ION Orchard is in Singapore’s prime shopping district (Image: CapitaLand Investment)
Singapore’s CapitaLand Investment leads today’s headline roundup as the Temasek-backed firm offloads its half-stake in the ION Orchard luxury mall. Also making the list, India’s Reliance plans a huge data centre in Gujarat and an Aussie fund sells a Brisbane office block.
CapitaLand Investment Selling Orchard Road Mall Stake to REIT for $1.4B
CapitaLand Investment will sell its stake in one of Singapore’s most high-end malls to a REIT backed by the company as it seeks to reduce assets on the balance sheet.
The deal will divest CapitaLand Investment’s 50 percent interest in ION Orchard with a property value of S$1.85 billion ($1.4 billion) to CapitaLand Integrated Commercial Trust. CapitaLand Investment has a 24 percent stake in the REIT, which is the city-state’s largest by market cap. The move is aimed at an “asset-light growth strategy”, the investment firm said Tuesday. Read more>>
Ambani’s Reliance Aims to Build Gigawatt-Scale Data Centre
Reliance Industries is planning to build a gigawatt-scale artificial intelligence data centre in Jamnagar, in the Indian state of Gujarat.
Reliance Jio chairman and managing director Mukesh Ambani revealed the plans during Reliance’s 47th annual general meeting, noting that the company is “committed to democratising AI”. Ambani said of the project: “We plan to establish gigawatt-scale AI-ready data centres in Jamnagar, powered entirely by Reliance’s green energy, reflecting our commitment to sustainability and a greener future.” Read more>>
Cromwell Fund Sells Brisbane Office Building for $28M
The unlisted Cromwell Direct Property Fund has sold a Brisbane near-city office building off-market to a local investment group for A$41.5 million ($27.9 million) as activity picks up in the Queensland capital’s fringe market.
There have been a series of office trades in the city this year: Clarence Property’s A$119 million deal to buy 120 Edward Street in the heart of the central business district; Charter Hall offloading several office sites; and some offshore investors exiting. Read more>>
India’s Rustomjee to Diversify Into Data Centres
Indian developer Rustomjee Group plans to build data centres in Mumbai, the nation’s largest real estate market, to ride the artificial intelligence boom while it continues to sell luxury homes, said a top executive.
The data centres will be developed across 5 million square feet (464,515 square metres) of land in Thane, a suburb of Mumbai, where the company holds an “economic interest”, said Chandresh Dinesh Mehta, executive director of Keystone Realtors. Read more>>
Hong Kong Banks Wooing Customers With Cash Rebates on Mortgages
Major commercial banks in Hong Kong are starting to offer cash rebates on mortgage financing packages, igniting competition for homebuyers in anticipation of a pickup in transactions as the Federal Reserve prepares to cut interest rates.
Some lenders are offering 0.1 percent to 0.25 percent discounts to prospective borrowers, depending on the loan amount and their creditworthiness, according to Centaline Mortgage Broker. Bank of China (Hong Kong) and Standard Chartered are among them, local media reports showed. Read more>>
CapitaLand Hypes India Investments as Modi Visits Singapore
CapitaLand Investment on Wednesday said it would more than double its funds under management in India to S$14.8 billion ($11.4 billion) by 2028 as Prime Minister Narendra Modi began his two-day official visit to Singapore.
The announcement will contribute to CapitaLand Investment’s global target of achieving S$200 billion in FUM by 2028, the company said. Singapore’’s High Commissioner to India, Simon Wong, posted on X that it is “good to see Singapore companies doubling down on investments in India”. Read more>>
Mainland Developers Continue to Scale Back Land Purchases
Chinese developers have become more cautious about acquiring the rights to develop land this year amid a surfeit of unsold homes, declining sales and difficulties in raising money.
More than 70 percent of builders spent less on land acquisitions in the first eight months of the year, according to data from China Real Estate Information Corporation. Even many large state-owned enterprises, which made relatively big outlays last year, have halved spending on land. Read more>>
Vietnam Industrial Developer Reports 146% Jump in Profit
Vietnam-Singapore Industrial Park, the largest industrial park developer in Vietnam, reported a net profit of VND 1.1 trillion ($44 million) in the first half of 2024, up 146 percent year-on-year.
The result helped lift VSIP’s return on equity to 6.6 percent from 3.1 percent a year earlier, the firm said in a filing with the Hanoi Stock Exchange. 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.
Leave a Reply