The Jalan Anak Bukit site can yield more than 96,000 square metres of space
In today’s roundup of regional news headlines, sister firms Far East Organization and Sino Group place multiple bids for a Singapore development site, Hongkong Land adds to its pile of sustainability-linked loans, and China’s fresh grads struggle to pay rents in first-tier cities.
Far East Org and Sino Group Submit 3 of 5 Bids for Bukit Timah Site
Far East Organization and Sino Group appear bent on clinching a tender for a 99-year leasehold commercial and residential site at Jalan Anak Bukit, putting in three separate bids with different concept proposals.
The other two bids submitted were from Allgreen Properties in partnership with Kerry Properties and Kerry Holdings, as well as Wing Tai Holdings, which teamed up with the trustee of Mercatus Commercial Trust. Read more>>
Singapore’s Oxley to Sell Overseas Mystery Property for S$100M
A wholly owned subsidiary of Oxley has entered into an agreement to sell a piece of its land overseas for about S$100 million ($74.4 million), the developer said on Wednesday in a stock exchange filing.
The property has a book value of S$60 million, based on the group’s financial statements for the financial year ended 30 June 2020, and the proceeds of the sale will “contribute positively to the cash flow of the group”, Oxley said. Read more>>
Hongkong Land Secures $688M in Green Financing for Regional Projects
Hongkong Land has continued to drive sustainable financing with the signing in June of S$910 million ($688 million) in sustainability-linked loans. Including these transactions, Hongkong Land has executed sustainability-linked loans amounting to $1.9 billion with lenders in Hong Kong, Singapore and Thailand in the last 12 months.
The transactions are five-year revolving credit facilities signed bilaterally with DBS, MUFG, OCBC Bank, SMBC and UOB. Read more>>
Sino Land Secures HK$1B Sustainability-Linked Loan From Bank of China
A wholly owned subsidiary of Sino Land has converted a five-year HK$1 billion ($130 million) loan signed with Bank of China Hong Kong in April last year to a sustainability-linked loan, marking Sino Land’s first financing arrangement directly linked to its sustainability targets.
The targets are set in accordance with goals that align with the group’s key areas of focus, including cutting greenhouse gas emissions, the generation of renewable energy, reduced consumption of single-use plastics and green building certification. Read more>>
Korea’s SK REIT to Raise $266M Via Kospi IPO in Second Half
SK Inc’s REIT affiliate plans to raise as much as KRW 300 billion ($266 million) via an IPO on South Korea’s main bourse in the second half of this year.
SK, the investment and holding company of Korea’s third-largest conglomerate, SK Group, said Wednesday that its board of directors approved the IPO plan at a Tuesday meeting. Read more>>
Evergrande Bond Investors Still Wary as Near-Term Risks Ease
China Evergrande Group may have cleared a near-term debt hurdle with arrangements for bond payments through next March, but investors are still giving the developer a wide berth as it struggles to downsize and reduce debt.
Evergrande’s dollar and RMB bonds maturing in 2025 are trading at discounts of more than 30 percent, and investors say the early repayment of its last 2021 maturity is far from enough to ease concerns about the firm’s ability to service dues. Read more>>
China’s Fresh Grads Struggle to Pay Urban Rents
China’s army of fresh graduates are roughing it out on their first jobs in first-tier cities as accommodation eats up almost half of their income and a surge in apartment rents outpaces growth in average starting pay over the past five years.
The monthly pay for first-time job seekers among graduates in big cities grew at 2 percent annually over the past five years to RMB 5,290 ($819) in 2020 from RMB 4,793 in 2015, according to recruitment platform Zhilian Zhaopin, while top graduates from the elite Tsinghua University commanded RMB 17,682. Read more>>
Singapore Refines Shareholding Criteria for Listed Developers
The Ministry of Law has made two refinements to the criteria for the exemption from the Qualifying Certificate regime for publicly listed housing developers with a “substantial connection to Singapore”.
From 29 June, shares that are held through white-listed nominee companies will now be counted towards fulfilling the shareholding interest criterion. Read more>>
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