亚洲地产·精选头条| SG's Asia Gardens Site Sells for $262M and More News

Singapore’s Asia Gardens site has changed hands for $262 million

Singapore’s collective sale gold rush leads today’s news roundup, with another en bloc housing site changing hands near the city’s downtown core for $262 million. And further north in the city-state, a residential site has gone on sale with a $902 million asking price that would make it Singapore’s second-biggest collective deal ever. Blackstone is back in the headlines, with a report that the US private equity giant is planning to deploy most of its $4 billion BCP Asia fund in India, and cash-strapped denizens of Beijing’s Haidian district won’t find relief with Vanke’s upcoming rental housing project. Read on for the rest of the stories below.

SG’s Asia Gardens Sells En Bloc for $262M

Asia Gardens has been sold for S$343 million in a collective sale to a Sustained Land-led consortium that includes Ho Lee Group and other partners.

The development in Everton Road near Spottiswoode Park in District 2 sold for higher than its asking price of S$338 million when the tender was launched in March.

Owners at the 23-storey development, which has 80 apartment units and four penthouses, are expected to receive gross sale proceeds of between S$3.476 million and S$7.73 million per unit. 

Blackstone Said Planning to Focus $4B Asia Fund on India

India lies at the heart of the world’s largest private equity firm’s investment strategy. Blackstone Group Lp will invest about 60 percent of its maiden $4 billion Asia-focused fund in Asia’s third largest economy, two people directly involved with the matter said.

“Blackstone plans to deploy about $4 billion in Asia over the next five years,” said one of the two people, requesting anonymity. Blackstone’s global private equity fund will contribute around 40 percent of the deal value for every transaction the firm does in Asia, while the new Asia fund—BCP Asia—will invest the remaining 60 percent, he added. 

Central Singapore’s Faber Garden Site Asking $902M

Faber Garden in Upper Thomson is up for a collective sale that would be the second largest ever here if a buyer meets the S$1.18 billion ($902 million) reserve price. At that price, the 233 apartment owners would reap gross payouts of between S$4.38 million and S$6.75 million, while the three shop unit owners would get $1.99 million to S$4.83 million, said marketing agent CBRE.

The freehold estate is about 34 years old and sits on 5.05ha of land next to the Central Nature Reserve with Good Class Bungalows, landed houses and condominiums nearby. Windsor Nature Park and Lower Peirce Reservoir are within walking distance while the upcoming Bright Hill MRT station, slated to open in 2021, is nearby. 

Vanke Rental Project in Beijing Charges 3X District Average

A Beijing rental-housing project at which minimum rents are triple the district average has raised eyebrows amid a national drive to develop the sector. Construction recently kicked off on China Vanke’s new “Jade College” project in Beijing’s northwestern Haidian district, which by 2020 is expected to have over 1,300 rental housing units.

Marketing materials for the project say that the minimum monthly rent for a 90 square-meter (969-square-foot) apartment will be set at RMB 15,000 ($2,390). The highest rents for largest apartments will be up to RMB 40,000. The average monthly rent in Haidian district was RMB 5,007 in April, according to real estate services firm Anjuke. 

Shenzhen’s Fisherman Wharf Leveled for Urban Renewal

With a loud bang breaking the tranquility of early Saturday morning, renovation of Fisherman’s Wharf in Shekou in western Shenzhen officially kicked off. The harbor, filled with Shenzhen residents’ memories of the city’s early days, is being demolished to pave the way for an urban renewal project, the Shenzhen Evening News reported yesterday.

The city’s urban and land planning commission’s Nanshan bureau released a draft for the renovation project of the west bank of Shekou Subdistrict two years ago. According to the plan, an 1,800-square-meter aquarium will be built at the current site of Fisherman’s Wharf. Read more>>

First Sponsor Raises up to $124M for Expansion

Singapore-listed First Sponsor Group’s rights issue to raise up to S$162.2 million ($124 million) was oversubscribed by 25.9 percent upon its close on April 12. The one-for-four rights issue was of 3.98 per cent perpetual convertible capital securities at S$1.10 each.

In its announcement of the rights issue on Feb 8, First Sponsor said that the exercise was undertaken “to provide it with the financial flexibility to fund its expansion plans.” 

Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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