Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Cambridge, a Singapore-based firm, purchases a Sydney office block for $70M from a former Tysan boss, expanding its real estate portfolio</li><li>Hong Kong Land reports a significant increase in losses, totaling $1.4B, attributed to challenges within its Central Portfolio</li><li>M&amp;G Real Estate invests $62M in student housing in Melbourne, Australia, highlighting their focus on the Australian real estate market. Warburg Pincus forms a partnership with SK Group to develop Korean senior living facilities, tapping into the growing demand for elderly care in South Korea.</li></ul>

Cambridge, a Singapore-based firm, purchases a Sydney office block for $70M from a former Tysan boss, expanding its real estate portfolioHong Kong Land reports a significant increase in losses, totaling $1.4B, attributed to challenges within its Central PortfolioM&amp;G Real Estate invests $62M in student housing in Melbourne, Australia, highlighting their focus on the Australian real estate market. Warburg Pincus forms a partnership with SK Group to develop Korean senior living facilities, tapping into the growing demand for elderly care in South Korea.

Asia Real Estate Tracker (11-Mar-2025): Singapore buying Sydney office for $70M.

Jardine Matheson Holdings / Equity Bottom-Up

<ul><li>70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.</li><li>HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.</li><li>Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.</li></ul>

70% of Senior Directors are confident in data centres, showing faith in their reliability and efficiency despite challenges.HPL's acquisition of InterContinental Auckland for $102M marks its entry into the New Zealand market, expanding its portfolio.Stuart Grant's appointment as head of Hongkong Land's $8B Shanghai project highlights the company's commitment to growth and development in the region.

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

<ul><li>Hotel Indigo Auckland is up for sale by McVay Real Estate and Whillans Realty Group, offering a prime investment opportunity.</li><li>CDL Chairman accuses son of attempted coup, but Kwek remains CEO, ensuring stability within the company's leadership.</li><li>Mapletree makes a strategic move by buying a Hong Kong site for $473M at a significant discount, positioning itself for future growth.</li></ul>

Hotel Indigo Auckland is up for sale by McVay Real Estate and Whillans Realty Group, offering a prime investment opportunity.CDL Chairman accuses son of attempted coup, but Kwek remains CEO, ensuring stability within the company's leadership.Mapletree makes a strategic move by buying a Hong Kong site for $473M at a significant discount, positioning itself for future growth.

Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale - McVay & Whillans Realty.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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FOR the 5 trading sessions that spanned Jun 17 to 23, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index gaining 2.8 per cent, the Hang Seng Index adding 2.5 per cent and the FTSE Bursa Malaysia KLCI falling 2.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$116 million of net inflow, following S$166 million of net outflow for the preceding 5 sessions. DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land led the net institutional inflows for the 5 sessions through to Jun 23.

 

Share buybacks

There were 27 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 23, with a total consideration of S$64.6 million, approximately half the previous week’s consideration tally. Wilmar International and Keppel Corporation again led the consideration tally, buying back shares at average prices of S$4.02, and S$6.59 respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for 35 primary-listed stocks. This included 15 company director acquisitions with 3 disposals filed, while substantial shareholders filed 11 acquisitions and 3 disposals.

 United Hampshire US Reit

On Jun 20 and 22, United Hampshire US Reit Management non-independent non-executive director David Tuvia Goss acquired 500,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$304,650 this took his direct interest in UHReit to 0.09 per cent. 
UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 (ended Mar 31) distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021.

Goss is the managing director of UOB Global Capital since September 1998. Prior to co-founding UOB Global Capital, he was president and CEO of AIG Asset Management Services in New York from March 1995, with global responsibility for AIG’s third-party asset management activities. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

 

Oiltek International

On Jun 20, Koh Brothers Eco Engineering acquired 1 million shares of Oiltek International at 23.0 cents per share. The married deal increased non-executive director Koh Keng Siang’s total interest in the integrated process and renewable energy solutions provider from 67.44 per cent to 68.14 per cent. Koh has been a non-executive director of the subsidiaries, Oiltek Sdn Bhd and Oiltek Global Energy Sdn Bhd since February 2013. He is the managing director and group CEO of Koh Brothers Group, which is the ultimate controlling shareholder of Oiltek International through its shareholding interest in Koh Brothers Eco Engineering. 
Listed on Catalist, Oiltek International operates 3 key businesses – the edible &amp; non-edible oil refinery segment, renewable energy segment, and product sales and trading segment. Oiltek International’s revenue for FY21 (ended Dec 31) grew 15.0 per cent to RM100.63 million from FY20, mainly due to new projects secured in FY21 for the group’s edible &amp; non-edible oil refinery segment.

