Jack Ma’s Alibaba has chosen one more logistics opportunity
In today’s roundup of regional news headlines, delivery platform Pickupp receives financing from venture funds tied to Alibaba and Swire, PropertyGuru snaps up a Malaysian property data firm, and a Japanese developer and its media company partner agree to buy the Tokyo Dome stadium with an eye towards creating new amusement facilities.
Alibaba Fund, Swire Invest in Hong Kong Logistics Startup
Pickupp, an on-demand delivery platform, announced that it has raised a Series A round from Vision Plus Capital, Alibaba Entrepreneurs Fund, Cyberport Macro Fund, Swire Properties New Ventures and SparkLabs Taipei.
Founded in December 2016, Pickupp began providing last-mile delivery services in 2017. The Hong Kong-based company says it has seen an average 70 percent growth in user sign-ups and a 50 percent increase in orders during the lockdown period in Singapore. Read more>>
Kai Tak Residential Land Sale Attracts 10 Bids as HK Slump Continues
The first residential plot at the site of Hong Kong’s former airport put on sale by the government this year has drawn a less than enthusiastic response from developers.
The tender of Area 4E Site 1 at Kai Tak closed on Friday and drew 10 bids, according to the Lands Department. Residential plots at the former airport drew on average more than 16 bids during a market peak in 2017, according to JLL data. Read more>>
India’s Embassy Group to Sell More Assets to REIT
Bengaluru-based Embassy Group will sell more properties to Embassy Office Parks, the real estate investment trust floated by it with partner Blackstone, Embassy chairman Jitu Virwani said in a recent webinar.
In the single largest commercial property deal in India, Embassy and Blackstone sold Embassy TechVillage’s assets in Bengaluru for $1.3 billion to Embassy REIT. The deal made Embassy REIT the largest in Asia by office space. Blackstone and Embassy floated the country’s first REIT and listed it last year. Read more>>
PropertyGuru Buys Malaysia’s MyProperty Data
PropertyGuru is fully acquiring Malaysian property data company MyProperty Data through a share purchase agreement with TechnoDex and Real Estate Solutions. The size of the deal was undisclosed.
With this, the Southeast Asia-focused property technology group is aiming to become the provider of the most comprehensive data and insight to agents, financial institutions, homebuyers, credit rating agencies, valuers and property developers. Read more>>
Developer Mitsui Fudosan to Acquire Tokyo Dome for $1B
Japanese property developer Mitsui Fudosan will acquire Tokyo Dome — the home stadium of the Yomiuri Giants pro baseball team — with Japanese media company Yomiuri Shimbun Group for JPY 120 billion ($1.15 billion).
The two companies will operate Tokyo Dome and its surrounding facilities to develop new amusement facilities to be known as the Ball Park. The two parties will leverage their expertise in attracting and redeveloping tenants. Read more>>
Design Revealed for Sino Land Kai Tak Project in Hong Kong
Design firm Snohetta has revealed its first built project in Hong Kong, Airside, a 176,000 square metre (1,894,448 square foot) mixed-use building. Located in the centre of the former Kai Tak airport, the project commissioned by Nan Fung Group comprises a 200 metre tower merged seamlessly with its base.
Airside takes advantage of its site and its surroundings, providing views over the Victoria Harbour and Kai Tak River. Situated at a unique and rapidly transforming location in central Hong Kong, the building, imagined as a main gateway to the development, sits on top of the new Kai Tak metro station, in close proximity to other public transport interchanges. Read more>
Freehold Site On Singapore’s Haig Road Sold For S$32.8M
Casuarina Properties has sold a 25,054 square foot (2,328 square metre) freehold site at the Haig Road/Haig Lane corner to a consortium that includes entities linked to Terence Goon of Nobel Design, Patrick Kho of Lian Huat Group, and David Ong and Von Lee, both of 2E Capital, for S$32.8 million ($24.5 million), reported The Business Times.
The District 15 site currently houses a three-storey development that features 10 terrace homes and a bungalow. Completed 25 years ago, the development underwent some upgrade work about 10 years ago. Read more>>
Hong Kong New Home Purchases Set to Fall to Five-Year Low
Hongkongers are expected to spend HK$170 billion ($21.9 billion) on new homes this year, the lowest since 2015, according to Centaline Property Agency. As a fourth wave of coronavirus cases adds to the woes of a property sector already hit hard by economic recession and rising unemployment, analysts expect a bumpy ride next year too.
“The sharp fall in sales is largely due to the poor market sentiment in the first half. Developers faced immense challenges to catch up the sales in the second half,” said Wong Leung-sing, senior associate director of research at Centaline. Read more>
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