevelop land located in Pujiang Town, in the Minhang of district of Shanghai, which is home to Zhaojia Lou Ancient Town.

Zhaojia Lou Ancient Town is known for its canals and ancient water towns, and has been rated an AAAA tourist attraction by Chinese authorities, attracting over 500,000 visitors every year. Strategically located next to the Shanghai Shenjiahu Expressway and Shanghai North-South Elevated Road, the area is flanked by two subway lines.

The new development will include residential, commercial and ancillary facilities, with the joint venture aiming to preserve the unique history and culture of Pujiang Town while redeveloping it into a “new landmark of Shanghai”. Jessica Wang, CEO of Shui On Land, comments …

Five-bedder at Parc Stevens sold for $2.65 mil profit

 April 21, 2023

A first-floor unit at Parc Stevens was the most profitable condo resale transaction recorded during the week of April 4 to 11. The 3,466 sq ft five-bedroom unit fetched $7.86 million ($2,265 psf). The seller, who purchased the unit for $5.2 million ($1,500 psf) in April 2007, made a gain of $2.65 million (51%) after holding the unit for 16 years. This marks the highest psf-price recorded at Parc Stevens, which is a five-minute walk to the Stevens MRT Station, and the second most profitable transaction ever recorded at the development.

The second most profitable condo resale transaction that week took place at Yong An Park, a freehold development in River Valley. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf. The seller made a gain of $2.08 million (35%) after they purchased the unit for $6.02 million ($1,753 psf) …

CapitaLand Ascendas REIT divests local industrial building at 219% premium from 2005 purchase price

 April 21, 2023

CLAR has a market capitalisation of $4.46 billion as at 12.20pm on April 20.

CLAR’s Manager has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. The proposed divestment is part of an active asset management strategy to improve the quality of CLAR’s portfolio and optimise returns for unitholders.

According to an April 20 filing, the REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement to sell KA Place to KA Place SPV 1. This is a 219% premium to CLAR’s original purchase price of $11.1 million back in March 2005, and a 55% premium to the property’s Dec 31, 2022 market valuation of $22.8 million.

KA Place is a seven-storey high-specification industrial building located at 159 Kampong Ampat. The edifice includes a carpark on the second storey and has a total gross floor area of 10,163 sq …

Ascott targets to double fee revenue to over $500 mil in next five years

 April 21, 2023

The Ascott Limited, the lodging business unit of Capitaland Investment, has set a goal to double its fee revenue over the next five years. By FY2022, the company’s highest earnings on record reached $258 million. In that same year, Ascott’s fee revenue grew by 36% y-o-y due to its record signings and property openings.

The company also announced that it had hit its target of securing 160,000 units for 2023, with an additional 4,000 units signed up in the 1Q of FY2023. Ascott plans to expand its product offering, which spans serviced residences, hotels, co-living, and senior living from mid to luxury scale.

The growth over the five-year period will be driven by new openings and new signings at an expected annual growth rate of 8-10%. With its asset-light strategy, Ascott has doubled its units every five years, going from 20,000 units in 2008 to over 160,000 units today. Kevin …

EL Development draws 4,000 at three-day preview of Blossoms By The Park

 April 17, 2023

Over the past three days, approximately 4,000 people have visited the Blossoms By The Park sales gallery since its opening on April 14. EL Development’s Managing Director Lim Yew Soon noticed that the visitors were mostly locals, confirming the project’s inpending launch on April 29.

Offering a variety of 1-4 bedroom premium units, Blossoms By The Park at Slim Barracks Rise, One-North will have prices that start from $1.291 million ($2,352 psf) for a one-bedroom-plus-study, to $3.335 million ($2,213 psf) for a four-bedroom premium. Ken Low, Managing Partner of SRI predicted that the average sale price range will be between $2,350 – $2,400 psf.

The condo offers attributes that are likely to attract many investors. It is only a 3 minute walk away from Buona Vista MRT Interchange Station, a 5 minute walk away from The Star Vista mall, 1km away from Fairfield Methodist School, and 5 minutes away from …