Korea’s NPS is looking for more yields (Image: NPS)
The world’s third-largest pension fund leads today’s collection of real estate headlines from around Asia, with Korea’s NPS searching for more yield. Also on the list is Yardi’s takeover of WeWork and Digital Realty outperforming expectations on growing data centre demand.
Korea’s NPS Shifts Strategy to Target Higher-Yielding Strategies
The National Pension Service, South Korea’s state-run pension fund, is introducing a new simplified asset allocation guideline under which it aims to increase its purchase of risky assets, including stocks and alternative asset products.
In its first system reshuffle in 18 years, the state fund said it is introducing a 20-year asset allocation standard portfolio to boost long-term profitability. Read more>>
Yardi to Operate WeWork as Separate, Arm’s-Length Entity
After it was revealed in court Monday that Yardi Systems will be the majority owner of WeWork as it emerges from bankruptcy, the California-based real estate software management firm has issued its first public statements about its investment in and plans for the embattled co-working company.
Yardi Systems’ investment arm, Cupar Grimmond, is contributing $337 million of the $450 million WeWork needs to exit bankruptcy. It said in a statement to Bisnow on Tuesday that the company’s executives believe “a hybrid workplace is the model of the future” and that its technology can help fuel the transition. Read more>>
Digital Realty Beats Estimates as Data Centre Demand Grows
Digital Realty Trust beat Wall Street estimates for funds from operations on Thursday, driven by strong demand for its data centre services, sending its shares up nearly 2 percent in after-market trading.
Data centre services are required as businesses integrate generative AI into their products and migrate their workloads to the cloud, triggering demand for firms such as Digital Realty. Read more>>
Swire Pacific Takes Control of Shanghai Healthcare Provider DeltaHealth
Swire Pacific has completed the acquisition of DeltaHealth, a Shanghai-based healthcare provider specialising in cardiovascular treatments, as the Hong Kong-based group pursues healthcare as one of its key growth areas.
The property-to-aviation conglomerate, which first invested in the mainland Chinese company in 2021, said it was targeting new growth areas like healthcare and that this was its first majority stake in a medical services provider. It comes close on the heels of an investment in an Indonesian healthcare group in December. Read more>>
New Residential Estate in Singapore’s Sengkang Could Yield 10,000 Homes
About 10,000 new homes could be built on a large tract of land in Fernvale North in Singapore’s Sengkang area, based on proposed plans for a new residential estate next to the Tampines Expressway.
The Urban Redevelopment Authority is preparing an 18.9 hectare (46.7 acre) site bounded by Jalan Kayu, Fernvale Street, the TPE and the upcoming Sengkang West Drive for housing. Read more>>
Singapore Top APAC Recipient of Q1 Cross-Border Investment: Knight Frank
Despite a decline in cross-border activities for the entire Asia Pacific region, overseas investors remained interested in Singapore in the first quarter of 2024.
At 45.6 percent, the city-state received the highest proportion of overseas capital among APAC markets in the quarter, based on an analysis by Knight Frank released Friday. Read more>>
Marriott Boosts Earnings Forecast on International Travel Rebounds
Hotel operator Marriott International raised its forecast for annual adjusted profit after mixed first-quarter results on Wednesday, banking on international travel demand to boost its full-year performance.
International and group travel are expected to offset plateauing leisure demand in North America, as travellers flock to overseas destinations in Asia and places like Saudi Arabia and Dubai in the Middle East. Read more>>
Embassy Group Sales Bookings Up 85% on Better Housing Demand
India’s Embassy Group on Thursday said its sales bookings rose 85 percent in the last fiscal year to record INR 22.5 billion ($269.7 million) on strong housing demand.
In a statement, the company said it achieved best-ever performance in the 2023-24 fiscal year for its residential business, with sales transaction value of INR 22.5 billion — an 85.5 percent jump from the preceding year. Read more>>
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