ADIA Launches $590M India Office Fund With Kotak and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, the Abu Dhabi Investment Authority creates an office platform with India’s Kotak Investment Advisors, Beijing instructs Hong Kong’s new leader to tackle the city’s housing issues, and a developer expresses interest in Singapore’s Chuan Park condo complex.

ADIA Sets Up $590M India Office Platform With Kotak

Kotak Investment Advisors has formed an alliance with a wholly owned subsidiary of the Abu Dhabi Investment Authority to set up a $590 million real estate investment platform in India.

The fund, which will be domiciled in Gujarat’s GIFT City, will invest in office assets across India with a focus on the top six property markets of Mumbai, Bangalore, Delhi-NCR, Pune, Hyderabad and Chennai. Read more>>

Beijing Sets Housing as a Top Priority for Incoming HK Govt

China handed down five big goals for incoming leader John Lee’s government to meet, as Beijing seeks to cement greater control over the Asian financial hub.

The Hong Kong & Macau Affairs Office, China’s cabinet-level office overseeing the city, published the targets on Sunday after approving the new chief executive’s cabinet line-up. The statement, titled “New Team, New Atmosphere, New Chapter”, ordered Carrie Lam’s successor to do more to address issues of immediate concern for Hong Kong residents, such as housing, alongside four other major issues. Read more>>

Singapore’s Chuan Park Condos Get $620M Offer

En bloc hopeful Chuan Park, which is currently in a private treaty period after the tender for its collective sale closed on 26 April, has received an expression of interest from a developer for S$860 million ($620 million) — below its reserve price of S$938 million.

According to a circular issued to owners by marketing agent ERA Realty, the Collective Sale Committee now requires an 80 percent mandate from owners of the 99-year-leasehold condominium by 26 June so as to enter into negotiations with the developer and hammer out the terms of the sale and purchase agreement. Read more>>

Park View Mansions Launched for Collective Sale at $187M

Park View Mansions, a 99-year leasehold condominium located along Yuan Ching Road in Singapore’s Jurong area, was launched for collective sale by public tender on Monday with an asking price of S$260 million ($187 million).

The price translates to a land rate of S$1,023 per square foot per plot ratio, according to marketing agent ERA Realty. The land rate is inclusive of the estimated differential premium payable to maximise the site’s development plot ratio of 2.1 and to top up the existing lease to a fresh 99 years, subject to regulatory approval. Read more>>

Merger of MCT and MNACT Creates Pathway for Growth

The ongoing merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust is on track to create one of the top 10 REITs by size in Asia.

The merged entity, Mapletree Pan Asia Commercial Trust, will have an estimated market capitalisation of over S$10 billion ($7.2 billion) and will hold a diversified portfolio of 18 commercial assets across Singapore, China, Hong Kong, Japan and South Korea, with assets under management of S$17.1 billion. Read more>>

Coffee Shop in Yishun Sold for $28.8M, in 2nd Such Sale This Year

A coffee shop in Singapore’s Yishun area has changed hands for S$40 million ($28.8 million), with a price per square foot surpassing that of some ground-level retail units in the prime Orchard Road shopping belt.

A firm called Y848 lodged a caveat with the Singapore Land Authority on 10 May for the 24-hour KPT Kopitiam located in Block 848 Yishun Street 81. Read more>>

Design Firm Space Matrix Acquires Furnishings E-Commerce Site 

Singapore-based Space Matrix, the sixth-largest international design firm in the world by revenue, has acquired Pursuite, one of Asia’s largest B2B e-commerce platforms for procuring furniture, fixtures and equipment.

With the move, Space Matrix aims to make planning and executing office designs more seamless, according to the company’s top executive. Read more>>

Gramercy Sees Value in Indebted China Real Estate

Distressed debt specialist Gramercy Funds scents an “opportunity for experienced credit investors” in the cash-strapped Chinese real estate sector and has been loading up on property company bonds.

Founder Robert Koenigsberger made a bundle off Russian debt in the late 1990s and has played big roles in restructuring Argentine government bonds. Read more>>

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