House on Hong Kong’s Shouson Hill Sold for $92M and More Asia Real Estate Headlines

A luxury residential home on Hong Kong’s Shouson Hill sells for $92 million, with that story leading Mingtiandi’s headline roundup today. A Singapore house also makes the news as its sale sets a new benchmark in the good-class bungalow market, and central Tokyo condo prices ease from last year’s record highs.

House on Hong Kong’s Shouson Hill Sold for $92M

A luxury residential home on Hong Kong’s Peak has been sold for HK$717 million ($92 million), making it one of the biggest transactions this year.

House 3 of 15 Shouson Hill was sold on Monday, according to the register of transactions. The buyer has signed a 35-day cash payment plan. Read more>>

Singapore Bungalow Being Sold for Record Price

A freehold bungalow under construction in Singapore’s Tanglin Hill area is in the early stages of being sold for close to S$93.9 million ($69.7 million), or nearly S$6,200 per square foot on the land area of 15,150 square feet (1,407 square metres) — a new record land rate in the good-class bungalow market.

The two-storey bungalow, with a high-ceiling attic and a large basement, will have six bedrooms and a swimming pool. The property’s built-up area is almost 30,000 square feet, including the basement, which holds the entertainment areas, a wine cellar and space for over a dozen cars. Read more>>

Central Tokyo Condo Prices Fell 16% in First Half

The average price of a new condominium in Tokyo’s 23 central wards in the first half of 2024 dropped 16.3 percent from a year earlier to JPY 108.6 million ($690,000) after hitting a record high the previous year, but property prices remain at a high level, a research institute said Monday.

Affected by the decline in central Tokyo, the average for the wider metropolitan area covering the whole of the capital and surrounding prefectures also fell 13.5 percent to JPY 76.8 million, the first decrease in three years, the Real Estate Economic Institute said. Read more>>

Planning Decision Delayed on Gaw Capital London Residential Project

Hong Kong private equity firm Gaw Capital and development manager City & Docklands plan to build a 52-storey tower with around 460 flats on the site of low-level office buildings at 4-5 Harbour Exchange Square near London’s Canary Wharf.

Designed by Make Architects, the One East Point project has been recommended for approval, but a decision has been delayed to allow for a site visit to investigate potential construction work disruption in the local area. Read more>>

Owners of Office Floors in Hong Kong’s The Center Offering 40% Discounts

When The Center skyscraper was sold in Hong Kong in 2017, the record $5.2 billion price tag was so high that investors had to form a consortium to take a majority stake and divvy up the floors. That decision is rapidly becoming a millstone.

Cash-strapped owners, many of them Chinese homebuilders, are now competing with one another to secure revenue from tenants or buyers at the 73-storey tower after housing sales in the mainland collapsed. Values have been dragged down as a result, with some space now offered at almost 50 percent less than the purchase price. Read more>>

Blackstone Raises Over $1B for First-Ever Japanese Domestic PE Fund

Blackstone’s first-ever private equity fund for Japanese individual investors raised $1.2 billion just four months after its launch, adding to signs that people in the Asian nation are warming to alternative assets.

The dollar-denominated Blackstone Private Equity Strategies Investment Trust reached that amount at the end of June, according to figures from the Japan Securities Dealers Association. Read more>>

IOI Properties Buying Petaling Jaya Mall for $145M

Malaysia’s IOI Properties is acquiring the Tropicana Gardens Mall in Petaling Jaya for MYR 680 million ($145 million).

The seven-storey Tropicana Gardens Mall has a total gross floor area of 2.95 million square feet (274,064 square metres) and a net lettable area of 1.05 million square feet with an occupancy rate of 77 percent. Read more>> 

Floor in Singapore’s Suntec City on the Market at $31M

The entire 31st floor of Suntec City Tower 1 in Singapore has been put up for sale via a private treaty, with a guide price of S$41.8 million ($31 million).

This translates to around S$3,403 per square foot based on the total strata area of 12,282 square feet (1,141 square metres), exclusive marketing agent PropNex said Tuesday. Read more>>