Blackstone Wins Approval for $1.5B India Buy and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, private equity bigfoot Blackstone secures regulatory approval for a property buying spree in India, embattled media tycoon Jimmy Lai’s company is selling a Taiwanese office building, and the removal of double stamp duty on commercial properties in Hong Kong triggers another deal.

Blackstone Wins Approval for $1.5B India Commercial Deal

The Competition Comm­ission of India has given its nod to US equity major Blackstone Group buying certain commercial and retail properties from Bengaluru-based real estate player Prestige Estates.

Valued at $1.5 billion, this is one of the largest real estate deals in the country, comprising the sale of 21 million square feet (2 million square metres) of assets. These include five completed office assets, four under-construction offices, nine retail malls and two hotels. Read more>>

Jimmy Lai’s Next Digital Sells Taipei Property for $61M

Next Digital, which owns the Apple Daily newspaper, is selling an office building in Taipei, it said on Tuesday. The sale comes after its founder, media tycoon Jimmy Lai Chi-ying, was charged with fraud in a case that has drawn international attention.

The company will sell the building in Neihu district for HK$475.8 million ($61 million) to a Taiwanese software developer, it said in a filing to the Hong Kong stock exchange.

The sale “will improve the overall cash position of the group for general working capital purposes, as well as for future opportunities that may arise”, it said in the filing. The building, built by Next Digital in 2010, has 15,323 square metres (164,935 square feet) of gross floor area, as well as 92 car parking spaces. Read more>>

HK Sees Deal Upswing After Stamp Duty Cut

The government removal of the double stamp duties on commercial properties has spurred transactions.

Stephen Tan, brother of Bernard Charnwut Chan, plans to sell a story of China Insurance Group Building in Central. Midland IC&I said the area is around 14,505 square feet (1,348 square metres). The selling price is HK$290 million ($37.4 million), or HK$19,993 per square foot. Read more>>

CC Land Chairman’s Wife Buys Mid-Levels Home for HK$163M

Chu Chow-wai, the wife of the chairman of CC Land, Cheung Chung-kiu, bought a 2,080 square foot (193 square metre) unit at Central Peak Alpex I in the Mid-Levels for HK$163.8 million ($21.1 million). With a parking space, the property price is HK$78,750 per square foot.

Mainland philanthropist Qian Fenglei, meanwhile, bought two flats at The Pavilia Farm in Tai Wai for HK$25.8 million. Both units have an area of 663 square feet, with a three-bedroom partition. The units’ prices are HK$21,288 and HK$21,716 per square foot. Read more>>

Singapore Residential Site for Sale with S$13M Guide Price

A residential site at 801 Mountbatten Road is up for sale by expression of interest with a guide price of S$13 million ($9.7 million).

This translates to about S$1,199 per square foot on a land area of 10,839 square feet (1,007 square metres), exclusive marketing agent Savills Singapore said on Tuesday. The freehold site, which will be sold on vacant possession, is zoned for residential, two-storey semi-detached use. It has a prominent road frontage of about 25 metres along Mountbatten Road and around 37 metres in plot depth, Savills said. Read more>>

Singapore Has Priciest Office Fit-Out in SE Asia

Singapore recorded the highest average fit-out cost for offices across Southeast Asia, at $112 per square foot, Cushman & Wakefield said on Tuesday.

This was despite the city-state’s average cost having already fallen from $115 per square foot a year ago, said the real estate services firm’s analysis for 2020-21. Read more>>

Carlyle in Final Talks for Korea’s No.2 Bakery Chain

The Carlyle Group is in the final stages of talks to buy South Korea’s No.2 bakery chain, Tous Les Jours, from the country’s food and entertainment focused CJ Group, which has been shedding non-core assets to shore up its bottom line.

Both sides are currently in the markup stage to finalise their contract adjustments, with an aim to sign a share purchase agreement before year’s end, according to investment banking sources on 7 December. Read more>>

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