Indospace Buys Logistics Park Near India’s Gurgaon
Warehouse fever leads today’s real estate news from around Asia as a GLP-backed developer and fund manager acquires a new property in the city of Gurgaon in India’s National Capital Region.
Meanwhile in Hong Kong, enterprising real estate brokers are leveraging China’s hype of the Greater Bay initiative linking southern China’s growing cities to flog Guangdong parking spaces to deal-hungry small investors, while analysts from DBS weigh in with their view of the city’s housing market, predicting that home prices might slide a further 10 percent this year. All these stories and more await you in Mingtiandi’s roundup of news from around the region
Industrial realty and warehousing developer IndoSpace has bought a 28.32 hectare (70 acre) logistics park on the outskirts of Gurgaon in India’s national capital region from Orris Infrastructure.
“The deal was closed recently and is valued at Rs 60 crore ($8.6 million),” a person close to the deal said on condition of anonymity. Mumbai based IndoSpace, backed by private equity fund Everstone Group, had last year closed its third and largest logistics real estate fund of $1.2 billion, increasing its total commitment in India to over $3.2 billion. Read more>>
Hong Kong’s small property agents have found a new investment avenue that has piqued the interest of investors – car parking spaces in the “Greater Bay Area” for as low as 200,000 yuan ($30,000).
“We see a lot of Hong Kong investors would like to capitalise on the property boom in the GBA,” said Stephen Sum, an investment consultant at V+ Property, which is focused on the bay area.
“In order to grab a bigger share of the lucrative market, we have to look for something unique to attract customers instead of directly competing with large agencies.” Read more >>
The recent uptick in Hong Kong’s housing market should be viewed with caution, as improving sentiment could prove short lived once the weight of the trade war and other headwinds factor back into view, according to new research from DBS Bank (Hong Kong).
Hong Kong’s housing market is set for a year or negative returns, with a likely drop of ten percent, according to the Singaporean bank, which believes there is little that can stop the correction in asset prices.
“When buyers realised that there are continuing uncertainties and gloomy outlook about global and regional economies, they will have second thoughts,” said Jeff Yau, a senior research director at DBS. Read more >>
Claremont Hotel, a freehold eight storey development along Singapore’s Serangoon Road, is back on the market for a second time with the seller eyeing offers in excess of $70 million. The 90 room budget hotel, near the junction of Owen Road, was previously put up for sale back in July 2016 for $90 million.
The property occupies a land area of 449 square metres (4,838 square feet) and an estimated gross floor area of 2,841 square metres (30,591 square feet). Room sizes range from 16 to 36 square metres, averaging 19 sq m. Read more >>
Few companies are more symbolic of the horrible year experienced by China’s private sector in 2018 than Chuying Agro-Pastoral Group.
The pig breeder from Henan, a province in Central China’s Yellow River Valley, defaulted on a bond worth a total of 1.5 billion yuan ($223 million) last year. It then made headlines in China in November when it offered to repay holders of debt it had defaulted on with ham or pork products.
To compound matters, large numbers of its livestock starved to death, with the company not having the money to feed them, local media reported. Read more >>
Singapore listed property developer Hatten Land has made its foray into the Australian market, purchasing a parcel of land in Melbourne’s Southbank for $15.8 million. The purchase option, taken out with Sunvale Development, marks the Malaysian based group’s first expansion into the Australian property market.
Sunvale, who purchased the 65-71 Haig Street site in 2014, secured approval for the development of a multi-storey building comprising of dwellings, retail premises and offices with an estimated gross floor area of 25,000 square metres. Read more >>
Sobha Realty, the Dubai-based real estate developer, has announced its foray into China with the opening of its first sales office in Shanghai.
The expansion into China comes close on the heels of a record 200 percent increase in Chinese investments in the first two months of 2019 in its iconic Sobha Hartland project.
The company said Chinese investors have shown keen interest in both product offerings within Sobha Hartland – the company’s flagship project in Dubai. Read more >>