Shui On Land, a Hong Kong-listed property company, has announced a joint venture between its subsidiary, Shanghai Ruilou Enterprise Management, and state-owned enterprise Shanghai Pucheng. The project aims to redevelop Zhaojia Lou Ancient Town in Shanghai’s Minhang district. Zhaojia Lou Ancient Town is a popular tourist spot, with hundreds of thousands of visitors each year, and is known for its canals and ancient water towns. It lies next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, and has two connected subway lines.

The joint venture will redevelop a land parcel stretching from Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The new development will include residential, commercial and ancillary facilities, as well as preservation of the area’s unique history and culture.

Jessica Wang, CEO of Shui On Land, is optimistic about the future of …

The sale of a first-floor unit at Parc Stevens in prime District 10 in Singapore was the most profitable condo resale transaction recorded during the week of April 4 to 11. This 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf), making it the highest psf-price recorded at Parc Stevens. It had been purchased by the seller for $5.2 million ($1,500 psf) in April 2007, clocking a profit of $2.65 million (51%) after 16 years.

This marks the second most profitable transaction ever recorded at the development of Parc Stevens. Last May, a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf). The seller had bought the unit for $4.23 million ($1,059 psf) in July 2005, amassing a gain of $2.73 million.

Parc Stevens is a 48-unit freehold condo that was completed in 2000. Its units are a mix of three- to five-bedders …

CLAR, the manager of the REIT, has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. The sale and purchase agreement was entered into between the REIT’s trustee, HSBC Institutional Trust Services (Singapore) and KA Place SPV 1.The proposed divestment is in-line with the manager’s proactive asset management strategy and the net proceeds may be recycled to fund committed investments, repay existing indebtedness, extend loans to subsidiaries, fund general corporate and working capital needs, and/or make distributions to unitholders. The net proceeds after divestment costs are expected to be $30.65 million. This divestment is expected to be completed within 2Q2023.The consideration sum represents a 219% premium to CLAR’s purchase price of $11.1 million in March 2005 and a 55% premium to the property’s market valuation of $22.8 million as at Dec 31, 2022. KA Place at 159 Kampong Ampat is a seven-storey high-specification industrial …

The Ascott Limited, the lodging business unit of CapitaLand Investment, has set its sights on doubling its fee revenue over the next five years. FY2022, a record high for the business, will provide the base for the target to reach at least $500 million. This substantial growth was spurred by 36% year-on-year (y-o-y) growth, resulting from new property openings and other signings.

Not only has Ascott succeeded in securing 160,000 units by 2023, it has already established a goal of netting an additional 4,000 units in the first quarter of FY2023. In order to accomplish these targets, the business plans to offer service residences, hotels, co-living and senior living options, and range from mid to luxury scale.

Continued openings of properties and new signings are expected to contribute to the business’ fee revenue growth at an estimated annual rate of 8%-10% over the next five years.

Thanks to the company’s …