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PGIM Real Estate, which is the property financing and investment business of the global investment manager PGIM is pleased to announce its appointment to Eileen Yong as executive director and deputy portfolio manager for the Asia central strategy. Yong will be located in Singapore.

Grand Dunman showflat appointment for once-in-a-lifetime opportunity for homeowners and investors to acquire property in a quintessential environment.

She comes to PGIM Real Estate after a stint at LaSalle Investment Management, where she was the fund’s manager of the senior level. Prior to this, she served as vice-president at Aviva Investors’ real estate multi-manager team.

In her new position, Yong will be responsible for directing PGIM Real Estate’s Asia main strategy, which is designed to provide high-quality defensive returns and regular income through investing in core, income-producing assets that are located in more fluid and mature markets in Asia Pacific.

She will be reporting to Vincent Chew, executive director and portfolio manager for the Asia central strategy. Yong will replace Olivia Chow, portfolio manager who is moving within the company to assume expanded portfolio management duties within the region.

“We are thrilled to welcom Eileen into Our Asia group as we work to build our capabilities to address the needs of investors and improve on our history of our core strategy in Asia Pacific,” says Benett Theseira the managing director and director for Asia Pacific at PGIM Real Estate.

Real estate services company APAC Realty, the operator of the ERA brand, has increased the stake it holds within ERA Vietnam to 60% from a 38% stake it acquired in February 2020.

The Singapore Exchange (SGX) Mainboard-listed company also announced on January 9 that it will acquire 22% of the shares issued capital Eurocapital Joint Stock Company.

Eurocapital has been designated as the sub-franchisor for the ERA brand to ERA Vietnam. APAC Realty has, in its turn, granted Eurocapital the permission to sub-franchise ERA brand.

Grand Dunman Singhaiyi Group submitted the winning bid of $1.284 billion, equivalent to $1,350 per square feet per plot ratio (psf ppr).

Following the completion of the transaction, APAC Realty will increase its stake after the completion of the transaction, APAC Realty will increase its shareholding in ERA Vietnam and Eurocapital to 60% each.

In total, the amount due for the upfront payment totals $4.9 million and includes an incentive to earn out that could reach $10.5 million. “The earn-outs were arranged so as to motivate sellers to reach their goals of performance and to further boost the success and growth in the case of ERA Vietnam and Eurocapital,” APAC Realty. APAC Realty.

The figure for earn-outs, $2.8 million is subject to certain conditions, and based on the net earnings generated from ERA Vietnam and Eurocapital from July 1, 2023 until June 30th 2024. A further $7.7 million as an incentive to earn out is scheduled to run starting on January 1st, 2025 until December 31st 2025.

APAC Realty had invested $1.5 million to acquire 38% stake in ERA Vietnam in February 2020. In the fourth quarter of 2020 the Group also arranged an investment of $1 million to expand.

In conjunction with the purchase, APAC Realty plans to extend an equity loan in the amount of $1.5 million ERA Vietnam. As per APAC Realty, the loan proceeds will be used to help the plans of ERA Vietnam to expand its operations and launch new projects and increase market share.

ERA Vietnam has the right to draw down the loan under the date of agreement until June 30th 2023. The loan will be due 5 years after the date of drawdown with the rate of 5% annual interest.

The six-month period ending on June 30th, 2022 ERA Vietnam posted net profit of $0.1 million and revenues of $5.5 million. Eurocapital had the loss as $0.03 million, and revenue of $0.4 million during the same time period.

The acquisitions proposed will fuel growth for the business of the Group in Vietnam as well as increase the strength of the ERA brand across the region and encourage multi-country collaboration between the different subsidiaries of the group and affiliated businesses across Southeast Asia, says APAC Realty. The increase in stakes will also enable APAC Realty to combine ERA Vietnam and Eurocapital in its financial statements, according to the report.

Vietnam CEO cuts stakes to 15%
The people who are selling this acquisition include Pham Thanh Tuan Pham Thanh Tuan, head of the executive board for ERA Vietnam; along with Vu Duy Khuong, Vu Duc Hieu, Vu Trung Phong, Tran Dong An and Tong Nam Tran.

