Henry Cheng of New World, with shares up on a report of funding talks (Image: New World Development)
New World Development’s shares surged by up to 16 percent and dollar bonds rallied after reports of a potential $2.5 billion financing deal, leading today’s Asia real estate headlines. Also in the news, CapitaLand Ascendas REIT completed its $390 million acquisition of a Science Park Drive property, and LG CNS secured a $72 million contract to build an AI data centre in Jakarta.
Hong Kong’s New World Says No Blackstone Offer for Shares
Distressed Hong Kong builder New World Development said Blackstone has not made an offer for its shares, following a media report on potential financing that triggered the company’s biggest equity rally in several months.
No share offers were given to the company by any person, including the controlling shareholder of New World and Blackstone, the developer said in a filing with the Hong Kong stock exchange Thursday afternoon. Read more>>
CapitaLand Ascendas REIT Completes $390M Acquisition of Singapore’s 5 Science Park
CapitaLand Ascendas REIT’s manager announced Wednesday that it has completed the acquisition of 5 Science Park Drive, an office building in the first phase of Singapore Science Park.
The unit of CapitaLand Investment announced that, of the gross proceeds of approximately S$500 million ($390 million) from a recent private placement of equity, 27.4 percent was utilised to partially fund the acquisition of the property. Read more>>
LG CNS Becomes First Korean Company to Take On Indonesia Data Centre Project
LG CNS, a tech consulting division of LG Group has secured a KRW 100 billion ($72 million) contract to develop an AI data centre in Jakarta, the company announced Tuesday, making it the first South Korean firm to take on a data centre project in the country.
In partnership with Indonesia’s Sinar Mas Group via their joint venture LG SinarMas Technology Solutions, the project will deliver a hyperscale facility capable of hosting over 100,000 servers by the end of 2026, with an initial power capacity of 30MW. The facility, which will measure over 46,000 square metres (495,140 square feet) in area, can be expanded to 220MW in capacity in later phases. Read more>>
Sale of Stake in Korea’s IGIS Said to Draw Local and Global Bidders
The race to acquire South Korea’s largest real estate fund manager has begun, with a preliminary bid for IGIS Asset Management set for 13 August. Domestic and global financial groups are eyeing the deal, including Hanwha Life Insurance, Daishin Financial Group and Daoukiwoom Group.
Morgan Stanley is managing the sale of a majority stake exceeding 60 percent, including a 12.4 percent holding by late founder Kim Dae-young’s partner. The company’s enterprise value is estimated at over KRW 800 billion ($580 million), with assets under management totalling KRW 30.2 trillion as of the first quarter. Read more>>
Singapore’s Straits Trading Warns of H1 Net Loss
The Straits Trading Company is expected to swing to a net loss for the first half of FY2025 ended June.
The loss is mainly attributable to loss from the share of results of an associate due to a change in fair value of investment properties in the UK as a result of higher capitalisation rates and weaker market sentiments. Read more>>
Hong Kong-Listed CC Land Predicts $5.1M H1 Loss
CC Land Holdings said on Wednesday that it expects to report a loss of around HK$40 million ($5.1 million) for the six months ended 30 June 2025, compared to a profit of HK$91 million in the same period last year.
The loss is mainly due to lower contributions from joint ventures and reduced fair value gains on UK investment properties, partially offset by exchange gains from the appreciation of the British pound against the Hong Kong dollar. Read more>>
Macquarie Launches Self-Storage Platform Backed by Canadian Pension Fund
Macquarie Asset Management announced the launch of Summerland Storage Partners, a self-storage platform with a strategy aimed at crafting a geographically diverse portfolio of self-storage assets, with support from a leading Canadian investor in one of its ventures.
The company intends to leverage its experience in scaling specialist operators to assist Summerland Storage Partners in building partnerships with global institutions to capitalise on attractive opportunities in the sector. Read more>>
Dexus Trust to Sell 11 Offices at Brisbane Tech Park for $101M
A Dexus trust has finalised option agreements to sell its last office assets at Brisbane Technology Park in Eight Mile Plains for A$155.5 million ($101.3 million) via two separate transactions.
Funds house Corval has entered into an agreement to acquire 11 of the 13 properties for a net price of A$110.7 million and another group, Exceed Capital, has entered into an agreement to acquire the remaining properties for a net price of A$44.8 million. Read more>>
India’s Sees 78% Surge in Q1 Sales, Profit Up 19%
Delhi NCR-based developer DLF announced a net profit of INR 7.6 billion ($86.6 million) in Q1FY26, 19 percent more than during the same period last year. The company’s consolidated revenue stood at INR 29.8 billion.
The company said its new sales bookings for the first quarter amounted to INR 114.3 billion, a 78 percent increase compared with the same period last year, attributing the new sales bookings to its latest luxury launch, DLF Privana North in Gurugram. Read more>>
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