Hulic confirms JPY 11.5 billion Ginza office buy from Keppel REIT at 28.4% premium
Japanese developer Hulic Co Ltd has confirmed it is the buyer of an eight-storey office building in Ginza from Singapore-listed Keppel REIT for JPY 11.5 billion (S$72.4 million). The deal, which marks a 28.4 per cent premium to Keppel REIT's November 2022 purchase price, ends the trust's four-year p
Japanese developer Hulic Co Ltd has identified itself as the buyer of an office building in Ginza from Singapore-listed Keppel REIT, after the trust announced its JPY 11.5 billion (S$72.4 million) sale of the eight-storey property last week. The statement from Hulic said it has designated Ginza as a priority area and noted the building’s location on a corner lot within a five-minute walk of the Higashi-Ginza Station on Tokyo Metro’s Hibiya and Toei Asakusa lines.
The deal marks a 28.4 per cent premium to Keppel REIT’s November 2022 purchase price and ends the Singapore-listed trust’s four-year presence in Japan. Keppel REIT had announced the sale on 16 Aug 2026 but did not name the buyer at the time.
In other regional real estate news, the Guangzhou Intermediate People’s Court has accepted a bankruptcy liquidation case against Hengda Real Estate Group, the mainland unit of China Evergrande. Guangzhou Rural Commercial Bank filed the application, citing Hengda’s inability to repay debts amid insufficient assets to cover its liabilities. The founder of Evergrande, once the world’s most indebted property developer, was sentenced to life in prison a day earlier, five years after the group’s collapse rattled China’s economy.
Singapore’s Aw & Sons Capital has opened Mber Co-Living & Serviced Apartments, a 125-unit project in Serangoon assembled from 15 shophouses for S$53.6 million (US$42.2 million). The development houses 78 co-living units and 47 serviced apartments, which have averaged 80 per cent occupancy since opening in May, said managing director Josh Hu. He is targeting full occupancy by year-end.
Hong Kong-listed Sino-Ocean Group said it expects to swing to a loss of RMB 6 billion to RMB 8 billion (US$892.7 million to US$1.2 billion) for the six months to end-June, citing pressure on revenue and gross margins amid China’s prolonged property downturn. The projected loss compares with a RMB 10.2 billion profit a year earlier, driven mainly by one-off debt restructuring gains, the company said.
In Australia, Mirvac is targeting a build-to-rent portfolio of more than 5,000 apartments, up from about 2,200 units currently operating across five assets, as it scales its LIV platform. The expansion follows a recapitalisation in which Australian Retirement Trust bought a 48.5 per cent stake in the A$1.8 billion (US$1.3 billion) LIV Mirvac Fund.
