Do Kwon Won’t Get Refund on Singapore Penthouse and More Asia Real Estate Headlines

“Go directly to jail, do not pick up penthouse deposit,” is the message a Singapore court may have provided to former crypto kingpin Do Kwon last week after the convicted financier asked for a refund on an agreement to buy a luxury residence. Also making the news is a Bain Capital India rental housing investment and a value-add mandate by Korea’s largest pension fund manager.

Convicted Crypto Fraudster Won’t Get $15M Refund on Singapore Penthouse

Do Kwon’s claim for his payment of about 50 percent of an Orchard Road penthouse purchase was rejected by Singapore’s High Court, according to local media reports.

The co-founder of fallen blockchain company Terraform Labs had agreed to buy the unit in the Sculptura Ardmore project valued at S$38.8 million ($30.2 million) five months before the collapse of his cryptocurrencies TerraUSD and Luna in 2022. He had selected a 7,600 square foot (706 square metre) duplex four-bedroom penthouse on the 19th floor of the development, one of only three penthouses in the project, according to High Court documents reviewed by Lianhe Zaobao. Read more>>

Bain Capital Backs $100M India Rental Housing Fund

US private equity giant Bain Capital is betting on India’s rental housing market with an investment in a $100 million multi-family venture, according to statements published by its partners in the venture.

Bengaluru-based developer Sattva Group said late last week that, together with local rental housing operator Colive, it has agreed to an alliance with Bain involving a $100 million initial commitment to establishing a pan-India co-living real estate platform. Sattva said the new platform would acquire prime land and develop flagship communities across major Indian cities. Read more>>

Korea’s NPS Selects Pebblestone for Domestic Value-Add Strategy

Korea’s National Pension Service has awarded a value-add real estate investment mandate to Seoul-based Pebblestone Asset Management, according to local news reports this past week.

The mandate is part of a KRW 500 billion ($360 million) commitment to mid-sized players, with Pacific Asset Management also having been selected. Read more>>

Foreign Investors Set to Make Record Number of Takeover Offers for Japanese Firms

Japan will likely see a record number of attempts by foreign companies to buy domestic firms this year, spurred by changes in government policy and a weak yen.

Foreign firms made 157 proposals to buy or acquire majority stakes in Japanese companies as of the end of August, according to data compiled by Bloomberg. That’s on pace to exceed last year’s record of 193. Read more>>

HSBC Shake-Up Seen Raising Stakes for CEO

When HSBC Holdings’ departing boss Noel Quinn walked out of the bank’s London headquarters for the final time last September, he shared a hug with his successor, Georges Elhedery. Surrounded by hundreds of cheering staff, the embrace seemed to symbolise that not much would change under the new boss.

But just about two months after that hug, a lot had changed. Like a man on a mission, the new CEO embarked on the biggest overhaul the bank had seen in at least a decade, ripping up much of his inheritance. He reorganized HSBC into four new divisions and jettisoned some businesses his predecessors once considered key to the lender’s future. Read more>>

Korea Unveils More Property Market Curbs Amid Credit Concerns

South Korea rolled out new steps to rein in property prices, after earlier measures failed to cool demand sufficiently and spurred central bank concerns over mounting mortgage debt levels.

There will be a ramp-up of new home supplies in Seoul and its metropolitan area, the government said Sunday. The loan-to-value cap on mortgage loans will be cut to 40 percent from 50 percent for homes in four districts in Seoul, it added. Read more>>

Hong Kong Property Deals Reach Four-Year High on Incentives, Rate Cut Hopes

Hong Kong’s property market recorded its busiest start in four years, with more than 50,000 transactions registered in the first eight months of 2025, even as monthly activity cooled in August.

Data from the Land Registry showed 50,522 property deals — spanning new and second-hand homes as well as commercial units — between January and August, up 12 percent from a year earlier. Residential sales alone reached 42,379, a nearly 10 percent increase, both marking the highest levels since 2021. Read more>>

Philippines Extends Land Leases to 99 Years to Attract Foreign Investors

Foreign investors in the Philippines will be able to lease private land for up to 99 years under a law signed this week, as the country looks to be more competitive in attracting offshore funding for long-term commercial and industrial projects.

The law, signed by President Ferdinand Marcos Jr on Wednesday and made public Friday, replaces a rule that leases of private land could run for up to 50 years and be extended once for another 25 years. Read more>>

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