Chennai’s Fintech City is spearheaded by the Tamil Nadu state government (Image: TIDCO)
Manhattan-based Tishman Speyer sets up an Indian joint venture to acquire land for an office project in Chennai, with that story leading Mingtiandi’s headline roundup today. Also in the news, SGX-listed developer OUE swings to a first-half loss and Singaporean builder Ho Bee Land rebounds to scrape out a six-month profit.
Tishman Speyer India JV Buys Chennai Tech Park Site
Axis Commercial Real Estate Fund, a partnership of Axis Asset Management and US developer Tishman Speyer, has acquired a 1.5 acre (0.6 hectare) land parcel in Chennai’s Fintech City, Axis said Monday.
The plot will be developed into a Grade A office building of 400,000 square feet (37,161 square metres) within the next three years, the company said. New York-based Tishman Speyer will oversee design, development, leasing and property management. Read more>>
SGX-Listed OUE Falls to $73M Loss in First Half
Singapore-listed OUE has sunk into the red with a net loss of S$96.1 million ($72.6 million) for its first half ended 30 June, compared with a net profit of S$40.2 million in the year-earlier period.
The result was mainly due to the share of losses contributed by 25.2 percent-owned investee company Gemdale, whose principal activities in mainland China were hit by the property market slowdown and the current economic environment, said the real estate and healthcare group controlled by Indonesia’s Riady family. Read more>>
Singapore’s Ho Bee Land Rebounds to $7M H1 Profit
Singaporean developer Ho Bee Land reported a net profit of S$8.8 million ($6.7 million) for the six months ended 30 June, reversing a net loss of S$155.7 million in the year-earlier period.
Half-year revenue rose 48 percent year-on-year to S$230 million, the company said. Read more>>
ESR-Logos REIT Prices $76M in Perpetual Securities
ESR-Logos REIT priced S$100 million ($75.6 million) in perpetual capital securities at 6 percent, the Singapore-listed trust’s manager said Tuesday. This is in addition to the S$74.8 million in perps that were priced as part of an exchange consideration.
The consideration, which the trust announced earlier this month, comprised S$250,000 in principal amount of new perps, with accrued distribution. It also includes an amount in cash at 1 percent of existing securities. Read more>>
Carlyle Delays Buyout Fund Closing as Investors Demand Japan Options
Carlyle Group has delayed closing its new pan-Asian buyout fund as demand for a Japan-focused vehicle has syphoned off investor interest, according to people familiar with the matter.
The Washington-based firm has asked for an extension in the closing of its sixth regional buyout fund, the people said, asking not to be identified because the information is private. Since the launch more than two years ago, it has received $3 billion in commitments, well below its original $8.5 billion target, the people said. A typical fundraising takes about 18 months or less. Read more>>
Singapore’s PropNex Sees Profit Fall 13.8%
Singapore real estate agency PropNex’s net profit for the first half of the fiscal year fell 13.8 percent year-on-year to S$19 million ($14.4 million).
The company’s earnings per share for the period correspondingly declined the same in terms of percentage to S$0.0257. PropNex’s board proposed an interim dividend of S$0.0225 per share, which is lower than the S$0.025 per-share dividend for the previous year. Read more>>
Hong Kong’s Land Sale Drought Threatens Government’s Business Model
Hong Kong’s real estate slump is choking off one of the financial hub’s most important sources of government revenue.
For decades, the city’s government generated massive income from auctioning off land to cash-rich developers as prices soared. That helped enable Hong Kong’s low-tax system, which has been crucial to its business hub status. The arrangement largely worked — until recently. Read more>>
Hong Kong Architects Plead for Govt Projects to Keep Teams Busy
Hong Kong’s architectural sector has urged the government to bring forward public projects to save the industry from shrinking, saying repeated failed land bids have prompted some firms to lay off employees or force staff to go on unpaid leave.
Benny Chan, president of the Hong Kong Institute of Architects, made the call Monday after at least six land tender exercises had failed to pick a successful bidder since last year. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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