 

Hong Fok Corporation

On Jun 17, Hong Fok Corporation executive director and joint CEO Cheong Pin Chuan acquired 201,800 shares of the company, for a consideration of S$187,665 at 93.0 cents per share. This increased his total interest in the property developer from 20.64 per cent to 20.66 per cent. He is principally involved in the group’s overall operations and management with greater emphasis in Hong Kong and has over 50 years of experience in property development at both management and board levels in Singapore and Hong Kong.

 

PropNex

Between Jun 16 and 17, PropNex executive director Kelvin Fong Keng Seong acquired 101,100 shares of the company, at an average price of S$1.63 per share. This took his deemed interest in PropNex from 8.71 per cent to 8.73 per cent. His preceding acquisitions were between May 24 and 26, with 300,000 shares acquired at S$1.70 per share. Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019.

Fong oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry. For its Q1 FY22 (ended Mar 31), PropNex reported that revenue grew 9.5 per cent year on year to S$241.6 million, with net profit declining 8.1 per cent year on year to S$14.9 million.

The company, which is Singapore’s largest listed real estate agency noted that its Q1 FY22 was impacted by the government’s new cooling measures, growing uncertainties arising from the Russian-Ukraine war, concerns over rising inflation and interest rates dampening sentiment, while limited new launches and the seasonal lull reined in sales volumes.

Looking forward, PropNex noted in May that it expects the private housing market to remain fairly resilient this year and prices could grow by 3 per cent to 5 per cent in 2022, as reflected in the 0.7 per cent price increase in Q1 2022 and higher new launch prices expected in subsequent quarters. The company also highlighted that it is well on its way to attaining its goal of having 12,000 salespersons by end 2022. It has already achieved a growth of 26.4 per cent in the number of salespersons from 8,918 as at Jan 1, 2021 to 11,268 as at Apr 11, 2022.

 Singapore Shipping Corporation

Between Jun 16 and 21, Singapore Shipping Corporation executive chairman Ow Chio Kiat acquired 225,400 shares at an average price of 28.4 cents per share. With a consideration of S$63,948, this increased his total stake in the company from 41.92 per cent to 41.97 per cent. With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. Singapore Shipping Corporation is a spin-off from Stamford Land Corporation (formerly known as Hai Sun Hup Group) when the latter de-merged its shipping and logistics businesses in 2000 to concentrate on its hotel and property businesses. 
On May 26, Singapore Shipping Corporation reported that its revenue for FY22 (ended Mar 31) increased 8.6 per cent from FY21, with attributable profit down 4.3 per cent from FY21.

 

Centurion Corporation

Between Jun 17 and 23, Centurion Corporation : OU8 0% executive director and joint chairman David Loh Kim Kang acquired 200,000 shares of the purpose-built accommodation developer and manager for a consideration of S$70,000. At 35.0 cents per share, this took his total interest from 55.40 per cent to 55.43 per cent. His preceding acquisitions were between May 20 and 26, with 1,860,400 shares also acquired at 35.0 cents per share.

 Uni-Asia Group

On Jun 23, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares at S$1.00 per share. This increased his total interest in the company from 3.44 per cent to 3.50 per cent. This closely followed his acquisition of 150,000 shares at S$1.04 per share on Jun 13 and 50,000 shares at S$S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 Sasseur Reit

On Jun 17, Sasseur Asset Management CEO Cecilia Tan Hong Lye acquired 22,000 units of Sasseur Reit at an average price of 73.8 cents per unit. This increased her direct interest in the first outlet mall Reit to be listed in Asia to 40,000 units. Tan has been the CEO of the manager of Sasseur Reit since Aug 1, 2021. She has more than 20 years of professional career experience spanning across a wide spectrum of real estate expertise in real estate investment banking, real estate direct investment, Reit management, real estate fund management and property development.

Prior to joining Sasseur Asset Management, she was the senior strategic adviser to Vito Xu, the chairman of Sasseur Group from July 2019 to June 2021.

Back on May 12, Sasseur Reit reported a record high Q1 (ended Mar 31) distributable income of S$24.7 million, which was up 4.7 per cent from Q1 2021.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/koh-brothers-group-ceo-koh-keng-siang-adds-to-his-oiltek-stake"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 17 to 23, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index gaining 2.8 per cent, the Hang Seng Index adding 2.5 per cent and the FTSE Bursa Malaysia KLCI falling 2.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$116 million of net inflow, following S$166 million of net outflow for the preceding 5 sessions. DBS, Singtel, CapitaLand Investment, Digital Core Reit and Hongkong Land led the net institutional inflows for the 5 sessions through to Jun 23.

