Andy Lim is leading the Lim family office in selling its stake in Straits Real Estate
With much of the region still making its way gradually back from tomb-related holidays, Singapore dominates today’s real estate headlines, with a deal involving the head of ARA Asset Management leading the way.
US private equity firm KKR is already back to work after Easter with a final closing on its $15 billion takeover fund and one of India’s biggest developers has sold an industrial site near Mumbai.
John Lim Family Office Selling Straits Real Estate Stake for S$105M
A subsidiary of The Straits Trading Company is set to acquire JL Family Office’s (JLFO) 10 per cent stake in Straits Real Estate (SRE) for S$105 million ($78.3 million) in cash, the mainboard-listed investment company said in an exchange filing on Monday.
The acquisition comes as JLFO seeks to divest its stake in SRE at the end of its successful investment cycle, Straits Trading said in a statement. Read more>>
KKR Reaches $15B Final Close on Fourth Asia PE Fund
KKR on Monday announced the final close of KKR Asian Fund IV, a $15 billion fund focused on investments in private equity transactions across the Asia Pacific region. KKR will be investing approximately US$1.3 billion in capital alongside fund investors.
The announcement of the milestone for the New York firm’s Asia buyout strategy comes after KKR in January, revealed the final closings of its inaugural pan-regional infrastructure and real estate funds – the $3.9 billion Asia Pacific Infrastructure Investors Fund and $1.7 billion Asia Real Estate Partners Fund. Read more>>
Singapore’s URA Extends Tender for Mixed-Use Site Near Bukit Timah
The tender for the commercial and residential site along Singapore’s Jalan Anak Bukit, near Beauty World MRT station, will now close on June 29, 2021 giving bidders for the 3.22 hectare land parcel an extension from the original March 30 deadline.
The change in schedule for the 845-home project is due to a new requirement for a centralised cooling system to serve the future mixed-use integrated transport hub, a spokesperson for the Urban Redevelopment Authority (URA) according to local media reports. Read more>>
Lodha Developers Sells Mumbai Area Industrial Site for $14.4M
FM Logistic India’s realty arm Batilogistic has agreed to purchase 30 acres (12 hectares) of land in the Mumbai region from Lodha Developers for INR 1 billion ($14.4 million) to develop a warehousing project.
Batilogistic plans to develop the parcel at Palava Industrial and Logistics Park in Thane district for FM Logistic India, with the project potentially yielding around 1 million square feet of warehouse space over the next three to four years. This deal is part of FM Logistic’s plan announced in 2019 to invest $150 million in warehousing activities in India. Read more>>
Residential Agency Propnex Buys 70% Stake in Proptech Startup for $746k
A wholly owned subsidiary of Singapore real estate agency PropNex is set to acquire a 70-per-cent stake in online marketplace Ovvy for S$1 million ($746,000), the mainboard-listed company said in an exchange filing on Monday.
The acquisition by PropNex Grandeur Homes expands the group’s footprint in proptech, paving the way for it to offer more value-added real-estate services through an additional technology platform, PropNex said. Read more>>
Ho Bee Land Chooses KSH to Lead Construction of SG Biomedical Project
Property group KSH Holdings has clinched a S$171.8 million contract from Ho Bee Land for Biopolis Phase 6 in one north as well as the adjacent Buona Vista node of the rail corridor, the mainboard-listed company said in an exchange filing on Monday.
Under the design and build contract, KSH will construct a biomedical sciences development consisting of a 12-storey tower block with two basement carparks and rail corridor works at North Buona Vista Drive in Queenstown Planning Area. Read more>>
Vietnam’s Vingroup Reports Busy Year for M&A
Vietnam’s biggest private conglomerate Vingroup sold stakes in five companies and acquired shares in six others last year, according to its audited consolidated financial statement.
It sold 80 percent each of MV Real Estate JSC and the MV1 Real Estate JSC to Mitsubishi Corporation and Nomura Real Estate Development of Japan, and 90 percent of S-Vin Vietnam Real Estate Trading JSC to Japanese real estate company Samty Co., Ltd. Read more>>
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