PAG co-founder and president Jon Paul Toppino
In today’s review of real estate news from around the region, PAG doubles its Japan investment target to $12.5 billion as Princeton Digital Group adds 240 megawatts of hyperscale capacity in Greater Jakarta, while Hong Kong’s luxury residential market heats up on mainland Chinese demand.
PAG Plans $13B Japan Real Estate and Private Equity Push
Asian alternative asset manager PAG plans to invest JPY 2 trillion ($12.5 billion) in Japanese real estate and private equity deals over the next three to four years, stepping up from a previous goal of JPY 1 trillion in Japan property disclosed in early 2025.
The updated target reflects additional capital from a new real estate fund and includes private equity transactions, said PAG president and co-founder Jon-Paul Toppino. Read more>>
China Vanke Posts $871M Loss in First Quarter as Deliveries Fall
China Vanke reported a net loss of RMB 5.95 billion ($871 million) in the first quarter of 2026, as home deliveries fell and weighed on overall revenue, according to a Hong Kong exchange filing.
The loss narrowed slightly from RMB 6.25 billion in the same period a year earlier, as the embattled developer continues to work through financial difficulties. Read more>>
PDG Acquires 240MW Jakarta Site to Expand Indonesia Data Centre Portfolio
Princeton Digital Group has acquired a site in Greater Jakarta for a new 240-megawatt hyperscale campus called JC4, lifting its Indonesia portfolio to 400MW, the company said.
Located within the Greenland International Industrial Center in Bekasi regency, 1.7 kilometres (1.1 miles) from PDG’s existing JC3 campus, the 106,217 square metre (1.1 million square foot) site will comprise four data centre buildings of 60MW each. Read more>>
Mainland Buyer Pays $54M for Hong Kong Penthouse as Luxury Demand Spikes
A penthouse at High Peak in Hong Kong’s Mid-Levels West neighbourhood sold for HK$420 million ($53.6 million), or more than HK$62,000 per square foot, to a company believed to be controlled by a mainland Chinese buyer, according to Land Registry records.
Agents say momentum in Hong Kong’s luxury market has strengthened, with Savills recording 58 transactions above HK$100 million in the first quarter, while Centaline counted 52 such deals worth a combined HK$9.36 billion — triple the year-earlier total. Read more>>
KIP REIT Buying Kuala Lumpur Mall From Frasers for $110M
Malaysia’s KIP REIT plans to acquire Setapak Central Mall in Kuala Lumpur from Frasers Property for MYR 435 million ($110 million), funded through borrowings and a private placement of up to 220 million new units.
The three-storey mall has a net lettable area of 514,777 square feet (47,824 square metres), with occupancy of 99.89 percent, and will become KIP REIT’s largest asset by value upon completion, lifting assets under management to MYR 2.1 billion. Read more>>
Cbus Property Tops Out $712M Melbourne Office Tower as CBA Moves In
Cbus Property has topped out its A$1 billion ($711.9 million) office tower at 435 Bourke Street in Melbourne’s city centre, with anchor tenant Commonwealth Bank of Australia commencing occupation of 19,000 square metres (204,514 square feet) across levels one to 11.
Designed by Bates Smart and built by Multiplex, the 48-level tower will deliver 62,000 square metres of premium office space upon full completion later in 2026, targeting a 6 Star Green Star sustainability rating. Read more>>
Mapletree Industrial Trust to Divest Up to $468M in North American Assets
Mapletree Industrial Trust plans to divest S$500 million to S$600 million ($390.2 million to $468.2 million) in North American assets over one to two years, recycling capital while expanding into Japan and exploring a first entry into Europe.
The trust posted a fourth-quarter distribution per unit of S$0.0309, down 8 percent year-on-year, as revenue fell 7.9 percent to S$163.8 million, weighed by past asset sales and lease non-renewals in North America. Read more>>
Barings Backs $214M Melbourne Student Housing Project
Barings announced the provision of a senior debt facility to MaxCap and Hickory to finance the construction of a purpose-built student accommodation development at 570 Little Bourke Street in Melbourne’s central business district.
Hickory and MaxCap have commenced construction on the A$300 million ($213.5 million) project, with operator UniLodge appointed to manage the 892-bed, 26-level building, as reported on 24 March. Read more>>
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