 

Share buybacks

There were 27 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 23, with a total consideration of S$64.6 million, approximately half the previous week’s consideration tally. Wilmar International and Keppel Corporation again led the consideration tally, buying back shares at average prices of S$4.02, and S$6.59 respectively.

 

Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for 35 primary-listed stocks. This included 15 company director acquisitions with 3 disposals filed, while substantial shareholders filed 11 acquisitions and 3 disposals.

 United Hampshire US Reit

On Jun 20 and 22, United Hampshire US Reit Management non-independent non-executive director David Tuvia Goss acquired 500,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$304,650 this took his direct interest in UHReit to 0.09 per cent. 
UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore, and back in May reported Q1 2022 (ended Mar 31) distributable income of US$8.1 million, 7.9 per cent higher than Q1 2021.

Goss is the managing director of UOB Global Capital since September 1998. Prior to co-founding UOB Global Capital, he was president and CEO of AIG Asset Management Services in New York from March 1995, with global responsibility for AIG’s third-party asset management activities. UHReit completed its inaugural acquisitions of Colonial Square on Nov 12, 2021 and Penrose Plaza on Nov 24, 2021, with both acquisitions contributing positively to Q1 2022 distributable income.

 

Oiltek International

On Jun 20, Koh Brothers Eco Engineering acquired 1 million shares of Oiltek International at 23.0 cents per share. The married deal increased non-executive director Koh Keng Siang’s total interest in the integrated process and renewable energy solutions provider from 67.44 per cent to 68.14 per cent. Koh has been a non-executive director of the subsidiaries, Oiltek Sdn Bhd and Oiltek Global Energy Sdn Bhd since February 2013. He is the managing director and group CEO of Koh Brothers Group, which is the ultimate controlling shareholder of Oiltek International through its shareholding interest in Koh Brothers Eco Engineering. 
Listed on Catalist, Oiltek International operates 3 key businesses – the edible &amp; non-edible oil refinery segment, renewable energy segment, and product sales and trading segment. Oiltek International’s revenue for FY21 (ended Dec 31) grew 15.0 per cent to RM100.63 million from FY20, mainly due to new projects secured in FY21 for the group’s edible &amp; non-edible oil refinery segment.

 

Hong Fok Corporation

On Jun 17, Hong Fok Corporation executive director and joint CEO Cheong Pin Chuan acquired 201,800 shares of the company, for a consideration of S$187,665 at 93.0 cents per share. This increased his total interest in the property developer from 20.64 per cent to 20.66 per cent. He is principally involved in the group’s overall operations and management with greater emphasis in Hong Kong and has over 50 years of experience in property development at both management and board levels in Singapore and Hong Kong.

 

PropNex

Between Jun 16 and 17, PropNex executive director Kelvin Fong Keng Seong acquired 101,100 shares of the company, at an average price of S$1.63 per share. This took his deemed interest in PropNex from 8.71 per cent to 8.73 per cent. His preceding acquisitions were between May 24 and 26, with 300,000 shares acquired at S$1.70 per share. Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019.

Fong oversees the group’s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group’s competitive edge in the industry. For its Q1 FY22 (ended Mar 31), PropNex reported that revenue grew 9.5 per cent year on year to S$241.6 million, with net profit declining 8.1 per cent year on year to S$14.9 million.

The company, which is Singapore’s largest listed real estate agency noted that its Q1 FY22 was impacted by the government’s new cooling measures, growing uncertainties arising from the Russian-Ukraine war, concerns over rising inflation and interest rates dampening sentiment, while limited new launches and the seasonal lull reined in sales volumes.

Looking forward, PropNex noted in May that it expects the private housing market to remain fairly resilient this year and prices could grow by 3 per cent to 5 per cent in 2022, as reflected in the 0.7 per cent price increase in Q1 2022 and higher new launch prices expected in subsequent quarters. The company also highlighted that it is well on its way to attaining its goal of having 12,000 salespersons by end 2022. It has already achieved a growth of 26.4 per cent in the number of salespersons from 8,918 as at Jan 1, 2021 to 11,268 as at Apr 11, 2022.

