Grab boss Anthony Tan has struck a deal with Ascendas REIT
Southeast Asia’s biggest ride-hailing app has found a new home in Singapore as Grab announces plans for a new $134.5 million headquarters to be built by Ascendas REIT. Also in the news, China’s Evergrande continues to buy up auto assets with a new Swedish investment and a new data centre is on the way in Singapore. Read on for our overview of today’s real estate stories from around the region.
Ascendas REIT to Build Grab’s New $135M HQ in Singapore
Ride-hailing firm Grab has signed a deal with business park landlord Ascendas Real Estate Investment Trust for a new Singapore headquarters to accommodate the start-up’s growing team under one roof.
The S$181.2 million ($134.5 million) headquarters will be built by Ascendas REIT and will be ready by the fourth quarter of 2020. The building will house all Grab employees based in Singapore and consolidate its current offices. Its largest research and development centre will also be based in the location. Read more>>
Evergrande Buys 65% of Swedish Supercar Maker for $171M
The Evergrande Group-backed company born from the remnants of bankrupt Swedish automaker Saab is investing 150 million euros ($171 million) in a venture with Swedish super car brand Koenigsegg, in a move that could see them develop new electric models.
National Electric Vehicle Sweden AB (NEVS), in which China’s Evergrande Health recently became the majority investor, said it would take a 65 percent stake in a new joint venture to “develop a product for new and untapped segments.” Read more>>
Digital Realty Trust to Build Third SG Data Centre
Digital Realty Trust has announced a third data center in Singapore. The 50MW facility on Loyang Drive on the northeast side of the country, should be fully operational by the third quarter of 2020.
The greenfield facility, on land acquired by DRT, will be the first Digital facility built from the ground up in Singapore. Digital Realty entered the Singapore market in 2010 with the acquisition of its Jurong East data center from a Japanese real estate firm, and added a second site in 2016, in an existing building. Read more>>
Fosun May Take Full Control of Germany’s Tom Tailor
China’s Fosun International Ltd may obtain full control of German fashion retailer Tom Tailor, in which the company currently holds a stake of about 29 percent.
Fosun informed the European Commission on December 21 that it may passively obtain “de facto control” of the Hamburg-based retailer after attendance rates at past shareholder meetings decreased. Now, the EU Commission has approved the “acquisition of sole control”, according to a statement on its website on Tuesday. Read more>>
Hong Kong Home Prices Finish 2018 With 1.6% Gain
The prices of homes in Hong Kong fell by 2.4 per cent in December, wiping out virtually all the year’s gains, according to government data released on Thursday.
Although the drop was lower than the 3.2 per cent slide seen a month earlier, it brought the home prices index published by the city’s Rating and Valuation Department back to 358.4, just 1.6 per cent higher than its level a year ago. Read more>>
Less Than 100 New Luxury Units to Hit HK Market in 2019
According to JLL’s latest Residential Sales Market Monitor Report, less than 100 new luxury units (1,722 sq. ft or above) will be completed in Hong Kong’s traditional luxury residential areas, including The Peak, Southern district, Kowloon Tong, Homantin and Mid-Levels, in 2019.
JLL’s Residential Price Index shows capital values in the mass residential property market having retreated by 4.2% since peaking at the end of August 2018, ending 27-months of consecutive growth. The luxury segment, however, has been more resilient, with capital values remaining largely flat in the fourth quarter of 2018. Read more>>
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