Jeff Bezos is building out his collection of India data centres
Amazon leads this edition of Mingtiandi’s headline roundup, with the e-commerce colossus reportedly close to picking up a data centre development site near Mumbai. Also making the list, Singapore property investment perks up after the Fed’s rate cut and South Korea’s central bank is seen joining the global easing club.
Amazon Buying Mumbai Site for AWS Data Centre
Amazon India is in the final stages of buying up to 45 acres (18.2 hectares) in Palava, near Mumbai, from Macrotech Developers for INR 5 billion-INR 6 billion ($60 million-$72 million) for a data centre to serve AWS’s generative AI applications, sources told the Hindu newspaper.
The deal will likely be finalised in the next few months, said sources with direct knowledge of the deal. After the land acquisition, the real estate company will build the data centre for the e-commerce giant, they added. Read more>>
Singapore Property Investment Jumped 25% in Q3 From Previous Quarter
Real estate investment activity in Singapore has seen signs of picking up since the US Federal Reserve announced a 50-basis-point rate cut in September, creating some optimism in the market, according to a Knight Frank report.
Figures compiled by the consultancy showed that property investment sales amounted to S$8.3 billion ($6.4 billion) in the third quarter, up 24.8 percent from the prior quarter and 30.5 percent from the year-ago period. Out of total sales in Q3, public sector sales amounted to S$2.3 billion and private sector sales totalled S$6 billion. Read more>>
Bank of Korea Eyes Policy Pivot as Property Market Cools
The Bank of Korea is expected this week to conduct a long-awaited policy pivot, joining global peers in embarking on an easing cycle after the housing market showed signs of cooling and inflation eased below its target.
Twenty of 22 economists surveyed by Bloomberg forecast the central bank to cut its benchmark interest rate by 25 basis points to 3.25 percent when the board sets policy on Friday. It would be the first shift of policy course since the BOK raised its rate from a record low of 0.5 percent in August 2021 to exit from pandemic-era stimulus. Read more>>
Japanese Property Information Provider Closes $20M Funding Round
Estie Inc, a Japanese property tech startup, announced Tuesday that it has closed a JPY 2.8 billion ($20 million) Series B round to accelerate its growth and expand its market presence in Southeast Asia.
The latest round was led by Vertex Growth, a growth-stage venture capital fund anchored by Temasek subsidiary Vertex Holdings, and the Development Bank of Japan. Existing investors Globis Capital Partners, University of Tokyo Edge Capital Partners and Global Brain also took part in this round. Read more>>
Hong Kong Commercial Property Prices on Course for Continued Decline
Hong Kong’s commercial property market has seen an improvement in investment sentiment thanks to lower rates and a rebound in Chinese stocks, but prices will keep falling because of worries about a supply glut, according to CBRE Hong Kong.
“We are seeing increased interest in big-ticket deals in the market following the start of the rate cut, coupled with deeper price discounts, (and) end users and long-term investors are gaining confidence to enter into buying positions,” said Reeves Yan, executive director and head of capital markets at the consultancy. Read more>>
Hong Kong Developers Set to Roll Out 18,000 New Homes
Hong Kong developers intend to make nearly 18,000 new flats available to homebuyers as sentiment improves ahead of more interest rate cuts, according to the latest government data.
On Monday, the Lands Department said that in the third quarter it had approved presale consent for three projects — in Tai Po, Sai Kung and Ap Lei Chau — consisting of 213 units. The developers are Manhattan Realty, Chinachem Group and Tai Cheung Properties. Read more>>
China Home Sales Jump Over October Holiday After Policy Measures
China’s latest steps to revive the housing market have had an immediate impact, judging from reports of brisk sales and buyer interest during the nation’s week-long holiday. Whether the rebound will be sustained is another matter.
In cities with residential projects running promotions, visits by prospective homebuyers climbed at least 50 percent from a year earlier, CCTV news reported, citing the Ministry of Housing and Urban-Rural Development. About 130 cities across 20 provinces have rolled out various perks to entice buyers. Read more>>
Singapore REITs Seen Ready for a Rebound
Singapore-listed office REITs have the potential to be the “dark horses” on the local bourse next year as they are more sensitive to interest rate cuts compared to other sub-sectors, analysts say.
Positive business sentiment, easing debt and a continuing trend towards work-from-office could buoy office S-REITs, whose valuations have lagged their counterparts on the bourse. 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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