Tencent’s presence in its hometown has already transformed Shenzhen’s skyline
WeChat has already become a point of controversy in India and the US, but that hasn’t dissuaded the messaging app’s parent firm, Tencent from plotting regional expansion, with the Shenzhen-based tech giant announcing plans this week for a new regional HQ in Singapore.
Also making real estate news this week, a Korean pension fund is investing in a US warehouse occupied by Amazon and Southeast Asia’s largest developer plans to raise S$800 million ($588 million) in new debt.
Tencent to Open SE Asia Regional Hub in Singapore
Chinese gaming and social media group Tencent <0700.HK> said on Tuesday it would open a new office in Singapore that will be its regional hub for Southeast Asia.
The move, adding a Singapore base to offices in Malaysia, Indonesia and Thailand, comes as Tencent presses on with a global push despite recent app bans in India and United States. Read more>>
Korean Fund to Invest $85M in Amazon US Logistics Center
The Korean Teachers’ Credit Union (KTCU) will invest 100 billion won ($85 million) in a pre-completed logistics center leased to Amazon.com in Delaware, US for an expected annual return of around 8%, said a KTCU source on Sept. 14.
Seoul-based IGIS Asset Management Co. Ltd. acquired the property for approximately 200 billion won last month. Hana Financial Investment Co. has set up a 200 billion won vehicle to fund the purchase as the underwriter. Read more>>
CapitaLand Prices S$800M Fixed Rate Senior Notes at 2.9%
CapitaLand has priced its $800m fixed rate senior notes due 2032 at 2.9%, a bourse filing stated. The notes will be issued under the S$5 billion Euro Medium Term Note Programme established by CapitaLand on 29 April 2019.
Net proceeds will be used for refinancing existing borrowings, financing investments and general corporate purposes, according to CapitaLand. Read more>>
Lendlease Plans $29M Digital Construction Centre in SG
At a value of S$40mn, this will be one of the largest projects of its kind in the area, and has been designed in order to boost Singapore’s property and construction sectors, giving them both a technology-focused amplification.
The centre is scheduled to open next month, and will employ 50 people during year 1. This figure is set to rise in future as expansion plans are already in the pipeline. Funding for the project was also given partially by the state’s Economic Development Board (EDB). Read more>>
Investors Flee Asia Pacific Commercial Properties
Global investors have disproportionately reduced spending on commercial real estate in Asia Pacific compared with other regions amid the pandemic and the outlook remains challenging, according to a report.
Total volume of commercial property acquisitions, including office, retail and hotels, was about 65% of the levels recorded in the last two years, the Switzerland-based Bank for International Settlements said in its quarterly review. By contrast, volumes in the Americas fell just 25% in the first half of the year, while those in Africa, Europe and the Middle East were little changed due to some large deals. Read more>>
Skechers Opens 5 New SG Stores Despite COVID-19
The retail industry may be going through a rough patch due to the COVID-19 pandemic, but American footwear brand Skechers still sees pockets of opportunities and has ramped up its presence in Singapore in recent months.
It opened five new stores in July and August – growing its retail footprint here to 30 brick-and-mortar stores – and expanded two existing ones. It also hired 40 new employees. Read more>>
Japan’s Orix to Buy US Housing Tax Credit Fund from Boston Capital
Japanese financial group Orix will acquire a U.S. fund that specializes in tax credits awarded to developers of low-income housing from Boston Capital, in a deal estimated at $150 million, Nikkei has learned.
The Tokyo-based company will assume management of just over $7 billion in these assets through the deal, roughly doubling its holdings to about $15 billion. Read more>>
E-Commerce to Stir Hong Kong Logistics Demand
The vacancy rate of logistic facilities in Hong Kong is expected to tick above 3 percent by the end of the year due to weakening domestic and global economies, a report says.
Over the next 12 months, nearly 102,000 square meters of marketable space is set to return to the leasing market when leases end, as some domestic retailers and import/exporters are set to reduce their logistics footprint, JLL says in a new report. Read more>>
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