Aspial sells skyscraper site at discount; Huationg buys land for dormitory; and other listco property deals

Several Singapore-listed companies and Reits — including Singapore Post (SingPost), Huationg Global, Aspial Corp, ESR-Reit, and Parkway Life Reit — recently announced real estate transactions over the past week.

The deals involve properties ranging from HDB shophouses, hotels, and a nursing home, to logistics facilities and a CBD office unit, both in Singapore and abroad.

Aspial to sell scuppered residential project site in Australia

Aspial Corp is looking to sell a prime CBD freehold island site at 30 Albert Street in Brisbane, Queensland, to Australian hotel developer Doma Group for AUD 33.55 million ($29.97 million), which is below valuation.

Read also: Hotels will need to tailor offerings to Gen Z travellers' varied tastes: Marriott

Aspial initially intended to build an 857-unit, 91-storey residential skyscraper with seven basement levels on the 1,642 sq m (17,674 sq ft) site, which it had purchased in 2014 for AUD 35.36 million.

In 2016, its subsidiary World Class Land (WCL) had proposed a blue and gold glass design for the tower and a total of 304 carpark spaces with 3,283 sq m of communal recreation space.

However, the project subsequently had to be shelved when the government’s underground heavy rail project led to design and engineering constraints for the developer, local media reported. The site also remained inactive as Brisbane’s housing market faced higher construction costs, tighter financing and muted pre-sales.

Aspial’s wholly-owned subsidiary, WCL (Qld) Albert Street, has entered into a put and call option agreement with Doma Albert Street for the proposed transaction, according to a June 30 bourse filing.

Doma plans to develop a 47-storey tower on the land parcel, anchored by its Little National Hotel brand.

Aspial said the proposed disposal will enable the group to realise the property’s value, reduce holding and financing costs, and generate positive cash proceeds.

Read also: Why savvy Singapore investors build portfolios by investing in real estate without buying property

Net proceeds of about AUD 27.111 million may be used for general working capital purposes and to repay loans.

In addition, the group would be able to save some AUD 2 million annually — comprising the holding costs of the property including council rate and taxes, and interest expenses on the bank borrowings secured against the property.

The latest available open market value of the property, based on a valuation commissioned by Aspial, was AUD 36 million as at July 2025.

Huationg buys land in Changi South to build dormitory

Civil engineering firm and dormitory operator Huationg Global has completed the acquisition of a leasehold parcel, spanning 4,385 sq m (47,200 sq ft) in land area, located at Lot 8244M of Mukim 27 in Changi South.

Its wholly owned subsidiary One Changi has paid for the remaining balance of 95% of the undisclosed purchase price to the seller, Huationg said on June 30.

The group has proposed to develop the land into a purpose-built dormitory with an estimated gross floor area of about 7,000 sq m (75,347 sq ft).

Read also: How far should an MCST go to recover unpaid maintenance contributions?

While Huationg did not disclose the consideration or purchase price for the acquisition of the land, it had noted in May that the total development cost would be around $58 million. This comprises the purchase price and also the estimated construction costs for the dormitory.

Subject to approvals, construction is expected to start in the second half of 2026, with completion targeted by the second half of 2028. The dormitory could commence operations by the first half of 2029.

Acrophyte Hospitality eyes US hotel divestments

Two non-core and underperforming hotels in Atlanta, US, may fetch a total of US$17.25 million ($22.36 million), below valuation, under the proposed sale by Acrophyte Hospitality Trust (Acro-HT).

The stapled group’s subsidiary has entered into two conditional purchase and sale agreements with the buyer, Viator Hotels, for the 127-room Hyatt Place Atlanta Alpharetta Windward Parkway at US$8.6 million and for the 126-room Hyatt Place Atlanta Norcross Peachtree Corners at $8.65 million.

Built in the 1990s, both hotels will require a combined US$6.6 million in brand-required renovations in 2027, and about US$1.1 million in capital expenditure (capex) related to building and mechanical systems.

