The mainland real estate market is showing signs of a slowdown but that hasn’t kept Singapore’s Perennial Real Estate from making headlines this week with plans for a RMB 2.7 billion project next to a Tianjin high-speed rail station. More activity in India also makes the news as US private equity giant is said to be facing off with the team from Baring PE in the competition for a stake in a housing lender, and in Singapore a collective sale deal falls apart as the market adjusts to a new reality. All these stories and more are yours below.
Perennial Real Estate JV Plans RMB 2.7B Tianjin Project
Perennial Real Estate Holdings’ 45 per cent-owned joint venture is making a 2.7 billion yuan (S$564.3 million) investment in an integrated development next to Tianjin South High Speed Railway (HSR) station, the group announced in a regulatory filing before the market opened on Friday morning.
The joint venture, Perennial HC Holdings, was awarded the tender to develop the 76,900 sqm site in Tianjin, China at a land tender price of 718 million yuan. Read more>>
TPG, Baring PE Compete to Grab 51% Stake in Indian Housing Finance Firm
The upcoming auction for a controlling stake in PNB Housing Finance Ltd has seen interest from at least two bulge bracket private equity funds, TPG Capital and Baring Private Equity Asia, three people familiar with the plans said.
The PE funds are looking to acquire a 51% stake in the housing finance company, which is valued at ₹ 10,281 crore at the current market price, the people further said, requesting anonymity. Read more>>
Ascott Signs Deal to Open 1,600 Serviced Apartment in the Phils
THE Ascott Limited has entered into a strategic alliance with a top Philippine real estate developer to manage 1,600 units in the country by 2022, the serviced residence owner-operator company said in a Singapore Exchange filing on Thursday.
Ascott, a wholly owned subsidiary of CapitaLand Limited, will work with Cebu Landmasters Inc (CLI) under the alliance to seek properties for CLI to develop into serviced residences, which will then be managed by Ascott. Read more>>
KBS Realty Plots Second S-REIT – Aims for $1B IPO
KBS Realty Advisors, a U.S.-based commercial property owner, is considering its second real estate investment trust listing in Singapore, people with knowledge of the matter said.
The company aims to raise at least $1 billion from a potential sale of trust units backed by at least 15 prime commercial properties, the people said. A possible initial public offering could take place in the fourth quarter, said the people, who asked not to be identified because the details are private. Read more>>
TEE Land Dumps Plans to Pick Up SG Collective Sale Site as Market Cools
TEE Land has decided against exercising its option to purchase Teck Guan Ville in what was to have been a S$60 million collective sale.
With this move following the government’s announcement of fresh cooling measures, Tee Land will forfeit its 1 per cent deposit. Read more>>
Keppel Create S$200M Preschool Fund with Mindchamps
Singapore-based Keppel Capital Ventures has joined forces with MindChamps PreSchool to launch a SGD200m (€125m) education real estate fund.
Keppel MindChamps Education Real Estate Fund will invest in preschool and early learning centres throughout Asia-Pacific. Read more>>
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