 Singapore Shipping Corporation

Between Jun 16 and 21, Singapore Shipping Corporation executive chairman Ow Chio Kiat acquired 225,400 shares at an average price of 28.4 cents per share. With a consideration of S$63,948, this increased his total stake in the company from 41.92 per cent to 41.97 per cent. With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. Singapore Shipping Corporation is a spin-off from Stamford Land Corporation (formerly known as Hai Sun Hup Group) when the latter de-merged its shipping and logistics businesses in 2000 to concentrate on its hotel and property businesses. 
On May 26, Singapore Shipping Corporation reported that its revenue for FY22 (ended Mar 31) increased 8.6 per cent from FY21, with attributable profit down 4.3 per cent from FY21.

 

Centurion Corporation

Between Jun 17 and 23, Centurion Corporation : OU8 0% executive director and joint chairman David Loh Kim Kang acquired 200,000 shares of the purpose-built accommodation developer and manager for a consideration of S$70,000. At 35.0 cents per share, this took his total interest from 55.40 per cent to 55.43 per cent. His preceding acquisitions were between May 20 and 26, with 1,860,400 shares also acquired at 35.0 cents per share.

 Uni-Asia Group

On Jun 23, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares at S$1.00 per share. This increased his total interest in the company from 3.44 per cent to 3.50 per cent. This closely followed his acquisition of 150,000 shares at S$1.04 per share on Jun 13 and 50,000 shares at S$S$1.09 per share on Jun 9. Tanamoto was appointed the executive chairman of Uni-Asia Group in April 2020.

 Sasseur Reit

On Jun 17, Sasseur Asset Management CEO Cecilia Tan Hong Lye acquired 22,000 units of Sasseur Reit at an average price of 73.8 cents per unit. This increased her direct interest in the first outlet mall Reit to be listed in Asia to 40,000 units. Tan has been the CEO of the manager of Sasseur Reit since Aug 1, 2021. She has more than 20 years of professional career experience spanning across a wide spectrum of real estate expertise in real estate investment banking, real estate direct investment, Reit management, real estate fund management and property development.

Prior to joining Sasseur Asset Management, she was the senior strategic adviser to Vito Xu, the chairman of Sasseur Group from July 2019 to June 2021.

Back on May 12, Sasseur Reit reported a record high Q1 (ended Mar 31) distributable income of S$24.7 million, which was up 4.7 per cent from Q1 2021.

 

Inside Insights is a weekly column on The Business Times, read the original version.



Koh Brothers group CEO, Koh Keng Siang adds to his Oiltek stake

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> extends target date for 315 Alexandra Road to 1Jul22</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%</li><li><a href="https://www.smartkarma.com/entities/mapletree-industrial-trust" target="_blank" data-smartkarma-citation="entities:40" rel="noopener">Mapletree Industrial Trust (MINT SP)</a> divests Michigan’s Data Centre for US$10m</li></ul>

AIMS APAC REIT (AAREIT SP) extends target date for 315 Alexandra Road to 1Jul22United Hampshire US REIT (UHU SP) acquires US$85.7m grocery-anchored freehold asset; DPU accretive by ~2.1%Mapletree Industrial Trust (MINT SP) divests Michigan’s Data Centre for US$10m

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

Hong Kong

Hongkong Land is a major listed property investment, management and development group. 

The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta.  The Group also has a number of high quality residential, commercial, and mixed-use projects under development in cities across Greater China and Southeast Asia.  In Singapore, its subsidiary, MCL Land, is a well-established residential developer.  

Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group.

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Hongkong Land (HKL SP)

Asia Real Estate Tracker (11-Mar-2025): Singapore buying Sydney office for $70M.

Real estate deals in Asia-Pacific: Singapore's Cambridge buys Sydney office block, Hong Kong Land's losses double, M&G Real Estate acquires student...

Asia Real Estate Tracker

Asia Real Estate Tracker (06-Mar-2025): 7/10 Senior Directors Confident in Data Centres, But Talent Shortage Will Widen

Senior Directors optimistic about data centres but concerned about talent shortage, HPL acquires InterContinental Auckland for $102M, Hongkong Land...

Asia Real Estate Tracker

Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale - McVay & Whillans Realty.

Hotel Indigo Auckland is for sale by McVay Real Estate & Whillans Realty Group, while CDL Chairman accuses son of coup attempt, Kwek stays CEO....

Asia Real Estate Tracker

Koh Brothers group CEO, Koh Keng Siang adds to his Oiltek stake

FOR the 5 trading sessions that spanned Jun 17 to 23, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (10Jun22) - AAREIT Extends 315 Alexandra Target Date to 1Jul22

UHU buys freehold asset for US$85.7m; MINT divests MI data center for US$10m; TCC seeks loan to privatize FHT; Cape Royale Sentosa up for sale from...

SCCM Asia Research

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