Singapore Retail Scion Cuts Mansion Price by $5M and More Asia Real Estate Headlines

Tang Plaza in Singapore’s Orchard Road shopping belt (Image: Google)

A Singapore mansion tied to a local retail dynasty has slashed its asking price further, with that report leading today’s headline roundup. Also making the list, China cuts a key reference rate for mortgage loans and a data centre buy helps boost distributions at Keppel DC REIT.

Heir to Singapore’s Tangs Shopping Centre Slashes Mansion Price by $5M
A Victoria Park mansion owned by a Singapore retail scion has slashed its asking price by another S$7 million ($5.3 million) to S$73 million, the second cutback on the so-called good class bungalow, according to marketing material from CBRE and Knight Frank seen by Bloomberg News. This compares with an asking price of S$83 million when it was put up for sale in June.

The property, which sits on more than 0.7 acres (0.3 hectares) of land, is owned by Tang Wee Kit, Bloomberg reported previously based on filings. He’s the son of the late Tang Choon Keng, better known as CK Tang. The China-born tycoon established an iconic department store in Singapore’s main shopping belt, Orchard Road, which still operates there today. Read more>>

China Cuts Key Mortgage Rate to Boost Housing Market
China announced Monday that it had slashed a key reference rate for mortgage loans by a quarter of a percentage point, as the country stepped up efforts to stabilise the property market.

The benchmark five-year loan prime rate was lowered from 3.85 percent to 3.6 percent, while the one-year lending rate was also cut from 3.35 percent to 3.1 percent, according to the People’s Bank of China. Read more>>

Keppel DC REIT Distributions Edge Upward in Q3
Keppel DC REIT posted a distribution per unit of S$0.02501 for the third quarter ended 30 September, up 0.4 percent year-on-year. Distributable income rose 1.9 percent to S$44.7 million ($34 million).

The higher distributions came amid increased rent from strong reversions, a partial-settlement payout received in relation to a dispute with DXC technology services, as well as contributions from a Tokyo data centre acquired in July. Read more>>

Tender Launched for Wellness Hotel on Singapore’s Sentosa Island
Sentosa Development Corporation has launched a tender for a new wellness-themed hotel near Sentosa Golf Club, offering the site on a 50-year lease.

The plot, located along Allanbrooke Road, is a stone’s throw away from Capella Singapore and Sofitel Singapore Sentosa Resort & Spa, according to a notice placed by the statutory board in the local media. The site, currently occupied by two preschools, spans an area of 10,608 square metres (114,184 square feet). Read more>>

Singapore Land Authority Offers Tanjong Katong Retail Complex for Sale
The Singapore Land Authority on Friday launched the sale of Tanjong Katong Complex for tender as part of plans to rejuvenate the Geylang Serai area.

The 13,135 square metre (141,384 square foot) site will be sold on a 30-year tenure, with the successful tenderer overseeing the refurbishment, curation of retail mix and management of the shopping mall. Read more>>

China Property Investment Fell 10.1% in First Nine Months of the Year
Property investment in China fell 10.1 percent year-on-year in the first nine months of 2024 after dropping 10.2 percent in January-August, National Bureau of Statistics data showed Friday.

Property sales by floor area in January-September fell 17.1 percent from a year earlier, compared with an 18 percent slump in January-August. New construction starts measured by floor area declined 22.2 percent after a 22.5 percent drop in the first eight months. Read more>>

CDL’s Latest Singapore Project Sells 84% of Units on Launch Weekend
Woodlands residential project Norwood Grand sold 292, or 84 percent, of its 348 units over its launch weekend, at an average selling price of S$2,067 ($1,574) per square foot.

Almost all homebuyers, 99.7 percent, were Singaporeans or permanent residents, project developer CDL said Sunday. Read more>>

Sun Hung Kai Achieves Kai Tak Sell-Out for Third Straight Week
Sun Hung Kai Properties sold all apartments on offer at a key residential project in Hong Kong, marking the third straight week the units have been snapped up in a day as buyers take advantage of discounts and government property-easing measures.

All 215 apartments on sale at Hong Kong’s biggest developer’s Cullinan Sky project in Kai Tak, Kowloon, were purchased on Saturday, according to a representative of the company. Read more>>

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