Sino-Ocean Reaches $5.6B Debt Restructuring Deal and More Asia Real Estate Headlines

Sino-Ocean Group and its creditors reach a deal to rework the Chinese builder’s $5.6 billion offshore debt, with that story leading Mingtiandi’s headline roundup today. Also making the list, Colt Data Centre Services buys a Mumbai site and a Singapore bank is set to recover $15 million from the sale of a property tied to money laundering.

China’s Sino-Ocean Strikes Deal to Restructure $5.6B in Offshore Debt

State-backed Sino-Ocean Group has reached an agreement with some of its creditors to restructure offshore debt worth $5.6 billion, the Chinese developer said Thursday.

The Beijing-based company will issue a new dollar-denominated term loan facility and notes worth $2.2 billion to its creditors, according to the proposal. Read more>>

Colt Acquires Site for 100MW Data Centre in India’s Navi Mumbai

Colt Data Centre Services is said to be planning another data centre in Mumbai.

The Economic Times reported that the Fidelity-owned company is looking to set up a data centre on a 15 acre (6 hectare) land parcel in Navi Mumbai’s Airoli, close to its existing operational facility. Read more>>

OCBC to Recover Over $15M From Sale of Laundering-Linked Property

A vacant plot of land in Sentosa Cove, acquired by one of the 10 foreigners arrested in Singapore’s biggest money-laundering case, has finally been sold via private treaty for over S$20 million ($14.8 million). This follows two auction rounds that failed to secure a buyer.

“Upon the completion of the sale, all overdue loans will be recovered,” said an OCBC spokesperson. Read more>>

Blackstone-Backed ASK Property Fund Invests $23M in Mumbai Project

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset and Wealth Management Group, says it has invested INR 1.9 billion ($22.7 million) in a upper mid-segment project being developed by Kalpataru in Borivali West, Mumbai.

The funds will be deployed for acquisition and the working capital requirements of the redevelopment project, the company said. Read more>>

Singapore Condo Leasing Deals Up 16.8% in June

Leasing volumes for condominiums recovered in June, rising 16.8 percent from May after declining that month.

Rents, however, were flat amid a mixed performance across all regions, based on flash estimates released by SRX and 99.co on Thursday. Read more>>

Hong Kong Hospitality Operator Launching First Melbourne Project

Hong Kong-based hotel and serviced apartment operator Lanson Place will make its Australian debut in September after partnering with developer Woodlink on the $80 million transformation of a historic Melbourne building, the former Salvation Army Printing Works.

In a project conceived six years ago but delayed by the pandemic and the collapse in 2021 of its original builder Probuild (replaced by Roberts & Co), Woodlink has transformed the 123-year-old red brick building overlooking Parliament Gardens into a hotel lobby, bar and restaurant and created a new 15-storey accommodation tower behind it. Read more>>

Malaysia Makes Country Garden’s Forest City a Duty-Free Zone

Malaysia passed regulations that will enable an island under the Forest City development to be gazetted a duty-free zone as part of efforts to revive the struggling megacity.

The lower house of parliament on Wednesday approved five amendment bills to turn Pulau Satu into a duty-free island, along with Labuan, Langkawi, Tioman and Pangkor. The law is now subject to the senate’s approval. Read more>>

Singapore’s Elias Green Condo Owners in Fresh Push for $690M Sale

Owners at the 419-unit Elias Green condominium in Singapor’s Pasir Ris are making a fresh attempt at an en bloc sale, eyeing an asking price of S$928 million ($690 million).

As of late June, 80 percent of unit owners have given consent for the collective sale to proceed, Alan Loh, chairman of the collective sale committee, told the Business Times. Read more>>