Hongkong Land hopes its Shanghai project will rival Lujiazui
One of Hong Kong’s best known developers leads our news roundup today as the division of Jardine Matheson moves forward with project to build a 1.8 million square metre commercial project in Shanghai.
Also in the news, Singapore’s ARA has won approval to back affordable housing efforts in the UK and one of Britain’s best-known entrepreneurs has decide to sell out of his pricey Singapore pad at an apparent loss, just one year after acquiring the Tanjong Pagar penthouse.
Hongkong Land Breaks Ground on Shanghai West Bund Financial Hub
Hongkong Land has begun construction on the West Bund Financial Hub in Xuhui District, which it hopes will become a financial center to rival the Bund and Lujiazui.
Consisting of 28 plots, the project on the Huangpu River waterfront has a total floor area of around 1.8 million square meters, including office buildings, shopping malls, hotels, exhibition halls, communities and cultural and sports facilities. Read more>>
ARA Unit Awarded £3B UK Affordable Housing Guarantee Scheme
ARA Asset Management on Sunday said that its subsidiary, ARA Venn, has been appointed the exclusive manager of a new £3 billion (S$5.26 billion) Affordable Housing Guarantee Scheme by the UK Ministry of Housing, Communities and Local Government.
ARA Venn is an investment manager in European real estate private debt. Read more>>
Dyson Sells SG Penthouse for S$62M After One Year
The Dyson family behind the British consumer electronics company are selling their triplex penthouse for S$62 million (US$45.7 million), less than the record purchase price of S$73.8 million in 2019, Business Times reported, without citing sources.
Singapore’s tallest penthouse, on the top three levels of the 64-storey Guoco Tower in Tanjong Pagar, is nearly S$3,000 per square foot on the strata area of 21,108 sq ft; it comes with its own infinity pool and private lift lobby from the basement car park. Read more>>
Crown Resorts Faces Investigation on Potential Money Laundering
Investors in Crown Resorts have wiped $500 million from the company’s value after the financial crimes watchdog said it was formally investigating the casino group for potential breaches of anti-money laundering laws at its flagship Melbourne casino.
Crown shares tumbled 8.2 per cent to $8.25 to hit their lowest closing level in six months, amid growing signs of investor discontent about the company’s operations and governance. The Age and The Sydney Morning Herald have confirmed prominent institutional shareholder Perpetual will vote against the re-election of three board directors at next week’s annual general meeting. Read more>>
SHK May Be Trailblazer in HK Land-Sharing Flats Race
Sun Hung Kai Properties could be the first developer to apply to become part of a scheme to boost housing supply through a public-private partnership.
Under the Land Sharing Pilot Scheme launched in May, developers can get government help to build infrastructure on private land plots. Read more>>
Plans Laid for NE Asia Data Center Hub on Korean Coast
SK Broadband (SKB) has suggested making Saemangeum a data center hub for Northeast Asia with an innovative low-power model that incorporates new and renewable energy sources, for the first time in Korea.
The company revealed a plan to establish the safest and most effective data center in Asia which has attracted a lot of attention. SKB plans to provide an eco-friendly, low-carbon “green hyper-scale data center” utilizing 50MW sunlight generation in Saemangeum. The data center plans to achieve RE30, obtaining 30 percent of its electricity from renewable energy, at the start of its operation, and plans to further increase renewable energy utilization up to 100 percent. Read more>>
India’s DLF Raises $327M to Refinance Debt, Expand
India’s largest real estate firm DLF Ltd’s rental arm DLF Cyber City Developers Ltd (DCCDL) has raised ₹2,400 crore from State Bank of India (SBI) in one of the largest lease rental discounting (LRD) deals in recent times.
In the current scenario where bank disbursements to real estate developers have been sparse, DLF’s debt transaction, at an interest rate of 7.35% for a tenure of 15 years with a structured repayment schedule, is significant. This also enables the company to reduce cost of its debt. Read more>>
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