The 171-year-old Crown & Anchor in Adelaide could be replaced by student housing
Plans by Singapore developer Wee Hur to knock down a 171-year-old Adelaide hotel are the target of a local petition drive, with that story leading Mingtiandi’s real estate headlines from around the region today. A mainland developer financial failure also makes the list, with Landsea Green Management missing a payment on offshore bonds and Singapore’s LHN is on the way to another co-living project following a court ruling.
Adelaide Locals Petition Against Singapore Developer Plans for Historic Hotel
Singapore developer Wee Hur Holdings has come under fire for its plans to turn a 171-year-old hotel in Adelaide in South Australia, which houses one of the oldest pubs there, into a student housing block.
In March, the mainboard-listed company filed an application to redevelop The Crown & Anchor Hotel, which has a popular live music bar known by locals as the Cranker, into student accommodations. Read more>>
China’s Landsea Green Management Misses Offshore Bond Payment
Mainland based mid-sized developer Landsea Green Management said in a filing on Sunday that slow sales meant it failed to redeem some US dollar notes and may have to accelerate repayments of the debt.
Landsea has joined a growing list of Chinese developers facing a lack of liquidity because of a sustained fall in the value of property in the country. Read more>>
Singapore’s High Court Allows $58M Sale of GSM Building to LHN’s Coliwoo
The High Court has granted the sale of GSM Building to LHN unit Coliwoo for S$80 million ($58 million), after finding there was no evidence that the transaction lacked good faith.
In a written judgment released on Friday, Judicial Commissioner Christopher Tan dismissed the objections from the minority owners who had objected to the sale as they felt the price was too low. Read more>>
Oracle Points to Sovereignty Concerns in Plan to Invest $8B on Cloud Computing, AI in Japan
Oracle Corporation Japan last week announced plans to invest more than $8 billion over the next 10 years to meet growing demand for cloud computing and AI infrastructure in Japan.
The investment will grow Oracle Cloud Infrastructure’s footprint across Japan, the company said in a statement, while also pointing to customer and partner requirements to comply with data sovereignty rules in Asia’s second-largest economy. Read more>>
Govt Buildings in Singapore’s Outram Set to Make Way for New Homes
Two historical buildings in the Pearl’s Hill vicinity are set to be demolished to make way for new housing developments, as part of government plans to build 6,000 new homes in the area over the next decade.
The former Singapore Restricted Passport Centre at the now-vacant 240 Outram Road – originally built as Coroners’ Courts – and the former Pearl’s Hill School at 175A Chin Swee Road each sit on a site that will be developed for residential use, the Urban Redevelopment Authority confirmed with The Straits Times on Friday. Read more>>
Japan Sekisui House Completes Acquisition of US Homebuilder
Sekisui House, through SH Residential Holdings, LLC, a subsidiary of Sekisui House US Holdings, LLC, its US business controlling company, announced on Friday that it has completed its acquisition of M.D.C. Holdings, Inc, one of the leading homebuilders in the US delivering high-quality homes over the past 50 years.
Adding MDC to Woodside Homes, Holt Homes, Chesmar Homes and Hubble Homes, Sekisui House Group will have an annual supply of approximately 15,000 units in 16 states in the US With this addition, Sekisui House expects to achieve its goal of supplying 10,000 detached homes in overseas markets by fiscal year 2025, ahead of schedule. Read more>>
Hong Kong’s Hang Lung to Expand Flagship Plaza 66 Mall in Shanghai
Hong Kong developer Hang Lung Properties is targeting discerning Chinese consumers’ penchant for luxury goods as it prepares to undertake the expansion of its flagship mall in Shanghai, according to a top executive.
The expansion of Plaza 66, which houses the Shanghai flagship stores of Hermes and Dior, will focus on high-end luxury and bring new experiences to customers and stores that are completely new to China, said Janice Cheung Lam-na, director of mainland business operations at Hang Lung. Read more>>
Singapore Residential Rents Down as Demand Slows and Listings Surge
Asking rents of private residential landlords in Singapore have been slipping since the last quarter of 2023, as rental demand eased and supply surged, a report by online property portal PropertyGuru found.
The study, published in late March, showed that asking rents – as indicated by rents specified in listings on PropertyGuru’s portal – steadily declined in the last three months of 2023. The correction in asking rents in October and November consequently led to transacted rents dipping as well in December, said Lee Nai Jia, head of real estate intelligence, data and software solutions at PropertyGuru. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.