Daily Briefing: Singapore trails behind Hong Kong in offshore wealth management; Sea prices $500m convertible note

And following Amber45's strong sales, UOL is launching another condo that could go for $1,400 psf.

From Reuters:

An annual study from the Boston Consulting Group showed Switzerland remained the world’s biggest center for managing offshore wealth with $2.3 trillion, followed by Hong Kong with $1.1 trillion and Singapore with $0.9 trillion.

The two Asian centers have grown at yearly rates of 11 and 10 percent respectively over the past five years, more than three times the 3 percent rate Switzerland has posted.

Read more here.

From DealStreetAsia:

Singapore-based online gaming and e-commerce company Sea Ltd has priced its $500 million convertible senior notes which are due in 2023. The company also said that its affiliate Tencent Holdings would purchase up to $50 million of the offering.

The notes offering will close on June 18, 2018. Initial purchasers will have the option to purchase up to $75 million principal amount of notes within a 13-day period of the initial issuance date.

Read more here

From Propertyguru:

Following Amber45’s healthy take-up rate, UOL plans to launch another project known as The Tre Ver in the third quarter at an estimated average selling price of $1,400 psf.

The 99-year leasehold project is located on the former Raintree Gardens HUDC site in Potong Pasir, which was built in the 1980s and subsequently sold via collective sale in 2016 to UOL Group and United Industrial Corporation for $334.2 million ($797 psf ppr).

Read more here.

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