In today’s roundup of regional news headlines, TikTok maker ByteDance buys into a Beijing-based real estate brokerage, a Singapore-listed REIT picks up three office assets in the western US, and Sydney-based AirTrunk opens its first data centre in the Tokyo region.
ByteDance has acquired a 20 percent stake in Beijing Maitian Real Estate Brokerage, both companies confirmed to Caixin, marking the TikTok owner’s latest push into China’s rental property market.
The move comes after ByteDance successfully obtained a real estate broker’s licence in late September by having a wholly owned subsidiary take a 100 percent stake in Beijing Fuwang Real Estate Agency, a unit of Maitian. Read more>>
Singapore-listed Manulife US REIT announced Tuesday that it is acquiring three properties in the US for $201.6 million as the trust increases its exposure to high-growth markets and tenants to drive returns.
“Having built our trophy and Class A traditional office portfolio painstakingly over these last few years, from today we are embarking on Manulife US REIT’s next phase of growth by entering into the Sun Belt city of Phoenix, Arizona, and the magnet city of Portland, Oregon,” the trust’s manager said. Read more>>
Macquarie-backed AirTrunk this week opened its first data centre in the Tokyo region, which, when fully developed at 300 megawatts, will become that country’s largest such facility worth as much as $5 billion.
The scale of data centres is typically measured in terms of their energy requirements, with the launching of the Tokyo region facility following AirTrunk’s unveiling of plans to create a multibillion-dollar data centre campus in Sydney’s west. At 320MW, the Sydney facility would be Asia Pacific’s largest data centre campus outside China. Read more>>
Mid-sized Hong Kong property firms are picking up residential plots at heavily discounted prices from cash-strapped mainland Chinese developers that are speeding up asset sales to repay debt.
Far East Consortium International recently snapped up two land parcels, one of which was from the heavily indebted Kaisa Group Holdings. Read more>>
Hong Kong’s property developers have increasingly taken an interest in heritage projects over the past five years, as such developments enhance their corporate image and let them access valuable urban land.
The number of such projects has risen despite the higher costs and longer time frames involved, said Candy Chan, vice-president for external affairs at the Hong Kong Institute of Architectural Conservationists and director of consultancy Property Conservation Company. Read more>>
The North Face, the US brand known for its outdoor apparel and mountaineering gear and equipment, is set to open its largest store in Asia Pacific in what could be the first tangible sign that Hong Kong’s battered retail property segment is on the mend.
Opening on 2 December, the store covering 3,800 square feet (353 square metres) at K11 Art mall in the Tsim Sha Tsui shopping district comes as retailers eagerly look forward to welcoming Chinese tourists, who could be back in large numbers after the border with the mainland reopens early next month. Read more>>
Singapore’s Golden Mile Complex has been put up for sale in its second collective sale attempt at a reserve price of S$800 million ($585 million), said sole marketing agent Edmund Tie.
The last sale attempt of the property — gazetted as a conserved building by the Urban Redevelopment Authority on 22 October — had ended in July 2019, with the two tenders in the first round of the collective sale exercise closing with no bids. Read more>>
Singapore’s Urban Redevelopment Authority has released for sale two residential sites at Pine Grove (Parcels A and B), the URA said Tuesday.
The site at Parcel A spans 22,534.7 square metres (242,561 square feet) and has a maximum gross floor area of 47,323 square metres. The estimated number of housing units it can have is 520. The site at Parcel B spans 25,039.2 square metres and has a maximum GFA of 52,582 square metres. The estimated number of housing units it can have is 565. Read more>>