Family of Former Singapore President Marketing Mansion and More Asia Real Estate Headlines

The family of Singapore’s first elected president has put a mansion in one of the city-state’s poshest areas on the market, with that story leading today’s headline roundup. Also in the news, Malaysian builder Gamuda buys a data centre development site and Japan’s Sekisui House aims to build 15,000 US homes a year.

Family of Singapore’s First Elected President Marketing Mansion for $44M

A freehold good-class bungalow property belonging to former Singapore president Ong Teng Cheong’s family has been put up for sale for S$60 million ($43.9 million).

Located in the Dalvey Estate near Botanic Gardens, the GCB site occupies 21,882 square feet (2,033 square metres) of land and is being marketed at a price of S$2,742 per square foot on land. Read more>>

Malaysia’s Gamuda Buys Data Centre Site for $94M

Malaysian developer Gamuda announced last week that it has agreed to purchase a site in the city of Port Dickson for development of a data centre project.

The KLSE-listed builder is paying MYR 424.4 million ($94.3 million) for what is now agricultural land halfway between Kuala Lumpur and Malacca, according to a statement. Read more>>

Japan’s Sekisui House Plans 15,000 Homes Annually Across 16 US States

Sekisui House, a leading Japanese homebuilder, is steadily expanding its presence in the US home construction market, injecting significant investment and innovative approaches to a sector grappling with surging demand.

Last January, Sekisui House acquired Colorado-based MDC Holdings, a major US homebuilder known for its Richmond American Homes brand, in a $5 billion cash transaction. Read more>>

Sales of Singapore High-End Bungalows Expected to Continue to Climb in 2025

After a strong performance in the good-class bungalow market in the second half of 2024 lifted full-year sales above 2023 levels, market watchers are upbeat about prospects in 2025.

Julian Yip, managing director of Realstar Premier, said: “GCB buying activity will be supported by interest rates still continuing to go down, maybe by 100 basis points in 2025.” Read more>>

First Project Under Hong Kong Land Sharing Scheme Meets Local Opposition

Hong Kong district councillors have opposed the construction of more than 1,700 homes in Tai Po under the first project in a government scheme to tap into private lots, citing concerns over the local area’s insufficient transport capacity.

At a Tuesday meeting, more than 10 of Tai Po’s 22 district councillors opposed the project. Some also urged Nan Fung Development to reconsider the plan rather than push ahead with construction works on the two sites, which have a combined area of 2.7 hectares (6.7 acres), on Lo Fai Road and Ting Kok Road. Read more>>

Singapore’s URA Makes Concessions on Redevelopment of Golden Mile Complex

The owners of Golden Mile Tower on Singapore’s Beach Road have been offered bonus gross floor area by the authorities if the complex is redeveloped, provided that the commercial complex’s iconic cinema block is conserved.

The offer from the Urban Redevelopment Authority comes amid an ongoing collective sale exercise for the strata-titled development, which comprises an 18-storey office tower on top of a six-storey retail and carpark podium that houses the cinema block. Read more>>

Trio Appointed to Supervise Estate of Chinachem Widow Nina Wang

Former Legislative Council president Rita Fan, former Hong Kong Monetary Authority chief Joseph Yam and former Baptist University council chairman Cheng Yan-kee have been appointed by Secretary for Justice Paul Lam to form a supervisory managing organisation to oversee the estate of late tycoon Nina Wang.

The appointment follows the High Court’s decision last November approving Nina Wang Charity Management Ltd as trustee of the estate’s charitable trust. Read more>>

Japan’s Hulic Investing in Vietnam Industrial Projects

Japanese developer Hulic announced Wednesday that it plans to invest in Vietnam’s industrial segment via a joint venture with Indochina Kajima for the Core5 Hung Yen and Core5 Quang Ninh ready-built factories.

Indochina Kajima has delivered ready-built factories and warehouses for lease since 2022 under its Core5 Vietnam brand, providing space in manufacturing and logistic hubs across northern Vietnam, including Quang Ninh, Hung Yen, Haiphong and Vinh Phuc. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.