William Huang, chairman and chief executive of GDS Holdings, also chairs DayOne
In today’s regional real estate review, Singapore sovereign fund GIC weighs the sale of its office floors in a prime Tokyo tower for several hundred billion yen, data centre operator DayOne nears a confidential US IPO filing that could value the company at $20 billion, and Sunway’s $2.8 billion bid for a Malaysian construction giant faces a decisive test.
DayOne Data Centers Nears Confidential Filing for $5B US IPO
Singapore-based data centre operator DayOne Data Centers is nearing a confidential filing for a US initial public offering, sources said. The GDS Holdings-backed company may submit its draft registration to the Securities and Exchange Commission as soon as this week.
DayOne is targeting a valuation of up to $20 billion in the listing, which could raise around $5 billion. JP Morgan, Morgan Stanley, Bank of America and Citigroup are said to be working on the deal. Read more>>
GIC Said Mulling Sale of Tokyo Office Floors for Over $1B
Singapore’s GIC is weighing the sale of its office floors in Pacific Century Place Marunouchi, a prime Tokyo tower, for at least several hundred billion yen, people familiar with the matter said. The sovereign wealth fund holds the office section spanning the 8th to 31st floors.
GIC acquired the property from PAG-backed Secured Capital Investment Management in 2014 for JPY 180 billion (now $1.1 billion). Any deal would rank among the largest office transactions in Japanese history. Read more>>
Sunway’s $2.8B Bid for IJM at Risk as Board Urges Rejection
Malaysian conglomerate Sunway’s MYR 11 billion ($2.8 billion) offer to acquire construction group IJM Corp faces growing resistance after IJM’s board endorsed its independent advisor’s finding that the bid is “not fair and not reasonable”.
Independent advisor M&A Securities found the offer price to be a discount of up to 51 percent to IJM’s estimated value. State fund Permodalan Nasional Bhd, holding a 13.5 percent stake, has also rejected the bid. Shareholders must decide by 6 April. Read more>>
New World’s Top Shareholder Seeks to Refinance $932M Loan
The Cheng family’s Chow Tai Fook Enterprises, the controlling shareholder of Hong Kong builder New World Development, is seeking to refinance a $932 million loan, Bloomberg reported.
New World has been battling debt pressures for several years. The developer completed a record HK$88.2 billion ($11.3 billion) loan refinancing in June 2025 and has been divesting assets to reduce its overall debt load. Read more>>
Reflection AI and Shinsegae Group to Build Korean AI Data Centre
US artificial intelligence lab Reflection AI and South Korean conglomerate Shinsegae Group have signed a memorandum of understanding to build a 250-megawatt AI data centre in South Korea, the companies said. The venture has the backing of both the US and Korean governments.
Reflection will supply the chips, models and engineering expertise, while Shinsegae provides the real estate, power, permitting and financing, the companies said. Reflection has raised $2 billion and its models run on Nvidia GPUs. Read more>>
HK Peak Road Sites Tendered as Owner Faces Possible Loss on $255M Buy
Three adjoining luxury residential lots at 86, 88 and 90 Peak Road in Hong Kong, owned by businessman Chan King-wai, have been put up for sale by public tender through JLL. The combined site spans 28,620 square feet (2,659 square metres).
Joseph Tsang, chairman of JLL in Hong Kong, estimates bids of HK$70,000 to HK$100,000 ($8,936 to $12,767) per square foot, below the level implied by Chan’s estimated 2017 purchase price of $255 million, raising the prospect of another loss after the same family sold a different Peak property at a discount last year. Read more>>
Singapore Home Sales Drop as Developer Shares Fall on War Fears
Singapore’s new private home sales fell sharply in February, with developers selling just 246 units compared with 1,597 in the same month a year earlier, according to data from the Urban Redevelopment Authority. The Lunar New Year holiday kept buyers and developers on the sidelines.
Singapore property stocks also fell sharply Monday as fears about the economic impact of a Middle East conflict led JP Morgan to downgrade major developers. City Developments Ltd shed as much as 6.8 percent. Read more>>
Singapore Kicks Off Jurong Lake District Revival With New White Site
Singapore’s Urban Redevelopment Authority has placed a 3.7 hectare (9.1 acre) white site in the Jurong Lake District on the reserve list of its first-half 2026 Government Land Sales programme. The mixed-use plot at Town Hall Link could yield 1,200 homes and 430,556 square feet (40,000 square metres) of office space.
Analysts estimate bids could reach $1.8 billion. The Jurong Lake District is planned as Singapore’s largest commercial district outside the city centre. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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