Condo flipping has helped fuel a resurgence in Singapore’s property market
Fast profits from Singapore condo sales lead today’s headline roundup, as city-state residents get hip to the dark art of property flipping. Also in the news, Japan’s One REIT completes its sale of a Tokyo office complex and Blackstone maps out a further expansion in India.
Condo Flippers Score 100% Gains as Singapore Housing Surges
On Valentine’s Day evening, more than a hundred people packed into a Singapore condominium showroom to learn about how to make quick profits from flipping homes in the city-state.
“If you want to be rich, you just buy property!” proclaimed Eric Chiew, a social media influencer who runs a small real estate investment consultancy. The audience, which included millennial couples with kids in tow and middle-aged locals wearing flip-flops, listened as Chiew mapped out how to make a windfall from buying and selling homes — sometimes without even having to move in. Read more>>
Japan’s One REIT Completes $45M Sale of Shinagawa Office Building
The manager of One REIT said this week that it has completed its JPY 6.7 billion ($45 million) sale of the Minami-Shinagawa complex in Tokyo, with investment manager Raysum Co having agreed to purchase the office block in December.
The three-building complex in Shinagawa ward spans 8,571 square metres (92,257 square feet) and was completed in 1994. One REIT had first acquired the complex in 2013, according to an announcement to the Tokyo exchange. Read more>>
Blackstone Plans to Expand Credit, Infrastructure Businesses in India
Blackstone will build out its credit and infrastructure verticals in India to complement its private equity and real estate businesses, senior executives at the firm said, adding that the firm is expecting to double its India assets under management over the next three years.
Blackstone’s India head and Asia head of private equity Amit Dixit said the firm’s success in India is likely to help it find more investment opportunities and double its assets under management in the country in the near term. Read more>>
Hankyu Hanshin REIT Buying Kansai Retail Property for $16M
The manager of Hankyu Hanshin REIT has decided to acquire a retail property in the Ibaraki prefecture city of Hirata for JPY 2.4 billion ($16 million).
Hankyu Hanshin REIT Asset Management is buying the Friend Mart Ibaraki Hirata Store because it expects that the community retail facility will generate a stable cash flow and that the site will contribute to improving the stability of the overall portfolio. Read more>>
Chinese Data Centre Operator Vnet Raises $430M
Chinese data centre operator Vnet Group raised $430 million in convertible bonds maturing in 2030 in a deal that brought in more cash than initially planned.
The Beijing-based company intends to use the proceeds for investment in wholesale internet data centre projects, working capital and general corporate purposes, it said in a statement Thursday. It earlier sought to raise $400 million. Read more>>
PDG Converts $105M Indonesia Data Centre Loan to Green Financing
APAC-focused data centre firm Princeton Digital Group this week converted a $105 million loan into green financing for its 22-megawatt JC2 data centre in Jakarta.
First announced in August 2021, JC2 is the second of two data centres at the Jakarta campus, alongside JC1. The facility opened in September 2023, offering 22MW across 23,850 square metres (256,719 square feet). At the time, the company said it would be investing $150 million in the project. Read more>>
Hong Kong Tycoons, Celebrities Selling Retail Properties Amid Slump
Hong Kong’s weakening retail sales and slumping property market have sharply reduced the capital values of commercial real estate owned by celebrities like Nicholas Tse and the family of late “King of Gambling” Stanley Ho.
The Macau tycoon’s property at 20 Kimberley Street in Tsim Sha Tsui has been put up for sale at HK$88 million ($11.3 million), sole agent CBRE said Tuesday. The 1,410 square foot (131 square metre) corner site has a maximum commercial development potential of 16,920 square feet. Read more>>
AI Expected to Double Demand for Australian Data Centres
The use of artificial intelligence, along with cloud computing, will double demand for new data centres, with an extra 175 new facilities needed by 2030, according to an industry report.
Adding to that demand is the increasing connectivity of Australians. The number of devices in each household connected to the internet is expected to double by 2030, according to a wide-ranging JLL report on economic drivers for commercial real estate. Read more>>
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