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Yangtze River Delta & E. China
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Greenland to start reconstruction project in Lianyungang (CK, Feb 16)
Shanghai-based Greenland Group, one of the Top 500 Enterprises and leading real estate enterprise in China, on Feb 14 inked a cooperative agreement to start an urban reconstruction project in Lianyungang Economic and Technological Development Zone, Jiangsu
Province. The project, located in Houzui District of the zone, will cost RMB6 billion and will have a floor area totaling around 3.6 million sqm.
Dalian Wanda wins land bid in Wuhu (CK, Feb 11)
Dalian Wanda Group Co Ltd, which is engaged in the businesses of real estate, hotels, cultural communication and department stores, has acquired a plot in Wuhu, Anhui Province at a consideration of RMB308 million to start its first Wanda Plaza, a large mixed-use
property project, in the city.
The plot, which cost RMB1,133 per sqm of potential floor area, covers an area of 83,867 sqm, and its floor area ratio will be up to 4.
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Hong Kong
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Premises of Hong Kong Spinners Industrial Building Sell for HK$223 Million (Sing Pao, Feb 16)
It was reported that the B/F, G/F, 1/F and 4/F (85,000 sqft in total) of the Hong Kong Spinners Industrial Building at 481-483 Castle Peak Road, Cheung Sha Wan have been sold for HK$223 million, giving a 7 per cent yield. The original owner will lease back
the premises with a six-year lease.
Units at One Lyndhurst Tower, Central Sell for HK$160 Million (Oriental Daily, Feb 15)
The 7/F and 9/F to 11/F (over 4,000 sqft per floor) of One Lyndhurst Tower, Central have been sold for HK$160 million (approximately HK$10,000 per sqft).
Honest Motors Building In Causeway Bay Sells for HK$580 Million (Sing Tao, Feb 11)
According to the Land Registry, Honest Motors Building at 9 – 11 Leighton Road and 30 – 31 Canal Road East, Causeway Bay has been sold en-bloc for HK$580 million. Retail space is attached to the G/F and cockloft of the 24-storey building and office space is
available above. The total area of the building is 48,000 sqft, at HK$12,000 per sqft. |
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Japan
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Tokyu REIT Acquires an Office Building in Ginza, Tokyo, for JPY5.01 billion (Tokyu REIT, Press Release, 10 Feb 2011)
Tokyu REIT has purchased the Tokyu Ginza 2-Chome Building in Ginza, Chuo Ward, Tokyo, for JPY5.01 billion. The seller was railway company Tokyu Corporation, one of the REIT’s sponsors. The B1/8F building was completed in 2008 and has a gross floor area of 5,100
sqm. It is located two minutes’ walk from Shintomicho Subway Station and five minutes’ walk from the Higashi-Ginza Subway Station. The office space above the first floor is fully let to a single occupier, Dai-ichi Life Insurance, which is currently reconstructing
its nearby headquarters’ building. Based on the transaction price, the expected NOI cap rate is 7.5 per cent.
J-REIT Japan Real Estate Acquires a Tokyo office building for JPY4.41 billion (Japan Real Estate, Press Release, 10 Feb 2011)
Japan Real Estate has acquired the Kayabacho 2-Chome Kyodo Building for JPY4.41 billion. The office building is located in Nihonbashi Kayabacho, in Chuo Ward, Tokyo. It was completed in 1991 and provides a gross floor area of 5,506 sqm. The seller was Nihonbashi
Investment TMK, an SPC, and the transaction price equates to an NOI yield of 5.6 per cent.
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Singapore
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Peace Centre and Peace Mansion up for S$700 Million Collective Sale (The Edge)
The Edge reported on the launch for collective sale the mixed commercial and residential development encompassing Peace Centre and Peace Mansion at 1 Sophia Road by tender. The indicative price is S$700 million or S$1,355 per sqft per plot ratio.
AIMS AMP REIT Buys NorthTech for S$72 Million (BT)
AIMS AMP Capital Industrial Reit was reported to have bought NorthTech, an industrial property located at 29 Woodlands Industrial Park E1 from Prime Industrial Holdings for S$72 million.
Top Bid of S$1.02 Billion for Punggol Mixed-use Site (BT / ST / Zaobao)
It was reported Frasers Centrepoint, Far East Organization and Japan’s Sekisui House, jointly submitted the highest bid of S$1.02 billion or S$753 per sqft per plot ratio for a mixed use site in Punggol. They plan to build a waterfront development with around
680 homes and a 365,000 sqft retail mall if the site is awarded to them.
Austral View Project in Tanjong Rhu for Sale (BT)
Austral View, a residential project in the Tanjong Rhu area, is being put up for sale by public tender with an asking price of S$88 million or S$1,350 per sqft per plot ratio, inclusive of the 10 per cent balcony area. The 30,540 sqft freehold site has a gross
plot ratio of 2.1.
Havelock Road Office Block up for Sale (BT)
2 Havelock Road, formerly known as Apollo Centre, is being marketed through a private treaty process at an indicative price of around S$302 million or about S$1,700 per sqft of net lettable area (NLA). The property comprises 141,547 sqft of office space and
36,286 sqft of shop space with a remaining lease of about 71 years.
In other news, the expressions of interest exercise for Capital Square at Church Street closes tomorrow. The property has a total NLA of 386,525 sqft and a remaining lease of about 84 years. Other office buildings in the market include 182 Clemenceau Avenue
and Finexis Building at 108 Robinson Road. |
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For further information please contact: |
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Simon Smith |
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