Mapletree Logistics Trust Unloads Malaysia Shed and More Asia Real Estate Headlines
In today’s roundup of regional news headlines, Singapore-listed Mapletree Logistics Trust completes the sale of a warehouse in Malaysia and a sea-facing land parcel changes hands in Mumbai. Also on the list, Dalian Wanda’s property management arm repays an onshore note and a black and white hits the market in Singapore.
The manager of Mapletree Logistics Trust has completed the divestment of its Chee Wah warehouse in Malaysia.
In January, MLT entered an agreement on the proposed divestments of Chee Wah and Subang 1 in Malaysia for a total sale price of MYR 50.2 million ($10.8 million). The divestment of Subang 1 is ongoing and the manager will make a further announcement when it is completed. Read more>>
Prestige Estates Projects subsidiary Prestige Projects has acquired a prime sea-facing land parcel near Marine Lines and Charni Road in south Mumbai from DB Realty subsidiary Marine Drive Hospitality & Realty for over INR 704 crore ($85.6 million).
The deal values the plot at over INR 306 crore per acre, pushing it higher in the tally of the most expensive land transactions anywhere in India. Read more>>
Dalian Wanda Group, China’s largest commercial developer, said its property management arm has repaid onshore notes worth RMB 1.575 billion ($218.8 million) due on Monday.
A company official on Tuesday confirmed local media reports that Dalian Wanda Commercial Management wired the money for the repayment on Friday. Read more>>
A conserved black-and-white bungalow along Singapore’s Lady Hill Road on a 27,465 square foot (2,552 square metre) freehold site has been put on the market. The property is part of the Nassim Road Good Class Bungalow Area.
Realstar Premier, the exclusive marketing agent for the bungalow, has indicated a guide price of “at least S$4,000 per square foot” on the site area, amounting to S$109.9 million ($82.1 million). Read more>>
Singapore-based holding company Emerging Towns & Cities Singapore has announced an agreement to sell its controlling stake in Golden City, a Yangon development built on land leased from the Myanmar military, but a rights group said the deal fails to fully sever the company’s ties to the junta.
Singapore-listed ETC said it would sell the stake in the development, which is built on land leased from the Office of the Commander-in-Chief (Army) and the Office of the Quartermaster General of the Myanmar military, to Grand Ally Pte Ltd. Under the agreement, the stake will be sold for S$4 million ($3 million), at a loss of S$80.2 million. Read more>>
He first attempted to unload it last fall. But after months of no takers, James Corden slashed the asking price of his Los Angeles home from $22 million all the way down to $18 million. In May, the house finally sold for $17.1 million in an all-cash deal, as The Real Deal reports.
The discount-minded buyer is LeeAnn Akouri-Shan, the daughter of Hong Kong private equity billionaire Weijian Shan. Read more>>
The Singapore High Court on Tuesday dismissed ESR’s application for an interim injunction to block Sabana REIT’s manager from convening the extraordinary general meeting requisitioned by Quarz Capital.
ESR, the sponsor of Sabana REIT and ultimate owner of the trust’s manager, applied for the interim injunction on Friday after filing an originating application to render the EGM “invalid and/or ineffectual”. Read more>>
Industrial property was a bright spot in the Vietnam real estate market through the first half of this year, according to CBRE.
Net absorption of industrial land in Tier 1 markets reached 386 and 397 hectares (954 and 981 acres) in the north and south, respectively, CBRE Vietnam said. Read more>>