In today’s roundup of regional news headlines, Ascendas India Trust splashes out on the development of a large Navi Mumbai data centre, the indebted former owner of Singapore’s Park Hotel Group is wound up, and Tencent plans a fancy new campus in Shenzhen.
Ascendas India Trust Investing $162M to Build First Data Centre
Ascendas India Trust (a-iTrust) is investing INR 12 billion ($162 million) to develop and operate the first of two buildings planned for its inaugural data centre campus in Navi Mumbai.
In a press statement on Monday, the trustee-manager said the upcoming data centre will be one of the largest data centre campuses in Airoli. The campus will host customers such as global technology giants, cloud service providers and large domestic enterprise clients. Read more>>
Park Hotel Mgmt Wound Up Over $3.9M Grand Park Orchard Debt
A firm that had until recently owned Singapore-based Park Hotel Group, which has nearly 30 hotels and resorts across Asia, has been wound up for failing to pay just over S$5.2 million ($3.9 million), including rent, owed in relation to Grand Park Orchard.
The High Court on Friday granted an application by landlord New Park Property to wind up Park Hotel Management. Read more>>
Tencent Plans $5.7B Shenzhen Net City Sustainable Campus
Tencent Holdings, the Chinese technology giant, is ditching the old playbook of cookie-cutter office blocks for its new Shenzhen headquarters, which is being developed keeping sustainability in mind.
Net City, the new development, will be as big as Midtown Manhattan at 132.6 hectares (327.7 acres) and is coming up in the city’s Dachanwan port area. Work on the project started last month. Read more>>
Foreign Investors Pile Into Australia’s Prime Office Towers
Foreign investors continued their love affair with Australian office real estate, spending almost A$2 billion ($1.5 billion) on workplace assets across the country during the first six months of 2021.
New JLL research reveals that, all up, investors outlaid a bullish A$5.02 billion on Australian offices between January and June, well up on the A$4.23 billion in office sales over the first six months of 2020. Read more>>
More Singapore Firms Set to Cut Office Space in Coming Months
More office space is expected to be freed up or vacated in Singapore in the coming months as companies review their workplace needs in light of changes brought about by the COVID-19 pandemic.
Over the past year, real estate consultancy firms have seen a significant uptick in the number of companies rethinking — many for the first time — their office work arrangements. Read more>>
Most Want More Subsidies, Stricter Criteria for BTO Flats in Prime Areas
The majority of Singaporeans who shared their views on public housing in prime locations support the giving of additional subsidies to keep these flats affordable and the imposing of strict criteria for first-time buyers and subsequent resale buyers.
More than 6,500 Singaporeans gave their feedback through a national online survey, dialogues, focus group discussions and email since last November, when plans to build new flats in prime areas were announced. Read more>>
Singapore CBD Grade A Office Vacancy Rate at 3-Year High
Singapore’s CBD Grade A office vacancy rates increased to 4.6 percent in the second quarter from 4.2 percent in the previous quarter, according to an office market report by Cushman & Wakefield. The figure marked the highest vacancy rate for this segment since the first quarter of 2018, when it was 4.9 percent.
The findings come as net supply of CBD Grade A office space outpaces net demand. In the first half of 2021, net demand was 68,000 square feet (6,317 square metres), a stark contrast to the 223,000 square foot decline in demand recorded in the second half of 2020. Demand stemmed from technology and finance tenants who accounted for most new office leases signed last quarter. Read more>>
YMCA Residences on SG’s Stevens Road Up for Sale at S$57M
Metropolitan YMCA Residences at 58 Stevens Road has been put up for sale via tender with a guide price of S$57 million ($42.4 million), sole marketing agent JLL announced on Monday.
Spanning 21,480 square feet (1,996 square metres), the site is zoned residential with a gross plot ratio of 1.4 and an allowable height of up to five storeys. This amounts to about S$1,942 per square foot per plot ratio. Read more>>
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