Industrial giant GLP led the region’s real estate headlines on Boxing Day, with the company raising an additional $420 million in the closing of its mainland income fund. Also in the news is that small Singapore is getting bigger thanks to a reclamation project near Tuas Port, and that prices for existing homes in the Lion City continue to rise.
GCP announces completion of $420 million GLP China Income Fund XI financing
GLP’s investment and asset management platform GCP has raised funding for its latest Chinese income fund, GLP China Income Fund XI, with an investment size of 3 billion yuan ($420 million), according to an announcement on Monday on GLP’s WeChat public account. announced that it had been completed.
The fund’s investors are major domestic insurance institutions and GLP’s existing investment partners. Prologis Capital GCP acts as the fund manager and asset manager. Read more>>
Singapore’s JTC to reuse Tuas land for industrial use and port connectivity
A new reclamation project is planned for Singapore’s Tuas district, which will provide approximately 172 hectares (425 acres) of industrial land and improve road links to Tuas Port.
JTC Corporation, the government agency that oversees Singapore’s industrial zones, told The Straits Times that reclamation work in the northern Tuas Basin is expected to start in 2025 and finish around 2029. Read more>>
Singapore condominium resale prices continue to rise, but sales volume remains flat in November
Singapore’s condominium resale prices continued to rise for the fourth consecutive month in November, although transaction volume slowed after showing signs of recovery in October.
According to preliminary data released by SRX and 99.co on Tuesday, overall resale prices rose 0.4% month-over-month and 7.4% year-over-year. Read more>>
India’s Godrej Properties sells $312 million home in Gurugram project
Godrej Properties shares on Tuesday announced that the developer has sold over 26 billion rupees ($312 million) worth of inventory at the Godrej Aristocrat project in Gurugram’s Golf Course Extension Road Sector 49 He received attention after what he did.
Godrej Properties said the project was the most successful launch ever in terms of sales achieved, with the highest ever sales of over INR 20 billion made at Godrej Tropical Isle in Noida in the last quarter. He said it exceeded the launch. Read more>>
Boustead project offer deadline extended to January 10th
The deadline for cash exit offers for Boustead Singapore’s real estate arm Boustead Projects has been extended from 5.30pm on December 27 to the same time on January 10.
On Tuesday, Boustead Singapore announced that the group and its concert party have received valid receipts representing 309,385,609 shares, representing 98.76 per cent of the total number of Boustead Project shares. Read more>>
Vietnam proposes support for building materials market
Vietnam’s Ministry of Construction has proposed lower taxes and interest rates, as well as measures to boost the use of building materials, after the cement industry and other industries endured the most difficult year in a decade.
The peak construction season usually occurs from September to December, when the construction materials market is most active. The situation was different this year as demand for construction materials such as iron, steel, bricks and cement was low. Read more>>
Japan’s largest non-life insurance company faces penalties for price manipulation
Japan’s financial regulator has penalized the country’s largest non-life insurance company for colluding to fix prices in contracts with corporate customers.
Finance Minister Shunichi Suzuki announced at a press conference on Tuesday that the Financial Services Agency had issued business improvement orders to the core divisions of Tokio Marine Holdings, MS&AD Insurance Group Holdings, and Sompo Holdings. Read more>>
Local governments in China find few participants in housing exchange scheme
To revitalize the stagnant housing market, local governments in China are calling on residents to sell their old homes in exchange for new ones, but so far the calls have yielded lackluster results. Potential buyers are concerned that they may be forced to sell their homes due to deteriorating market sentiment. Huge discounts on older homes.
According to official data, housing prices have been on a downward trend since the beginning of 2022, and new housing prices in major cities in October of this year fell 0.38% month-on-month, marking the largest decline in eight years. Read more>>
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