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Monday, November 20, 2023

PGIM Keen on Australian Rental Housing and More Asia Real Estate Headlines

Raimondo Amabile, co-chief executive and global chief investment officer for PGIM Real Estate

PGIM leads today’s collection of real estate headlines as the asset management giant talks up plans to boost its investments in Australian rental housing. Also in the news, a UOL-SingLand joint venture sells out over half of a posh new condo project in Singapore and the Lion City’s ongoing money-laundering scandal sees regulators taking a closer look at family office applicants.

PGIM Takes Aim at Australian Rental Housing Market ↗

Rental housing will emerge as one of the largest single classes within Australia’s property sector as the “great reset” sparked by higher interest rates reshapes investment for years to come, according to one of the world’s largest investors, PGIM Real Estate.

That’s the view of Raimondo Amabile, who oversees $210 billion in assets under management globally in his role as the platform’s co-CEO and global chief investment officer. Read more>> ↗

UOL-SingLand Sells 57% of Singapore Luxury Project During Preview ↗

UOL Group and Singapore Land Group (SingLand) have sold 57 percent, or 102 out of 180 units, at Watten House in District 10.

At the end of a private preview on Saturday, UOL said the units were sold at an average price of S$3,230 ($2,408) per square foot. Read more>> ↗

Singapore Family Office Applicants Face 18-Month Backlog After Money-Laundering Case ↗

The number of Singapore-registered family offices, which manage tens of billions of dollars of private wealth, has leapt from just 50 in 2018 to 1,100 at the end of 2022, according to the Monetary Authority of Singapore.

But lawyers and advisers involved in setting up family offices said the pace of new registrations has slowed, with demand now falling as processing times stretch from less than six months to in some cases as long as 18 months. Read more>> ↗

Shanghai Developers Offer Sweeteners to Boost Flagging Sales ↗

Developers are offering sweeteners such as delayed down payments to home buyers in Shanghai, one of the more resilient property markets in mainland China, in an attempt to spur demand in the face of slumping sales.

Orient Innerjoy, a housing project in the city’s Baoshan district and close to a subway link, is allowing some homebuyers to cough up the bulk of their down payment a year after having their offer accepted, according to property agent Zhao Hailiang. Read more>> ↗

MIT Data Centre Leases Among Assets Sold by Bankrupt Tenant ↗

A Mapletree Industrial Trust tenant, which is in a Chapter 11 bankruptcy process in the US, has agreed to sell its assets, including all eight of its data centre leases held by MIT.

The tenant had entered into an asset purchase agreement with Brookfield Infrastructure Partners to acquire substantially all of the tenant’s and its affiliates’ assets, MIT’s manager said Friday. Read more>> ↗

China Vows to Meet ‘Reasonable’ Funding Needs of Developers ↗

China’s regulators told the country’s biggest banks and asset managers to meet all “reasonable” funding needs from property firms, in the government’s latest bid to arrest the protracted slump in the real estate market.

In a meeting on Friday, the People’s Bank of China, the National Administration of Financial Regulation and the China Securities Regulatory Commission told financial institutions to support property developers in receiving loans, issuing bonds and ensuring reasonable equity financing from capital markets. Read more>> ↗

China’s Problem With Unfinished Homes Keeps Getting Bigger ↗

China’s housing market has a big problem: millions of unfinished homes that were sold but not delivered. Solving that is crucial for a recovery, but the problem keeps getting bigger. More property developers are defaulting on their debt and adding to the logjam of construction delays and stalled residential development across the country.

Potential home buyers have lost confidence in the housing market because they fear developers won’t be able to complete their projects. That sentiment has created a vicious circle as falling new home sales imperil even more companies. Read more>> ↗

Macrotech to Invest $96M to Construct 2 Housing Projects in Bengaluru ↗

Macrotech developers will invest about INR 8 billion ($96 million) to construct two housing projects in Bengaluru where it has entered to expand business amid strong demand, its MD & CEO Abhishek Lodha said.

Macrotech Developers, which markets its properties under the Lodha brand, has a significant presence in the Mumbai Metropolitan Region and Pune. 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.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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