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HPL, a prominent player in the property and hotel industries, is taking steps to expand its global presence with the acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s first venture into the New Zealand market and its second acquisition of an InterContinental hotel, following the InterContinental Maldives Maamunagau Resort.

JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the sale by Precinct Properties in New Zealand, notes that this off-market transaction is the largest hotel asset sale ever in the country. This move by HPL follows the recent launch of The Boathouse Tioman, a luxury resort in Malaysia featuring 31 bungalows, and the opening of The Four Seasons Hotel Osaka, a 176-room hotel in Japan, last year.

HPL’s latest acquisition in Auckland is in line with its strategy to expand its portfolio of luxury hotels in key markets throughout the Asia Pacific region. The company’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts drive this growth.

“The proposed purchase of InterContinental Auckland presents a unique opportunity for us to acquire a premium asset in New Zealand,” says Stephen Lau, chairman of HPL Hotels and Resorts. The property is conveniently connected to the bustling lifestyle precinct Commercial Bay, which opened in January 2024. Guests of the hotel can enjoy stunning views of the Waitematā Harbour, adds Lau.

Although the existing InterContinental Auckland has 139 rooms, there is potential for expansion up to 190 rooms by converting the current office space, should demand require it in the future. HPL is confident that this acquisition will prove to be a valuable addition to their portfolio and contribute to their success as a leading global hospitality company.…

According to recent research by Colliers, institutional investments in real estate in the Asia Pacific (Apac) region totalled US$83.2 billion ($112 billion) in the second half of 2024, an increase of 6% from the previous year. This brings the total investments for the full year to US$155.9 billion, up 12% from 2023. The figures cover the top nine markets in the region: Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand, and Taiwan.

The steady rise in investments demonstrates the resilience of the Apac real estate market and sets the stage for a strong 2025, according to Chris Pilgrim, Colliers’ managing director of global capital markets, Asia Pacific. He notes that local investors have been the main driving force behind the growth in key markets such as South Korea, Taiwan, and New Zealand, accounting for over 80% of real estate inflows in these countries in the second half of 2024.

The office sector was the largest contributor to investment volume in Apac, accounting for US$26.5 billion (32%) of the total in the second half of 2024. For the full year, office investments reached US$51.4 billion, up 14% from the previous year. The industrial and logistics sector was the second biggest contributor, with US$22.6 billion in investments in the second half of 2024, accounting for 27% of the total. The sector saw a robust growth of 29% year-on-year, with total investments reaching US$39.4 billion in 2024.

In a significant rebound, the retail sector recorded investments of US$15 billion in the second half of 2024, driven by large deals in Australia and South Korea. Total retail investments for the year stood at US$26.1 billion, a 27% increase from the previous year.

Pilgrim predicts that domestic investors will continue to dominate most markets in 2025. However, he expects offshore investments to increase as investor confidence improves and attractive valuations become available. While the office and industrial segments are expected to maintain their strength, Pilgrim also sees potential growth in the retail, hospitality, and alternative asset classes as investors capitalize on the recovering market and changing consumer trends.

He concludes that with a strong economic outlook and continued policy support, the Apac real estate market is poised for sustained investment activity in 2025.…

SC Capital Partners Group, a private equity real estate firm based in Singapore, recently announced the sale of its student accommodation asset located in Sydney, Australia. The transaction was finalized on March 3, and the group has confirmed that the asset, situated on Anzac Parade and Lorne Avenue in Kensington, was sold at a substantial premium to its original purchase price, as well as a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney, signaling a strategic investment for the esteemed institution.

The student accommodation asset was originally acquired by SC Capital Partners in 2016 for a reported price of A$57 million. This latest sale is a testament to the group’s impressive track record in identifying and investing in prime real estate opportunities.

Spanning over 85,035 square feet, the purpose-built student accommodation boasts 233 beds and a ground-floor commercial podium. Its prime location within a mere 600 meters of the UNSW Kensington Campus makes it a highly desirable property for students and faculty alike. The accommodation component of the property is currently fully leased to UNSW, with a fresh 20-year master lease signed in 2019 to ensure long-term stability.