Pham sells the equivalent of 4% out of the 19% stake. This means his shareholding after acquisition is fifteen% for the two companies, ERA Vietnam and Eurocapital. Pham will therefore retain the majority of his part of ERA Vietnam and Eurocapital.

After acquisition The remaining 25% of each of ERA Vietnam and Eurocapital will be owned in the hands of KTP & Partners Joint Stock Company. KTP is an investment-holding company that has contributed to ERA Vietnam’s expansion and growth since its inception according to APAC Realty. “KTP is a strategic local partner that will be a key part of APAC Realty’s plan in the Vietnam real property brokerage market moving forward.”

Established in 2017, ERA Vietnam is based in Ho Chi Minh City. Under the direction of Pham the agency has increased its base of agents from just over 1,500 salespeople at December 31, 2020, to more than 3,900 salespeople as of December 31 2022.

For FY2023, ERA Vietnam has secured marketing orders for 23 new residential projects that total 6,460 units, as per APAC Realty.

“The capital for growth that was lent through our first purchase was the trigger that drove ERA Vietnam’s massive expansion over the past two years in terms of sales and headcount of agents,” says Marcus Chu the chief executive officer for APAC Realty. “We believe that our next investment will assist ERA Vietnam’s subsequent phase of growth , and help us to create more profit to APAC Realty shareholders over the long-term.”For its 2023 pipeline Era Vietnam has already secured marketing contracts for 23 new residences comprising 6,460 units. This includes the 9 Stellars by Sonkim Land, Zeit River Thu Thiem by GS E&C, Cadia by Phat Dat, iD Junction by Tay Ho along with Grand Marina Saigon by Masterise.

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There is a good chance that Singapore property market is expected to remain a bright spot across the globe despite growing macroeconomic headwinds as per Savills Research. As the rising rate of inflation and concerns about recession have cast shadows over the global real estate market however, the city-state is set to be strong.

“In general the Singapore real estate market should be in a favorable position to avoid the negative consequences of global economic turmoil as well as the global political turmoil,” says Alan Cheong who is the chief executive officer of Savills Singapore Research and Consultancy.

Cheong states she believes that Singapore market is buoyed by the shortage of supplies in the majority of segments, and developers of the housing market have the ability to hold financial assets. In this way, the market has the capacity to “overcome the negative effects of rising interest rates and recessions in the economy”.

Singapore witnessed $9.1 billion worth of real estate investment deals in the three-quarters beginning in 2022. That’s an increase of 47% from the same time in 2021, as per MSCI Real Assets figures. Savills adds that the residential rental market has seen a strong growth and the rents of private residential properties rising 8.6% q-o-q in 3Q2022 this was the biggest quarterly growth over the past 15 years.

Other sectors also have positive indicators, like the office space, which is seeing rising rental rates for CBD offices despite a decrease in vacant spaces as well as the rental rates in logistic properties are expected to rise in 2023.

The International Monetary Fund is projecting Singapore to track the gross domestic product (GDP) expansion by 2.3% in 2023, exceeding the 1% as well as 0.5% GDP growth rates projected in both the US and EU respectively.

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CapitaLand Investment’s (CLI) wholly-owned subsidiary Ascendas India Development VII and its joint venture partner Maharashtra Industrial Development Corporation (MIDC) have signed different agreements CapitaLand India Trust (CLINT) in which Ascendas India Development VII and MIDC will transfer the respective 78.5% and 21.5% shares in the Ascendas IT Park (Pune) to CLINT.

Ascendas India Development VII is a wholly-owned subsidiary owned by CLI India, which is earlier called CapitaLand India. Ascendas IT Park (Pune) is the owner of International Tech Park Pune in Hinjawadi (ITPP-H) in India.

The sale of CLINT to CLINT will be accompanied by a cost of about INR13.5 billion ($221.9 million). The amount of consideration for sale is an increase of 9% to CLI’s estimate of ITPP-H at the end of December 2021.

