Digital Realty Weighs $300M Singapore Trust IPO and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, US-based Digital Realty reportedly considers a trust IPO in Singapore, casino giant Las Vegas Sands is hit with a $12 billion lawsuit in Macau, and ESG-linked borrowing soars to a record high in Asia Pacific.

Digital Realty Weighs $300M Singapore Trust IPO

Digital Realty Trust, a data centre owner and operator, is considering an initial public offering of a trust in Singapore that could raise between $300 million and $400 million, according to people familiar with the matter.

The US firm is working with advisers on the listing, which could come as soon as the end of the year, the people said. The potential investment vehicle’s portfolio is valued at around $1 billion, they said, asking not to be identified discussing the confidential process. Read more>>

Las Vegas Sands Sued for $12B in Macau Court

US casino giant Las Vegas Sands is facing a $12 billion lawsuit from a former partner in a Macau court, in a case set to shine a light on how coveted casino licences were awarded in the world’s biggest gambling hub two decades ago.

Former partner Asian American Entertainment Corporation, headed by Taiwanese businessman Marshall Hao, is seeking damages of about 70 percent of Sands’ Macau profits from 2004 to 2022. Reuters calculations put the figure at around $12 billion. Read more>>

Asia ESG Bond Volume Doubles in 2021

Asia-Pacific borrowers more than doubled issuance of bonds tied to environmental, social and governance (ESG) themes to a record $69 billion this year, data showed, as they sought to burnish their sustainability credentials and tap red-hot investor demand, Reuters reports.

Bankers say the trend will continue, boosting their fee incomes. Some of the biggest global investment banks are bulking up their teams to cope with the increased ESG-related bond deals. Read more>>

Former Vanke Boss Wang Shi Has a New Baby

Chinese actress Meme Tian Pujun, who made headlines when she was linked romantically to then China Vanke CEO Wang Shi in 2012, has reportedly welcomed a daughter with her now husband, who left the real estate company in 2017.

Chinese media recently spotted the couple at a mall with a woman who was suspected to be a nanny carrying their baby girl for them. Wang Shi was seen trying on suits, and they also shopped for infant clothing and toys together. Read more>>

Presales Approved for COLI’s One Victoria in Kai Tak

China Overseas Land and Investment has received presale consent for One Victoria in Kai Tak and expects it to be the first residential project to go on sale on the former Kai Tak airport runway. The developer expects to release the sales brochure for the 1,059-flat project next week.

The project sits in Kai Tak Area 4B Site 2, which has a site area of 97,392 square feet (9,048 square metres) and a maximum gross floor area of 594,082 square feet. China Overseas won the tender for the residential plot for HK$8.03 billion ($1.03 billion now), or HK$13,523 per buildable square feet in December 2018. Read more>>

New Retailers Sprouting in Singapore, but More Shop Spaces Stand Empty

Many brick-and-mortar shops are likely to remain unoccupied even if the overall number of businesses in the sector continues to grow, with more retailers working from home and starting their ventures online.

Going by data compiled by the Institute of Real Estate and Urban Studies at the National University of Singapore, the take-up of retail units across Singapore has been slow despite a net increase in retail entities from pre-pandemic levels. Read more>>

Shun Tak Sells Penthouse in New Singapore Project for $26M

Shun Tak Holdings, one of the flagship companies controlled by the clan that dominates Macau’s gambling industry, has smashed Singapore’s price record for luxury homes with its high-profile entry into the city-state’s high-end property market.

Park Nova, a collection of 54 large apartments in a high-rise tower about 10 minutes’ walk from the Orchard Road shopping belt, set a record when a penthouse measuring 5,899 square feet (548 square metres) sold for S$34.38 million ($26 million). The duplex — the largest of three penthouse units — features five bedrooms, a family room and study. Read more>>

Goodland, Chip Eng Seng Acquiring Singapore Properties

Property players Goodland Group and Chip Eng Seng Corporation both announced property acquisition deals in Singapore on Wednesday.

For Goodland, its unit PEG East has entered an agreement to acquire a row of four freehold double-storey shophouses on Serangoon Road for S$16 million ($12 million). Read more>>

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