This sale is yet another sign of the growing demand for quality student accommodation in Australia, with institutions such as UNSW recognizing the value in investing in such assets. With such a strong show of confidence from a renowned institution, it is clear that SC Capital Partners has made a wise and lucrative investment with this property.…

CLI CEO Lee Chee Koon has been named as the ‘Industry Figure of the Year’ for Asia Pacific at the prestigious PERE Global Awards 2024. CLI, a subsidiary of CapitaLand Investment Limited, also received the runner-up award for ‘Firm of the Year’ in the same region.

These annual awards, organised by the London-based publication covering private equity real estate markets, recognise top firms, individuals and notable deals from the past year. For the 2024 edition, the winners were chosen by a panel of PERE journalists, a change from the previous format where readers voted for the shortlisted nominees.

CLI expressed their delight in a press release on March 4, highlighting CEO Lee’s contributions in driving the company’s transformative growth and his significant impact on the private real estate industry in the Asia Pacific region. Lee took over as CapitaLand’s group CEO in September 2018, and has since made strategic moves such as the acquisition of Ascendas-Singbridge in 2019 and the 2021 restructuring of CapitaLand Group, resulting in the listing of CLI and the privatisation of its real estate development arm, CapitaLand Development.

In addition to these achievements, CLI also invested in real estate investment manager SC Capital Partners Group in 2024 and acquired Wingate Group Holdings’ property and corporate credit investment management business. With a target of managing $200 billion in funds by 2028, CLI is on track towards its goal.…

Shares of City Developments, which has been embroiled in a recent boardroom tussle that has now gone to court, saw a drop of 28 cents, or 5.47%, when trading resumed today. This came after the company’s shares were halted on Feb 26 and a scheduled results briefing was cancelled at the last minute. The business community in Singapore was taken by surprise when news broke of a falling out between executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek.

“Shareholders should note that the news reports have mentioned various allegations made regarding the disagreement within the board. At this time, the company will not comment on the validity of these allegations, as many of them are subject to the ongoing court proceedings related to the application,” City Developments stated on March 3rd.

Despite the internal conflict, City Developments assures that its business operations remain unaffected and fully functional. The current situation has not disrupted its daily operations. Sherman Kwek remains the Group CEO until the board passes a resolution to change company leadership.

However, the boardroom feud and family squabbles have caused analysts to downgrade their calls and lower their target prices for the company. Adrian Loh of UOB Kay Hian downgraded the stock from “buy” to “hold” on Feb 27th, citing that the FY2024 figures fell short of both his and consensus estimates. The news of the public leadership tussle overshadowed the strong assets owned by the company, both in Singapore and globally. Loh cautions that the stock may not perform well with this issue hanging over its head. He has revised the target price to $4.60 from $7, using a P/B ratio that is two standard deviations below the five-year average of 0.72 times.

Derek Tan and Tabitha Foo of DBS Group Research, on the other hand, see some positives in this predicament. Though the current situation dampens investor sentiment, the fundamentals of the company are strong, with key management still running the show. The company is currently trading at an attractive valuation of 0.5 times P/B and 0.3 times P/RNAV, lower than the lows seen during the Global Financial Crisis. They have lowered their target price from $10.50 to $6.70, based on a 60% discount to RNAV compared to the previous 35%. The sector average is currently at a 50% discount. They believe that the resolution of the board dispute and a renewed focus on driving shareholder returns and profitability will lead to a gradual recovery in share price.

OCBC Investment Research maintains a “buy” call on the company but with a reduced fair value of $6.02, down from $6.57. The new fair value is based on a higher RNAV discount of 60% compared to 45% previously. They expect uncertainties over CDL’s outlook and the potential overhang on its share price until the matter is resolved.

Though it is hard to quantify the potential impact of this episode, Brandon Lee of Citi Research believes that the uncertainty surrounding the board and company leadership, as well as the lengthiness of a potential court case, may be an overhang on the share price in the short term. He recalls that back in Oct 2020, CDL’s share price dropped by a fifth following Leng Peck’s resignation. Nonetheless, Lee notes that CDL is relatively under-owned by investors, and a positive resolution of the boardroom tussle could be a major share price catalyst in the long run. Lee has a buy call with a target price of $9.51, based on the belief that CDL is currently trading at less than a third of its book value.

