One REIT Buying Six Japan Hotels and Offices for $190M and More APAC Real Estate Headlines

A Mizuho-backed listed trust leads today’s roundup of headlines from around Asia Pacific, with One REIT picking up five hotels and a Tokyo office building for $189.6 million. Also making the list are ByteDance securing a record data centre lease in China and Tokyo’s office vacancy falling to a five-year low.

Mizuho-Backed One REIT Buys Six Assets for $190M to Grow Portfolio to $1B

One REIT Investment Corporation has agreed to acquire six properties across Japan for a combined JPY 29.9 billion ($189.6 million), funded through a public unit offering, bank borrowings and existing cash, the Mizuho-managed trust said in an announcement. The portfolio spans five hotel assets and the Kagurazaka Plaza Building office property in Tokyo’s Shinjuku ward.

Sale and purchase agreements were signed Thursday, with closing expected on 19 March. Upon completion, One REIT’s portfolio will expand to 34 properties with total assets of JPY 152.1 billion, according to the announcement. The transaction marks the REIT’s fourth public-offering-linked acquisition since listing. Read more>>

Vnet Said to Win Record 500MW ByteDance Data Centre Order in China

Vnet Group has secured a record order to supply TikTok owner ByteDance with about 500 megawatts of capacity from its data centres in China, according to people familiar with the situation.

ByteDance wants more computing and storage capacity to grow its flagship chatbot Doubao and other AI technology, the people said, asking not to be identified discussing private information. The order would account for a major portion of Vnet’s business, given that the company had a total of 783MW of wholesale capacity in service at the end of September, with 582MW utilised by customers. A 500MW data centre project would typically cost several billion dollars, according to Cushman & Wakefield. Read more>>

Tokyo Office Vacancy Hits Five-Year Low as Record Demand Outstrips Supply

Japan’s capital is running out of office space, with new demand rising to a record in 2025 to reach roughly double the available supply as construction is delayed by labour shortages and rising costs. While demand hit 336,000 tsubo (1.11 million square metres), available office space stood at just 185,000 tsubo in Tokyo’s 23 central wards, according to CBRE.

CBRE estimates that new demand in 2025 grew by 51 percent to reach the highest level since data collection began in 1992. As of last month, the vacancy rate for office properties in Tokyo’s central 23 wards was just 2.1 percent, falling for the seventh month in a row and well below the 5 percent benchmark for balanced supply and demand, according to Sanko Estate. Read more>>

Lalamove Co-Founder Buys Ninth Condo in Hong Kong’s Happy Valley

Andrew Chung, a co-founder of ride-hailing platform Lalamove, recently purchased a three-bedroom unit in One Jardine’s Lookout in Happy Valley for HK$11.75 million ($1.5 million), marking his ninth unit purchase in the past year and a half and bringing his total outlay at the complex to HK$65.05 million.

A low-floor unit with a saleable area of 559 square feet (52 square metres) was originally listed for HK$12 million but sold after negotiation at HK$21,000 per square foot. The original owner purchased the unit in October 2024 for HK$9.66 million, holding it for about a year and a half and realising a profit of HK$2.09 million, representing a 22 percent gain. Read more>>

Japan’s Chuo-Nittochi Breaks Ground on Luxury Rental Project Near Philadelphia

Tokyo-based developer Chuo-Nittochi has broken ground on AVE Horsham, a 274-unit luxury multi-family project 35 minutes from downtown Philadelphia, in a joint venture with New York developer RXR Realty and Philly-area residential specialist Korman Communities, the company said. Construction began on 25 February, with completion targeted for winter 2028.

The project sits in the Montgomery county suburb of Horsham, where more than 20 percent of households earn over $200,000 annually, according to the announcement. The development marks Chuo-Nittochi’s second collaboration with RXR and its first with Korman, as the Japanese developer expands its US multi-family portfolio. Read more>>

Seoul Apartment Rally Cools for Fifth Week as Gangnam Prices Slip

Seoul apartment prices rose 0.09 percent in the week ended 2 March, extending their gains for another week, though prices declined in some of the city’s most sought-after areas. Gangnam district — known for its high-end shopping and K-pop celebrities — fell 0.07 percent, while Yongsan slipped 0.05 percent, according to the Korea Real Estate Board.

The pace of gains in Seoul has slowed for five consecutive weeks, rising for the 57th straight week at the smallest margin since September. The pullback may offer some relief to policymakers concerned about financial stability risks stemming from the property boom. Read more>>

Tokyo Used Condo Prices Rise for 13th Straight Year to Average $330K

Pre-owned condominiums are rising dramatically in price in the greater Tokyo metropolitan area as new units carry increasingly jaw-dropping price tags. Used condo prices in the capital region jumped 6.3 percent to an average of JPY 52 million ($330,000) in 2025, marking the 13th straight year of increase, according to the Real Estate Information Network for East Japan.

The number of contracts rose to 49,000 in 2025, with the average price swelling 1.8 times over the past decade. During the same period, new condo units for sale in the Tokyo metro area totalled just 34,000 in 2025, down 30 percent from 49,000 a decade earlier, as developers focus on high-margin city centre projects to offset surging material costs. Read more>>

Singapore JV Pays $38M for Five-Star Cat Ba Island Hotel in Vietnam

A joint venture backed by Singapore’s Hotel Properties Ltd has spent $38 million to acquire the five-star Hotel Perle D’Orient Cat Ba in Hai Phong, northern Vietnam, from domestic firm Truong Binh Minh JSC. The hotel is the first internationally branded five-star property on Cat Ba Island and previously carried Accor’s MGallery brand.

Opened in June 2020, the 121-key, 11-storey hotel was developed by Truong Binh Minh JSC for a total investment across two phases exceeding $34.4 million. ASB HPL North Asia is a joint venture between Hotel Properties Limited subsidiary HPL Properties (SEA) and ASB Hospitality, a unit of UAE investment holding company Albwardy Investment. Read more>>

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