Early indicators of a shift in Australia’s housing market for the new year. Rising interest rates appear to be weighing on residential prices in major Australian cities, while elsewhere in the region, a Singapore co-living operator moves toward an IPO and KKR encounters an uncommon setback in Japan.
Australian Housing Growth Cools as Sydney and Melbourne Record Declines
Australia’s previously surging housing market is beginning to show signs of moderation following interest rate hikes that started in May 2022. In December, property prices in Sydney and Melbourne slipped by 0.1 percent, marking their first monthly declines since January of the previous year. Nationwide, price growth slowed sharply, with December recording the smallest monthly increase in five months, rising by just 0.7 percent.
Singapore Co-Living Firm Assembly Place Files for Catalist IPO
Singapore-based co-living operator The Assembly Place submitted a draft prospectus on Tuesday, Dec 30, seeking a listing on the Catalist board of the Singapore Exchange (SGX).
Operating under an asset-light model, the company manages a diversified portfolio that includes co-living spaces, hotels, and student accommodation. The Assembly Place describes itself as Singapore’s largest and most diversified co-living operator, overseeing approximately 3,422 keys across 100 properties as of Dec 17.
Keppel Sells HarbourFront Marina Asset to SUTL for $31M
Marina developer and operator SUTL Enterprise will acquire Marina at Keppel Bay from Keppel Bay for S$40 million ($31.2 million).
In a stock exchange filing on Tuesday, Dec 30, SUTL said it entered into a put-and-call option agreement for the acquisition, which is expected to be completed in the second half of 2026. Following completion, the 166-berth facility will be rebranded as One°15 Marina Keppel Bay.
Hong Kong to Tender New Territories Mixed-Use Megaproject
Hong Kong will launch a tender on Tuesday for a large-scale mixed-use development in the Hung Shui Kiu area, according to Secretary for Development Bernadette Linn Hon-ho.
The project spans roughly 11 hectares and includes three private residential sites and three enterprise and technology park sites. It is expected to deliver 3,100 homes and 280,000 square meters of gross industrial floor area. The tender will adopt a two-envelope evaluation approach, assigning 70 percent weighting to non-premium development proposals and 30 percent to land premium offers.
Malaysia REIT Acquires Johor Industrial Asset
Axis Real Estate Investment Trust, listed on the Kuala Lumpur Stock Exchange, announced on Wednesday that it is purchasing an industrial property in Senai, Johor, for MYR 34.6 million ($8.5 million).
The acquisition marks Axis REIT’s fourth deal of the year, bringing total investments to MYR 964.6 million. The 0.81-acre leasehold site is zoned for medium industrial use and is planned for development into a double-storey factory with a mezzanine level, a two-storey office building, and supporting facilities.
China Extends VAT Exemption on Home Sales
China has announced an extension of its value-added tax (VAT) exemption on certain residential property sales as part of efforts to support the housing market. The policy applies to individuals selling homes they have owned for at least two years, the Ministry of Finance said on Tuesday. Properties sold within two years of purchase will continue to incur a 3 percent VAT.
