Roundup: Singapore money laundering condo for sale
Roundup: Singapore money laundering condo for sale

Gramercy Park is located at 57 Grange Road, District 10, Singapore.

A unit at Singapore’s Gramercy Park Mansion linked to a money laundering case is up for sale for $23 million, making this the headline story on Ming Tiandi today. Also in the news is that a subsidiary of Malaysia’s Sunway plans to acquire a 70% stake in Daiwa Sunway Development, with Chinese developer Shimao facing its first court hearing on Wednesday.

Singapore luxury condominium linked to money laundering case goes on sale for $23 million

According to Hattons Asia, a four-unit portfolio at Gramercy Park, a luxury freehold condominium on Grange Road, is on the market for S$32 million (US$23.6 million) following an expression of interest process.

The portfolio is part of a collection of properties linked to an alleged S$3 billion money laundering case that is up for sale. Other properties reportedly up for sale include units at South Beach Residences on Beach Road and The Mark on Patterson Hill. Read more>>

Malaysia’s Sunway acquires stake in Daiwa Sunway Development for $5.4 million

Sunway Iskandar, a joint venture 60% owned by Malaysian developer Sunway, will acquire a 70% stake in Daiwa Sunway Development from Daiwa House Malaysia for 25.5 million ringgit ($5.4 million).

The move follows a 2015 agreement between Sunway and Daiwa House Industry, Japan’s largest prefabricated house manufacturer, to set up DSD to develop residential properties using advanced prefabricated housing technology. Read more>>

Shimao eases debt restructuring terms ahead of liquidation hearing

Chinese property developer Shimao Group has eased the terms of its offshore debt restructuring to win support from creditors as it struggles to fend off a winding up petition filed in a Hong Kong court, three people familiar with the matter said.

Shimao Bank is due to face the first court hearing on Wednesday in a winding-up petition filed by state-owned lender China Construction Bank (Asia) over HK$1.58 billion (US$202.3 million) of unpaid loans. Read more>>

Three Hong Kong housing projects approved

Hong Kong’s Buildings Department in April approved construction plans for three luxury residential projects, including Agile’s redevelopment of Dragon Court in Kowloon Tong.

The ministry approved a total of 13 projects in April, including six residential-related development proposals, three commercial plans, one industrial development and three community service applications. Read more>>

Singapore apartment resale prices rise slightly in May, while sales fall

Resale prices for apartments continued to rise in May, but the pace slowed, while the number of sales was down from the previous month.

Preliminary data from SRX and released on Tuesday showed second-hand prices were up 0.4% from the previous month and 4.2% from a year earlier. Read more>>

Midea Property’s Hong Kong shares surge 100% on spinoff plan

Shares in Midea Property Holdings Ltd. more than doubled in intraday trading on Monday after the company announced plans to privatize its development unit, a move that could reduce risks linked to the crisis-hit industry in mainland China.

According to documents filed with the Hong Kong Stock Exchange on Sunday evening, the Foshan-based developer plans to separate its development and sales operations by transferring shares to major shareholders through a “dividend in kind,” which means transferring ownership of assets as is from one company to another. Read more>>

Currency fluctuations cause LMIRT’s debt ratio to exceed 45%

Lippo Malls Indonesia Retail Trust’s total leverage ratio is estimated to rise to the range of 45-45.2% from the previously announced 43.7% at end-March 2024.

This change was mainly due to the Rupiah’s significant appreciation of 3.5% against the Singapore dollar, reducing the value of LMIRT’s assets when converted into Singapore dollars. Read more>>

China’s FangDD moves into tech-driven property management with $35m patent acquisition

FangDD Network Group said on Monday it has signed an agreement to purchase certain patents relating to cloud computing technology in China. The deal is part of the company’s strategy to expand into technology-enabled property management as a complement to its existing business.

The purchase price for the patents is $35 million. In addition, the sellers will be entitled to receive earn-out payments for each of the fiscal years ending December 31, 2024, December 31, 2025 and December 31, 2026. Read more>>

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