JP Morgan analysts Mervin Song and Terence M Khi describe the events at CDL as a “dynastic discord” resulting from years of disagreements and underperformance among certain members of the Kwek family. They hope for a positive resolution and family reconciliation, but they have lowered their target price from $6.05 to $4.85, based on a 60% discount to their RNAV estimate of $12.10 per share.…

Perpetual (Asia) Limited, the trustee of Elite UK REIT, has sold Crown Buildings, Caerphilly located on Claude Road in Wales for GBP710,000 ($1.2 million). This price represents an 18% premium over the property’s value at the end of 2024, which was estimated to be GBP600,000 based on an independent valuation by CBRE.

Crown Buildings, Caerphilly was previously valued at GBP530,000 at the end of 2023. The net proceeds from the sale will be used to pay off outstanding borrowings for Elite UK REIT. The property has a total gross floor area of 20,712 sq ft, according to the company’s website.

Following a successful preferential offering in January 2024, Elite UK REIT was able to reduce its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. Its net gearing ratio also decreased from 47.5% to 42.5% during the same period.

The company has no debt maturing in 2025 and 2026, and its next refinancing is not due until 2027.…

The most profitable transaction in the condo resale market was recorded at Mandarin Gardens during the week of Feb 7 to Feb 14, 2025. A 3,800 sq ft four-bedroom unit was sold for $4.88 million, or $1,284 psf, on Feb 11. The seller of the unit made a profit of $3.83 million, or 364.8%, from the original purchase price in June 2003. This translates to an annualised capital gain of 7.4% over a period of 21½ years.

This deal also breaks the record for the most profitable transaction at Mandarin Gardens. The previous record was held by a 3,068 sq ft four-bedroom unit on the 20th floor, which was sold for $4.1 million in September 2021, resulting in a profit of $2.7 million or 193%, over a period of 20 years.

Resale prices at Mandarin Gardens have remained stable since September 2023, when the average resale price per square foot of units at the condo surpassed $1,300, according to EdgeProp Singapore’s analysis tools. Prices peaked at $1,316 psf in June 2024, before slightly falling to $1,310 psf as of Feb 25.

The unit sold on Feb 11 is one of 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit sold at the condo was a similarly sized unit on the ninth floor, which was sold for $4.26 million ($1,122 psf) in June 2023.

Mandarin Gardens is a 1,006-unit condo with a 99-year leasehold tenure starting from 1982, located along Siglap Road in District 15. The condo spans 17 buildings, ranging from nine to 23-storeys tall. It consists of one- to two-bedroom apartments from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units from 1,528 sq ft to 3,800 sq ft. The condo also houses 11 strata commercial units.

The second most profitable resale transaction during this period was recorded at Parvis, a freehold condo located along Holland Hill in prime District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit on the second floor of the development was sold for $4.78 million ($2,115 psf).

The unit was last sold in December 2009 for $2.78 million ($1,230 psf). This resulted in a profit of $2 million (71.9%) or an annualised gain of 3.6% over a period of 15 years.

This makes the second-floor unit the third-most profitable transaction at Parvis. The most profitable sale at Parvis is currently held by a 2,605 sq ft, four-bedroom unit, which was sold for $5.4 million ($2,073 psf) in November 2022. The unit was previously bought for $3.21 million ($1,230 psf) in December 2009, resulting in a profit of $2.19 million (68.2%), or an annualised gain of 4.1% over a period of 13 years.

The Feb 10 unit is the second profitable transaction to take place at Parvis this year. The first profitable transaction took place on Jan 6, when a 2,788 sq ft, four-bedroom unit on the 12th floor was sold for $6.1 million ($2,188 psf). The seller had bought the unit for $4.25 million ($1,524 psf) in 2011, resulting in a profit of $1.85 million (43.5%) after 14 years. It is the fifth-most profitable transaction at Parvis to date.

Parvis is a 12-storey development comprised of 248 residential units. Apartments are a mix of two-bedroom units of 990 sq ft to 1,442 sq ft, along with three- and four-bedders from 1,701 sq ft to 2,605 sq ft. There are also three- and four-bedroom penthouses ranging from 2,293 sq ft to 3,229 sq ft.

