City & Country: Foreign briefs

CapitaLand’s Beaufort in Beijing 95% sold
CapitaLand says Beaufort , its latest high-end residential project in Beijing, is nearly all taken up, following its launch late last month. A block of 467 units in this development, located within walking distance of the Beijing Chaoyang Park, is already 95% sold, at an average selling price of RMB27,000 (RM13,382) psm, generating total sales of more than RMB800 million.

When fully completed, Beaufort will have a total of four residential blocks with 1,027 high-end apartments. Unit types, ranging from 56 to 230 sq m, comprise studio and one- to four-bedroom apartments. The development sits on a 53,808 sq m site at Beijing’s Fourth Eastern Ring Road, some 2km from the China World Trade Centre. Beaufort is slated for completion from 2011.

While the Chinese government recently introduced a slew of measures to moderate the property market, Jason Leow, CEO of CapitaLand China Holdings, reckons the China market will continue to be “a vital and vibrant one”, given the strong demand and economic fundamentals.

Mapletree India China Fund to buy Beijing Gateway Plaza
Mapletree Investment says its private real estate fund, Mapletree India China Fund (MIRC), will buy Beijing Gateway Plaza for RMB2.9 billion. With this deal, MIRC, which has a war chest of US$1.16 billion, would be making its fourth investment in China. The seller is RREEF China Commercial Trust, a Hong Kong-listed real estate investment trust (REIT).

The Beijing Gateway Plaza is a premium Grade-A office complex located at the corner of the East Third Ring Road and Airport Expressway. The mixed-use development comprises two 25-storey office towers, a three-storey retail podium, and an underground carpark. The tenant base is a mix of both MNCs as well as domestic enterprises. Completed in August 2005, it has a total floor area of 102,735 sq m above ground.  

Sydney’s Sofitel Wentworth Hotel up for sale
Tourism Asset Holdings Ltd (TAHL), a hotel investment firm, is putting up the Sofitel Wentworth Hotel for sale. The hotel is one of the most recognised properties in Sydney, and is located in the CBD of Australia’s largest city. Built in 1966, it has 436 guest rooms and suites, as well as meeting rooms and other conference facilities.

Matthew Eady, CEO of TAHL, says the group has received unsolicited bids for the property. “While the Sofitel Wentworth is an exceptional asset, it is non-core, given our strategic focus on the mid-scale market,” he adds.

Over the past year, the global economic downturn has caused the Sydney hotel market to see a near double-digit decline in revenue per average room night. “However, with frustrated new supply conditions, and strengthening corporate and MICE demand, investors are expecting to see promising growth in trade over the medium term,” says Craig Collins, managing director of Jones Lang LaSalle Hotels, the appointed marketing agent for the property.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 794, Feb 22-28, 2010.

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