ITPP is an IT special economic zone (IT SEZ) that has an area of 2.3 million square feet of 99 year leasehold property. The park is comprised of four buildings, and is more than 100% let to prominent IT and information technology-enabled service (ITES) tenants like Infosys Ltd., Synechron Technologies Pvt. Ltd. as well as Tata Consultancy Services Ltd.

The structures in the park have been awarded Leadership in Energy and Environmental Design (LEED) Gold certification as well as Indian Green Building Council (IGBC) Platinum certification for Green Campus.

After the divestment CLI is expected to continue to offer property as well as lease administration services for ITPP H to CLINT.

The divestment proposed is part of the pipeline of assets that are being developed through CLI India, CLINT’s sponsor. It’s also believed to help CLINT with the capacity to further expand the portfolio of its assets in India and expand it’s presence Pune that will provide substantial operational benefits for the REIT.

“CLI’s plan to sell ITPP-H CLINT is in line with our plan to offer high-quality, stable assets to help grow the value of our trusts that we sponsor. The addition of a top-quality IT park in CLINT’s impressive range of 8 IT parks will allow CLI to be part of CLINT’s expansion in India as one of the core markets for CLI. The proposed divestment will raise the funds under management as well as fees-related profits,” adds Jonathan Yap, CEO, listed funds at CLI.

“With this deal, CLI has announced gross divestments of $2.9 billion for the year, just shy of our annual capital recycle goal at $3 billion. Nearly 90% are divestments of our listed funds as well as private vehicles, proving that these platforms are major growth engines for CLI. CLI has pipelines of approximately $10 billion worth of quality properties in our balance sheet that could be offered to our fee-generating private vehicles and listed funds,” he adds.

“The proposed acquisition is the highest-quality asset created by the Sponsor to the CLINT portfolio. Tenant profiles that are marquee that has a the highest occupancy level will provide significant scale to the CLINT portfolio,” says Sanjeev Dasgupta Director of Operations of The REIT trustee-manager.

The proposed divestment is an interest person transaction (IPT) in accordance with listings rules. It is subject to the unitholders’ consent of CLINT during an extraordinary general assembly (EGM). The EGM is expected to be completed by February 2023.

The shares of CLI ended the day with a flat closing price of $3.67 and units of CLINT ended the day with a flat price of $1.13 on Dec . 28.

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The purchase of a 6,415 square foot penthouse in Regency Park, located on Nathan Road in prime District 10 it was the highest-profit transaction of the year according to caveats filed from Jan 1 to December 6. The property was sold at $14.1 million ($2,200 per square foot) on August 31. The buyer purchased the property for $5.5 million ($857 per square foot) at the end of April. The result was that they earned $8.61 millions (156.6%) on the deal, or an annualized gain in the range of 3.9% over nearly 24 1/2 years.

It’s the highest-profit deal recorded in Regency Park, beating the previous record set by the 3,649 square feet unit located on the 12th level. The unit was purchased at $2.85 million ($781 per square foot) at the end of July, 2003 was sold at $7.35 million ($2,014 per sq ft) in April of 2011. The seller thus made an amount that was $4.5 millions over the time of nearly eight years.

The leasehold Regency Park was completed in 1987. It is comprised of eight 25-story residential blocks that house 292 units. There are three bedroom apartments starting from 2,250 sq feet and four-bedroom units starting at 3,649 sq feet.

Another District 10 luxurious condominium, Ardmore Park, saw the second highest gain of the year. This follows the sale of a 2,885 square foot four-bedroom unit located on the sixth floor of the building for $12.5 million ($4,333 per square foot) on November 4. The unit was previously sold owners at $4.75 million ($1,647 per square foot) at the end of December. The seller earned an income in the amount of $7.75 millions (163.2%) over a almost 22-year tenure that equates to an annualized gain in the range of 4.5%.

