Sumitomo Realty & Development president Kojun Nishima
India’s commercial capital leads today’s look at real estate news from around the region, with Japan’s Sumitomo pointing to Mumbai as the focus for its plan to invest $6.5 billion in the country. The living sector also figures prominently in the headlines, with Japan’s Weave selling a set of Tokyo apartment blocks for $46 million and Singapore’s largest co-living operator announcing a $34 million sale and leaseback deal.
Japan’s Sumitomo Focuses on Mumbai, Living Sector for $6.5B India Plan
Sumitomo Realty and Development, Japan’s third-largest developer, plans to expand in India with an unusual strategy: focusing on Mumbai and managing apartments rather than selling them, executives said in a recent interview.
Tomoki Iwata, managing director of Sumitomo’s Indian unit Goisu Realty, said the company was reviewing other cities but so far had found no suitable sites in Delhi, Bengaluru or Chennai. Sumitomo’s five projects under development in India are all in Mumbai, including four in the Bandra Kurla Complex near the international airport. Read more>>
Weave Sells Trio of Tokyo Apartment Buildings for $46M
Regional residential investment firm Weave Living announced on Friday that it has sold a trio of Tokyo apartment blocks for a combined exit value of JPY 7.2 billion ($46 million) after buying the properties as part of its first Japan investment.
Weave announced its entry to the Japan market in 2023 with a purchase of nine Tokyo assets with 352 units. Founder Sachin Doshi said in a social media post on Friday that the firm achieved a net internal rate of return for investors of 15 percent on this latest exit. Read more>>
Coliwoo Sells Singapore Hotel in $34M Leaseback Deal
Coliwoo Holdings said on Thursday that it has entered into a sale and leaseback agreement for disposal of its hotel at 404 Pasir Panjang Road in Singapore.
The city-state’s largest co-living operator is selling an 80 percent stake in the hospitality asset for S$43.9 million ($34 million), according to an announcement to the stock exchange, with the buyer said by market sources to be affiliated with CWL Properties, a private firm owned by Chia Teo Meng which acquired a co-living hotel from Coliwoo parent LHN in May. Read more>>
Stoneweg E-REIT Sells Rome Property for $40M
Stoneweg Europe Stapled Trust said on Friday that it has agreed to sell an office property in Rome for 34 million euros ($40 million).
The Singapore-listed REIT is selling Maxima, a 16,689 square metre (179,638.9 square foot) office property on Rome’s historic Via dell’Amba Aradam, at a 32 percent premium to a June 2025 valuation, according to a statement. Read more>>
IHG to Open 817-Key Resort Near Osaka’s Universal Studios Japan
IHG said on Thursday that it has agreed to work with a four company consortium composed of Kajima Corporation, Japan Post Real Estate, SMFL Mirai Partners and Keihanshin Building to open an 817-key property, under three separate brands, as official hotels for Universal Studios Japan.
Flying IHG’s InterContinental, Kimpton and Holiday Inn Resort marques, the property is scheduled to open in 2029 and will be in close proximity to Osaka’s casino resort project. Read more>>
Lo-Goi Vietnam Project Now 50% Occupied
Regional logistics platform Lo-Goi has reached approximately 50 percent occupancy on a northern Vietnam project, with the remaining space in the Hung Yen province facility now under offer, according to an announcement this week.
The company also reported positive performance for its Yen Phong project in Bac Ninh province, with around 60 percent of that facility’s built-out space under offer within two months of completion. Read more>>
Mori Building Survey Finds 60% of Potential Tenants Looking for Larger Offices
Mori Building announced this past week that the majority of companies intending to sign new office leases in Japan are planning to upsize their current footprints, based on an industry survey.
The poll found that 27 percent of companies surveyed planned to lease new premises, with respondents listing a desire for a better location as the top reason for new office leasing plans for the third consecutive year. Read more>>
Shipping Heir Buys Apartment in Hong Kong’s Mid-Levels West for $17M
An heir to a Hong Kong shipping fortune has bought a luxury flat in the city’s Mid-Levels West for HK$132 million ($16.9 million), adding to a growing list of wealthy buyers acquiring high-end homes as prices soften.
Cherry Hill Investment, an entity linked to Hecny Group heir Arnold Lee, acquired the 2,772 square feet (257.5 square metres), four-bedroom apartment at The Legacy, jointly developed by Henderson Land Development and New World Development, according to Land Registry records. The transaction was completed on November 25 and registered on December 16. Read more>>
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