Malaysia’s government hopes a casino may bring some green to Forest City
Malaysia’s prime minister is hoping to persuade some patriotic tycoons to open a casino in Johor to revive an ill-fated Country Garden project, with that story leading Mingtiandi’s headline roundup today. India’s Embassy Group also makes the list as it aims to take WeWork India public within 18 months and Singapore-listed Suntec REIT’s DPU falls 13 percent.
Malaysia in Talks With Tycoons on Casino to Revive $100B Forest City
Malaysia is in early discussions with tycoons on opening a casino in Forest City, people familiar with the matter said, in a bid to revive the beleaguered $100 billion property project that counts the country’s monarch as one of its shareholders.
Prime Minister Anwar Ibrahim met Berjaya Corp founder Vincent Tan and Genting Group’s Lim Kok Thay last week at the development by China’s Country Garden on the southern coast of Malaysia near Singapore, the people said, asking not to be identified discussing private information. King Ibrahim Iskandar was also represented, the people said. Read more>>
India Embassy Group Aims to Take WeWork India Public
Embassy Group is looking to list co-working office platform WeWork India in the domestic bourses within 18 months after acquiring US-based WeWork’s 27 percent stakeholding in the Indian entity for about INR 7 billion ($84 million), said two people with direct knowledge of the matter.
After the acquisition, the Bengaluru-based developer will own 100 percent of WeWork India. Of the total, Embassy will sell 40 percent stake to Enam Group, A91 Partners, CaratLane founder Mithun Sacheti and others for INR 12 billion, said the people cited above. Read more>>
Suntec REIT Q1 DPU Down 13% in Absence of Capital Distribution
Suntec REIT’s distribution per unit for the first quarter declined 13 percent year-on-year to S$0.01511, in the absence of the Singapore-listed trust’s capital distribution that concluded at the end of 2023.
The distribution will be paid out to unitholders on 30 May after the record date on 6 May. Distribution for the quarter stood at S$44 million ($32.3 million), down 12.5 percent from the prior year. Read more>>
Money Laundering Suspect’s Singapore Property Goes Unsold at Auction
A vacant plot of land in Sentosa Cove, acquired in 2021 by one of the 10 foreigners arrested in the S$3 billion ($2.2 billion) money laundering case, did not manage to secure a buyer at the close of an auction on Wednesday.
Ten parties registered for the auction for 69 Ocean Drive. The 99-year leasehold Sentosa Cove site, advertised at a guide price of S$27.1 million or S$1,386 per square foot, was put on the block by OCBC. Su Baolin had taken a loan from the bank to finance his purchase of the house in 2021. Read more>>
Singapore Industrial Rents Rise 1.7% in Q1 as Occupancy Dips, Prices Fall
Rents of Singapore industrial space continued to rise in the first quarter of 2024, even as occupancy rates dipped and prices fell for the first time in three years, JTC’s quarterly market report released Thursday indicated.
Rents were up 1.7 percent, similar to the pace seen in the fourth quarter of 2023, and 7.8 percent year-on-year. Single-user factory and business park rents rose the most — by 2.1 percent — while warehouses had a 2 percent increase and multiple-user factories recorded a 1.3 percent change on the previous quarter. Read more>>
Singapore Condo Resale Volume Rebounds in March
Singapore’s condominium resale volume rebounded 17.4 percent in March, reaching its highest level in seven months, as buyers returned to the market after a seasonal lull in February.
Flash data from SRX and 99.co released Thursday showed that 883 units were resold in March, compared with the 752 units that changed hands in February. Read more>>
India’s Macrotech Developers Posts 10.6% Net Profit Decline
Macrotech Developers reported a 10.6 percent decline in its net consolidated profit during the quarter ended 31 March.
Profit after tax stood at INR 6.67 billion ($80 million) against INR 7.46 billion registered in the corresponding quarter of the previous fiscal year, the company said in a BSE filing. Net consolidated total income stood at INR 40.8 billion, up 24.8 percent year-on-year. Read more>>
Vietnam Resort Properties Find No Takers in Da Nang
No beach villas, townhouses or condotels were sold in Da Nang in the first quarter, according to property consultancy DKRA Vietnam.
The resort real estate segment in the city and its surrounding areas was almost “frozen”, the company said in its first quarter report. No new projects were launched, it added. Read more>>
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