Schools within 2km of Parvis include Henry Park Primary School along Holland Grove Road, Nanyang Primary School along Coronation Road, New Town Primary School along Tanglin Halt Road, and Queenstown Primary School along Margaret Drive. The condo is a five-minute walk to Holland Village MRT Station on the Circle Line.

The most unprofitable transaction recorded during this period was the sale of a two-bedroom unit at Scotts Square. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. It was previously sold for $3.83 million ($4,039 psf) in December 2007, resulting in a 19.5% loss for the seller. This translates to an annualised loss of 1.3% over a period of 17 years.

According to EdgeProp’s analytical tools, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007. Out of these, 18 (26%) resulted in a loss of seven figures. The most unprofitable transaction involved the sale of a 1,249 sq ft, three-bedroom unit, which was sold for $3.65 million ($2,923 psf) in February 2017. The sellers had bought the unit during its launch in August 2007 for about $5.21 million ($4,171 psf). This resulted in a loss of about $1.56 million (30%) over a period of 10 years.

The average resale price of units at Scotts Square has been trending downwards since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before reaching a floor of $3,330 psf in August 2020. Last month, the average price of resale units at Scotts Square was $3,398 psf.

Scotts Square, developed by Wharf Estates Singapore, is a mixed-use freehold development located along Scotts Road. It consists of two luxury residential towers of 43 and 34 storeys with a total of 338 apartments and a four-storey retail podium.

Residential units at Scotts Square range from one- to three-bedroom units from 603 sq ft to 1,249 sq ft. The condo boasts amenities such as concierge services, a gym, a lap pool, and a sky pool on the 35th floor.…

Top new psf-price highs achieved in recent condo transactions

The sale of a two-bedroom unit at Hill House has captured the attention of the real estate market as it topped the list of private condos with a new psf-price high from Feb 7 to 16. The 999-year leasehold development located at the top of Institution Hill, off River Valley Road, saw a record-breaking peak price of $3,398 psf when the 452 sq ft unit on the eighth floor was sold by the developer for $1.54 million on Feb 16.

This transaction has marginally surpassed the previous peak of $3,378 psf set on Feb 11 when another 452 sq ft, two-bedroom unit on the eighth floor was sold for $1.53 million. Hill House, a 72-unit boutique condo launched in 2022, comprises of 40 one-bedroom units of 431 sq ft, 24 two-bedroom apartments ranging from 452 sq ft to 624 sq ft, and eight three-bedroom apartments spanning 753 sq ft.

The recent sale at Hill House has stirred up interest and led to a surge in enquiries for the latest New Launches. Interested buyers can search for the available units and transaction prices.

According to URA caveats, 37 units (51.4%) at Hill House have been sold at an average price of $3,152 psf since its launch in November 2022. The development is currently under construction and is expected to be completed in 3Q2026. Eight units have been sold at Hill House since the start of the year, with an average price of $3,190 psf. Among these transactions is the most expensive unit sold so far at the development which is a 753 sq ft, three-bedroom apartment that was sold for $2.39 million on Jan 5.

The Tresor, a 99-year leasehold condo located on Duchess Road in District 10, came in second on the list of condos that achieved new psf-price highs during the period in review. A 1,421 sq ft unit on the fifth floor was sold for $3.73 million, setting a new high of $2,625 psf on Feb 10. This beat the previous psf-price high of $2,501 which was set in March 2024 when a 1,399 sq ft, three-bedroom unit on the second floor was purchased for $3.5 million.

The resale transaction on Feb 16 is the first at The Tresor in a year, based on caveats lodged. The most recent resale deal at the condo was the sale of a 1,399 sq ft unit that fetched $3.5 million ($2,501 psf) on March 4, 2024.

Completed in 2007, The Tresor is a 62-unit development that comprises a mix of two-, three-, and four-bedroom apartments ranging from 990 to 2,896 sq ft.

Jadescape, a 99-year leasehold development that was completed in 2022, takes the third spot on the list with a new psf-price high of $2,459 psf set on Feb 7. A 1,647 sq ft, four-bedroom unit on the 22nd floor was sold for $4.05 million, surpassing the previous record of $2,446 psf set in January.

