AirTrunk Starts Next Phase of 2nd Tokyo Facility and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Australia’s AirTrunk begins construction on the second phase of its second Tokyo data centre, and Singapore’s Hong Heng Mansions launches a collective sale.

AirTrunk Breaks Ground on Second Phase of 110MW Tokyo Data Centre

AirTrunk has broken ground on the second phase of its TOK2 data centre in Tokyo.

Work on the second phase commences only three months after breaking ground on the first in November 2022 and will bring the data centre closer to its ultimate goal of a capacity exceeding 110 megawatts. According to the Sydney-based company, the new phase will be scalable to 50MW of capacity and will be custom-built to meet the needs of cloud providers. Read more>>

Collective Sale of Singapore’s Hong Heng Mansions Launched at S$133M

The freehold condominium Hong Heng Mansions on Singapore’s Sembawang Road has launched the public tender of its collective sale with a reserve price of S$133 million ($99.3 million).

Hong Heng Mansions sits on a 78,644 square foot (7,306 square metres) plot and the reserve price translates to a land rate of S$1,208 per square foot per plot ratio. This sum excludes the land betterment charge. Under the latest Master Plan, the site is zoned “residential with commercial at 1st storey” with a gross plot ratio of 1.4. Read more>>

Warburg Pincus Raising $439M in Maiden RMB Fund

Warburg Pincus is raising RMB 3 billion ($439 million) in its first yuan-denominated fund, according to two people familiar with the matter, joining a growing list of private equity investors looking for local-currency investment opportunities in China.

China’s regulatory crackdown on private enterprises, including those in the technology sector, as well as strict COVID-19 lockdowns and Sino-US tensions have made many US investors wary of deploying new capital in China, according to several investors and lawyers. Read more>>

Average Condo Price in Japan Hit Record High in 2022

The average unit price of new condominiums across Japan hit a record high of JPY 51.21 million ($382,000) in 2022, topping the previous record for the sixth year in a row, a think tank report showed Tuesday.

The figure grew 0.1 percent from the previous year due to surging costs of construction materials chiefly reflecting the yen’s weakening and an upward trend spurred by the popularity of properties near train stations, the Real Estate Economic Institute said. Read more>>

Sasseur REIT’s Results ‘Darkest Before the Dawn’ as Analysts Maintain ‘Buy’ Call

Analysts at DBS Group Research and UOB Kay Hian have maintained a “buy” recommendation on Singapore-listed Sasseur REIT after the revival of consumption from the middle-income households triggered by China’s reopening.

“Sasseur REIT’s experiential giant malls with a value proposition bench well on improving consumer sentiment as China bids farewell to COVID-19,” DBS analysts Geraldine Wong and Derek Tan said. Read more>>

Frasers Property Secures Sustainability-Linked Loan for Australia Business

Singapore-listed Frasers Property has secured a five-year A$340 million ($232 million) and $75 million syndicated sustainability-linked loan for its Australia business, Frasers Property AHL Ltd.

The sustainability-linked loan, which has a price reduction structure that adopts sustainability performance targets linked to the group’s goal to be a net-zero carbon corporation by 2050, is a first for Frasers Property. Read more>>

Far East Consortium Teases More Detail on 1,550 Manchester Homes

A fourth round of consultation on Far East Consortium’s Red Bank neighbourhood, part of Manchester’s £4 billion ($4.8 billion) Victoria North project, has begun.

Hong Kong-listed FEC has partnered with the Manchester City Council on the delivery of Victoria North, which is made up of neighbourhoods including New Cross, Collyhurst Village, South Collyhurst and Red Bank. Read more>>

Novo Land Rolls Out Flats With Prices Starting at HK$4.2M

Sun Hung Kai Properties has circulated the first price list for Novo Land’s Phase 2B in Tuen Mun, which offers 146 flats. The cheapest one is close to HK$4.26 million ($540,000).

The average price after discounts is HK$13,288 per square foot, representing a 5 percent decrease compared with the average price of the first batch in Phase 1B last year. Read more>>

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