Penrose condoPenrose condo

Daily property news 9 Apr 2020

AFTER putting it on the backburner, Keppel Land may finally be going ahead to redevelop its office asset in Hoe Chiang Road.

The property comprises two towers – Penrose condo – that have been been vacated.

Completed nearly 30 years ago, the property may be ripe for redevelopment to take advantage of its strategic location at the gateway to the much-talked-about Greater Southern Waterfront.

FRASERS Property has temporarily shut its three hotels in Germany and will also progressively close its 11 hospitality properties in the UK.

In Australia, the real estate giant has closed all food and beverage (F&B) outlets at two hotels – one in Sydney and the other in Melbourne – in the interim.

In Singapore, its malls remain open only for essential services. Restaurants operating on its premises are limited to offering takeaways or deliveries.

CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) is proposing to offer tenants the option to pay their rent every month instead of every quarter. It may also allow payments to be deferred by one to three months in special cases, it said in a bourse filing on Wednesday.

This comes after 139 tenants, comprising 9.7 per cent of the Reit’s annual rent roll, requested for rental payments to be deferred for one or two months.

The group comprises mostly small- and medium-sized enterprises such as cafes, childcare centres, and gyms, as well as the Reit’s four-star hotel in Saronno near Milan, which is temporarily closed.

THE Tangs are a classic Singapore power couple.

Gordon, a former professional windsurfer and avid sailor, and his wife Celine moved from China in the 1990s, founded trading firm Tang Dynasty and then established a real estate empire.

Their SingHaiyi Group invests in commercial and residential properties in the island state and has expanded to the US and Australia. Neil Bush, brother of former US president George W Bush, is on the board, where Celine serves as group managing director.

Readmore: Singapore hotel industry decimated by Covid-19