The most expensive resale unit at Jadescape to date is a 4,230 sq ft, six-bedroom penthouse that was sold for $10.2 million ($2,399 psf) in December 2024. Located at the junction of Marymount Road and Shunfu Road, Jadescape comprises 1,206 units across seven residential towers. The development offers one- to five-bedroom apartments ranging from 527 sq ft to 2,099 sq ft, as well as two penthouses of 4,230 sq ft.

Data compiled on EdgeProp Research indicates that Jadescape commands one of the highest average transacted prices among condos within a 1km radius. In the last 12 months, the average transacted price for Jadescape units stood at $2,192 psf. Other condos in the vicinity, such as the Tresalveo on Marymount Terrace, 183 Longhaus on Upper Thomson Road, and Thomson V Two on Sin Ming Road, have average transacted prices ranging from $1,712 psf to $1,912 psf over the same period. All three condos are freehold developments.

No new psf-price lows were recorded during the period in review. Interested buyers can check out the latest listings for Hill House, The Tresor, and Jadescape properties.…

Chiu Teng Group’s latest development, CT Pemimpin, is an exceptional investment opportunity for property investors and business owners in Singapore with its freehold status and prime central location. The nine-storey partial ramp-up factory comprises 56 strata-titled units and three canteen units, boasting a one-to-one carpark ratio and excellent accessibility. It also features end-of-trip facilities, green features, and a landscaped sky garden for a more sustainable future. With its strategic location in District 20, nearby amenities and excellent connectivity, CT Pemimpin is a valuable asset with enduring potential for growth. Don’t miss out on securing a unit – call 8100 8017 or visit Chiu Teng Group today!…

A pair of retail units at Sim Lim Square for sale at $1.86 milTwo strata retail units at Sim Lim Square on the market for $1.86 milBy ERA’s auction on February 27, a pair of adjacent retail units situated on the third floor of Sim Lim Square will be featured with a total guide price of $3.38 million.The bigger unit, covering an area of 958 square feet, is priced at $2.08 million (equivalent to $2,171 per square foot), while the smaller unit, spanning 570 square feet, is priced at $1.28 million ($2,246 per square foot). This owner’s sale marks the first time both units have appeared on ERA’s auction listings. The units can be purchased as a pair or individually. According to Alison Lee, assistant vice president of auction and sales at ERA, the units are competitively priced. “They are priced slightly below the market average to facilitate a quick sale.”Related article: Three-bedroom Gambier Court unit for sale at $2.64 millionThe analytical tool by EdgeProp Singapore indicates that the average transacted price for retail units at Sim Lim Square stands at $2,997 per square foot over the past year. The most recent transaction at the development was the sale of a 592 square feet shop on the ground floor for $1.92 million ($3,241 psf) in December 2024.Sim Lim Square has established itself as a technology hub, well-known for its wide array of electronics, gadgets, and computer parts (Photo: ERA)Lee also mentions that Sim Lim Square is renowned for being a technology hub. The development boasts an array of stores selling electronics, gadgets, and computer parts. It is also home to numerous other businesses, including eateries and traditional Chinese medicine shops.Both retail units up for sale are currently occupied, generating an estimated monthly rental income of $4.50 per square foot. Data from EdgeProp Singapore, based on a rolling 12-month average, shows that retail units at Sim Lim Square fetch between $4.20 and $7.30 per square foot in monthly rental income.The owners of Sim Lim Square put the development up for collective sale in April 2019 with a tender offer set at a reserve price of $1.25 billion. A subsequent relaunch for the purchase of the development was made in December 2019 at the same price, but no buyers were found.Plans for another attempt were made by a collective sale committee formed in 2022; however, it did not come to fruition. Lee confirms that a new committee is in the process of being formed and is looking into the possibility of another collective sale attempt in the near future.Completed in 1987, Sim Lim Square is a commercial development divided into strata-titled units along Rochor Canal Road in District 7. Built on a 78,152 square feet plot of land with a 99-year tenure starting from 1983, the complex boasts 492 retail and office units across six floors and two basement levels. It is situated within walking distance of Rochor and Jalan Besar MRT Stations, both of which are on the Downtown Line. In addition, the Bugis MRT Interchange connects the East-West and Downtown Lines.Browse the latest listings for sale at Sim Lim Square.…