In a June 26 filing, Acro-HT said that the combined capex would represent nearly 40% of the hotels’ year-end valuation in 2025.

“Much of the capital invested will be to cure deferred maintenance and address brand requirements… without much upside given overall weak market conditions,” it added.

The Alpharette and Norcross submarkets in Atlanta have continued to lag their pre-pandemic performance, and there are also operational challenges related to cost inflation and labour market challenges.

An independent valuation of both properties had valued them at a combined US$18.9 million, which means the overall sale price represents an 8.7% discount.

SingPost leases back HDB shophouses

SingPost on June 30 announced it has completed the collective sale of 14 HDB shophouse units across Singapore for a total of $55.5 million. The postal service provider is now leasing back these properties from the buyer, Trans Realty, a subsidiary of taxi operator Trans-Cab.

The sale-and-leaseback arrangement was first announced in November 2025, when SingPost had also said that the leaseback option for each property would generally last for three years.

SingPost had previously acquired the 14 units between 1989 and 1996 for its operations. A company spokesperson had said last year that the shophouses inclues those located in Tanjong Pagar, Teban Gardens, Clementi West, Towner Road, Serangoon Central, Jurong West, Ang Mo Kio, Bukit Merah Central, Ghim Moh Estate and Bedok North.

ESR-Reit wraps up portfolio sale to Brookfield

ESR-Reit, which focuses on logistics real estate and data centres, has completed the divestment of the final industrial asset in a portfolio of eight to Brookfield Asset Management.

The logistics building at 46A Tanjong Penjuru, in the Jurong/Pioneer area, has changed hands for $113.5 million, the Reit manager said in a June 30 bourse filing.

The sale of the other seven industrial assets was completed earlier in June for $224.6 million.

They include another logistics property at 24 Jurong Port Road; general industrial buildings at 86 and 88 International Road, 120 Pioneer Road, 13 Jalan Terusan, 60 Tuas South Street 1 and 43 Tuas Circuit View; as well as a high-specs facility at 21 and 23 Ubi Road 1.

ESR-Reit had announced the proposed $338.1 million divestment of the eight non-core assets last December.

Parkway Life Reit sells Japan nursing home

Healthcare-focused Parkway Life Reit has divested a nursing home asset in Japan’s Hyogo prefecture to K.K. Etoile for JPY1.1655 billion ($9.4 million).

The buyer is the existing operator of the property and a subsidiary of Yoshimei Group, a Japanese corporate group, the Reit manager said on June 30.

It added that the sale supports the Reit’s ongoing asset recycling and portfolio rejuvenation strategy, given the asset’s mature profile, increasing capex requirements and limited valuation upside.

The sale price is at a 38% premium to the acquisition price in 2008, and is 5% above the latest independent valuation as at end-2025.

Yamada Green completes CBD office unit sale

Real estate and industrial park operator Yamada Green Resources on June 30 announced it has completed the disposal of an office unit located at the Plus building on 20 Cecil Street in Singapore’s CBD.

Located on the sixth floor, the investment property spans a net area of 517 sq ft and fetched $1.325 million in the deal.

As the book value of the property was $1.4 million as at the end of last year, the transaction resulted in a loss on disposal of $75,000.

The buyer is Bio Majesty, according to Yamada Green’s Apr 24 filing on the proposed sale.

Ipoh property sale by Nanyang New Development

Specialty chemicals company Nanyang New Development is proposing to sell a piece of land with a factory in Ipoh, Malaysia, for RM1.9 million ($607,715).

Its subsidiary Unimatex has inked a binding letter of offer with Winstar Electrical for the transaction, according to a June 30 bourse filing. The buyer is a Malaysia-incorporated company that deals in electrical goods and electrical wiring components.

The property comprises a 99-year leasehold site — with the lease expiring in July 2096 — measuring about 13,745 sq ft, as well as a mid 1.5-storey semi-detached factory.

It functions mainly as a warehousing facility, while a small portion serves as an office.