Digital Edge’s TYO7 is to rise in Nihonbashi commercial district of downtown Tokyo
In today’s roundup of regional real estate headlines, Singapore-based Digital Edge breaks ground on its Tokyo data centre project with local builder Hulic, and Hong Kong chalks up its biggest retail lease since the pandemic ended. Also in the news, Manulife US REIT loses a tenant and PDG lines up some renewable energy.
Digital Edge Breaks Ground on Downtown Tokyo Data Centre
Digital Edge has broken ground on a downtown Tokyo data centre which was first announced by the Singapore-based company in March 2023.
The facility is being developed in partnership with real estate developer Hulic, and will be located at 7-1 Nihonbashi Kobunacho, less than 300m from the company’s existing TYO2 facility. It is expected to be ready for service towards the start of 2025. Read more>>
Hong Kong’s $900K Monthly Retail Lease is Biggest Since COVID Ended
A mall in Hong Kong’s Tsim Sha Tsui district rented three floors to a dining and entertainment group for almost $900,000 a month, the biggest lease by size and value since the pandemic ended, according to a report.
The 80,000 square foot (7,432 square metre) space at Silvercord mall will be transformed into an anime-themed store featuring dining, retail and a play area, the Hong Kong Economic Times reported, citing unidentified people. Read more>>
Manulife US REIT’s Fifth-Largest Tenant to End Lease Prematurely
The manager of Singapore-listed Manulife US REIT announced Wednesday that a tenant has exercised its early-termination rights for the leases expiring on 31 May 2029.
The Children’s Place will vacate its 197,949 square feet (18,390 square metres) of space in Secaucus, New Jersey, on 31 May 2024. The Children’s Place is the trust’s fifth-largest tenant by gross rental income and contributes 3.3 percent of overall gross rental income. Read more>>
PDG Inks India Renewable Energy Deal
Princeton Digital Group on Wednesday signed a 25-year agreement with Tata Power Renewable Energy Ltd (TPREL) to meet the power needs of its 48MW Mumbai Data Centre, the company said in a statement.
Under the renewable Power Consumption Agreement, Princeton Digital’s MU1 data centre in Airoli, Mumbai, will source power from a solar project located in Maharashtra’s Nanded district. This captive solar project is a joint investment between Princeton Digital and TPREL and will provide renewable energy for the data centre’s first phase. Read more>>
$5.1B Chinese Asset Manager Ditches Home Market to Bet on US Treasuries
Just as China’s credit market is set to receive a policy boost after a dismal start to the year, a unit of one of the country’s biggest brokers is fleeing the asset class to seek returns in the US instead.
Haitong International Securities Group has continuously downgraded its dollar-bond exposure to Chinese developers in the past year and is shifting capital into US sovereign and investment grade notes, said Wang Shengzu, global head of the asset management unit in Hong Kong. The bulk of this year’s gains will probably come from the unit’s US holdings, Wang said. Read more>>
First Resources Owners Buy Four Singapore Bungalows This Year
The family that is said to be buying three Nassim Road bungalows from Cuscaden Peak Investments at a record land rate had earlier this year picked up another bungalow on the same street for S$88 million ($65.3 million).
The Business Times understands that the earlier sale, to a Singaporean member of the Fangiono family behind palm oil producer First Resources, took place in the first half of March 2023. The transaction was completed last month. Read more>>
Singapore Is Fifth Most Expensive Location for Expatriates
Rising rental costs have pushed Singapore to become the fifth most expensive location in the world for expatriates, ECA International revealed.
The Lion City moved up eight places in the list. This also marks the first time that Singapore has entered the top five. In Asia, Singapore ranked second to Hong Kong. Read more>>
Web Werks-Iron Mountain JV to Expand Mumbai Data Centre Campus
The Web Werks-Iron Mountain Data Centers joint venture on Thursday announced the acquisition of a parcel of land to expand its data centre campus with a third facility in Rabale, Navi Mumbai.
MUM-3 will be a Tier III-designed data centre that can support 32 megawatts of IT load and has a projected go-live date in the second half of 2025. With the expansion, the campus also received approvals for an additional power substation with 120MVA of capacity. Read more>>
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