AirTrunk founder and CEO Robin Khuda
Cash for digital infrastructure leads today’s look at real estate headlines from around the region as AirTrunk wins the largest loan ever for a data centre in Singapore. Also making the news is China’s JD.com entering Hong Kong’s grocery sector and an Indian family office buying a London office building.
AirTrunk Secures $1.75B Green Loan for Singapore Data Centre
Blackstone-backed data centre platform AirTrunk announced Monday that it has secured a S$2.25 billion ($1.75 billion) green loan in Singapore to support the development of a hyperscale data centre in the city-state.
The deal to support the AirTrunk SGP2 property is Singapore’s largest-ever loan and green loan for a data centre, the company said, with Credit Agricole CIB, DBS Bank and ING Bank acting as global coordinators and sustainability structuring agents for the financing round. The mandated lead arrangers and bookrunners were MUFG Bank, Natixis CIB, Standard Chartered Bank Singapore and United Overseas Bank. Read more>>
China’s JD.Com Acquires Hong Kong Supermarket Chain Kai Bo
JD.com said late last week that it has completed its acquisition of Hong Kong’s Kai Bo Food Supermarket, giving the mainland e-commerce platform a foothold in the city’s grocery sector.
Kai Bo operates over 90 stores across Hong Kong, with JD noting in a statement that it had commenced a “dedicated focus on Hong Kong operations” last September. Read more>>
UK’s Landsec Sells Central London Office Building to Arora Group for $287M
Arora Group is acquiring an office building, 102 Petty France, in London’s Westminster district from LSE-listed Landsec for £245 million ($287 million) as a potential hotel conversion.
While no decision has been made on the future of the building, Arora Group COO Sanjay Arora told CoStar News that the “No.1 option is a hotel.” Landsec developed the building, also known as Queen Anne’s Mansions, which opened in June 1976. Read more>>
Shopping Centre Near Singapore’s Orchard Road Back on the Market at $156M
Singapore Shopping Centre, a mixed-use development at 190 Clemenceau Avenue, has been launched for collective sale with an asking price of S$200 million ($155.8 million). The seven-storey building is situated opposite the Dhoby Ghaut MRT interchange, close to Orchard Road.
The asking price is lower than the development’s last collective sale attempt in February 2020. At the time, it was put on the market at a reserve price of S$255 million, with provisional approval for the site to be rezoned as a hotel. Read more>>
Singapore Office Leasing Jumped in H1 2025
Singapore’s office leasing activity surged 12-fold in the first six months of the year, topping the Asia-Pacific region, while Hong Kong leasing remained subdued amid a stubborn supply glut, according to a report by Colliers.
Tenants relocating to newly completed premium spaces drove the spike in demand in Singapore, the report said. The city state, widely deemed Southeast Asia’s top finance hub, also saw rents improve by 1.3 per cent to S$12.10 ($9.42) per square foot per month as of the second quarter, according to a separate report by CBRE. Read more>>
Hong Kong Developers Face 70% Jump in Bond Maturities Next Year
Hong Kong’s debt-laden developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70 percent next year amid falling sales and valuations for the city’s economically crucial property sector.
Road King last week became the first city-based developer to default on bond coupons since China’s property debt crisis began in 2021, following the first loan default by listed peer Emperor International earlier this year. Read more>>
Australia’s Lendlease Vows to Defend Fund Management Business
ASX-listed developer Lendlease says it will fight to defend its Australian funds empire from a raid by Mirvac — backed by unhappy superannuation funds — as it turned in a A$225 million ($146 million) annual profit.
Investors backed the stock as CEO Tony Lombardo pointed to the consistent performance of its Australian Prime Property Fund series, despite investors calling meetings to sack it as manager of its industrial and retail funds and replace it with Mirvac after losing confidence in the manager. Read more>>
Mainland Homebuyers Remain Unpersuaded by Latest Round of Policy Support
Homebuyers in mainland China’s major cities are responding tepidly to new policy relaxations, anticipating further price drops amid an uncertain outlook for the sector.
Analysts and potential buyers warn that the bearish sentiments might weaken the effectiveness of the stimulus measures aimed at reviving the stagnant property market. 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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