Many transactions with substantial gains have been made at Ardmore Park over the course of the year. Two adjoining units, both of which were four-bedders, that covered 2,885 square feet were sold on July 5. The property title search reveals that the owners from an Indonesian family bought the two units. A unit sold at $14.08 million ($4,881 per square foot) which is a new PSF price record for resales transactions in the development. The seller bought the unit at $9.08 million ($3,148 per sqf) in October of 2010. They thereby made an income of $5 million (55.1%), making the second-highest profit that was recorded at Ardmore Park in the past year. The unit that was sold at $11.5 million ($3,986 per sq ft). Seller, who bought it in April of 2019 with an amount of $8.5 million ($2,773 per sq ft) made an income of $3.5 million, or 43.8%.

The Ardmore Park comprises 330 units. Ardmore Park is an open-air luxury development owned created by Wharf Estates Singapore (formerly Wheelock Properties). It was completed in 2001 and includes three 30-storey towers. The most common units in the development are four-bedroom units with a total area of 2,885 square feet, as well as six penthouses duplex with 874 sq ft each.

Reflections On Keppel Bay was the third-highest profit transaction of the year. It follows the sale of 705 sq ft of the unit at $17.63 million ($2,500 per sq ft) on September 12. The apartment, at the 40th level, was purchased at $11 million ($1,560 per square foot) on September 10, 2021. The seller made the seller a profit of $6.63 million, or 60.2%.

If the period of holding was one year, the buyer would have been subjected stamp duty (SSD) for the transaction. SSD rates of 12% are applied to transactions held for more than a year. SSD rates of twelve% applies to properties that are held for more than 1 year and eight% for properties which are held longer than one year but not for up to two years as well as four% for properties that are held for longer than two years but for up at three years.

Reflections at Keppel Bay Reflections At Keppel Bay an exclusive waterfront luxury development of 1,129 units located in the District 9 area of Keppel Land. The 99-year leasehold development was completed in the year 2011 featuring six towers of residential that range from 24 to 41 floors along with 11 lower-rise blocks.

The biggest annual loss was in The Marq on Patterson Hill in the wake of the Sept. 7 auction of 3,089 square feet property at $13.38 million ($4,331 per square foot). The seller purchased the four-bedroom apartment located at the top of 20th Floor $20.54 million ($6,650 per square foot) in November of 2011. They lost $7.16 millions (34.9%), which is equivalent to an annualized decrease in the range of 3.9% over nearly 11 years.

The deal was a record-breaking loss for the development, surpassing the previous record set in December of 2017 when a 3,089 sq feet unit was purchased at $10.28 million ($3,328 per square foot). The unit was purchased at $15.2 million ($4,920 per square foot) on September 12, 2012 which meant that the seller suffered an expense in the amount of $4.92 millions ($32%) over five years.

located in District 9. The Marq on Paterson Hill is a freehold development of SC Global Developments that was completed in the year 2011. The development has 66 units spread across two 24-storey towers with sizes starting at 3,057 square feet.

reflections at Keppel Bay also recorded two of the biggest declines in 2022. On April 29 an area of 3,993 square feet located on 4th floor of the building was sold at $5.85 million ($1,465 per sq ft). The buyer, who bought the unit for $9.981 million ($2,499 per square foot) at the end of May 2007 made the loss that was $4.131 millions (41.4%) over a 15-year period of holding, or an annualized decline that was 3.5%.

Additionally an area of 6,835 square feet space located on the sixth floor was purchased at $12.2 million ($1,785 per square foot) on the 25th of August. It was bought at $15.55 million ($2,276 per sq ft) on August 7, 2007 which means the seller suffered a loss of $3.35 millon (21.6%) over 15 years.

Seascape which is the 99-year leasehold condo situated in Sentosa Cove, saw the third-worst transaction of the year. On October 21 the 3,380 square foot duplex penthouse was purchased at $5.9 million ($1,746 per sq ft). The buyer bought the property at $9.6 million ($2,840 per sq ft) in January of 2011, that’s a loss of $3.7 millions (38.5%) over a 12-year period of holding years.

The Seascape, a 151-unit Seascape constructed through Ho Bee Land, comprises two residential blocks of eight stories. The units are comprised of three- and four-bedders ranging from 2,164 to 4,069 square feet and eight penthouse units ranging from 3,380 to 4,252 sq feet. The project was completed in the year 2011.