Equinix SG5 in Singapore’s Tanjong Kling area
In today’s roundup of regional news headlines, Equinix completes an expansion of its fifth data centre in Singapore, Abu Dhabi’s sovereign wealth fund takes a stake in an Indian private equity firm, and Hong Kong developers cut prices to boost home sales.
Equinix Invests $86M to Expand 5th Singapore Data Centre
US-based Equinix said Thursday that it had completed an $86 million expansion of its fifth data centre in Singapore, as demand for digital infrastructure in the city-state continues to rise.
The amount is on top of Equinix’s $144 million initial investment in the data centre, dubbed SG5, in the Tanjong Kling area of Jurong West. The facility opened last August. Read more>>
ADIA Buys 10% Stake in HDFC Fund Management Unit in India
Mortgage firm HDFC on Wednesday announced the sale of a 10 percent stake in its private equity arm, HDFC Capital Advisors, to a wholly owned subsidiary of the Abu Dhabi Investment Authority for INR 184 crore ($24 million).
ADIA is also the primary investor in the alternative investment funds managed by HDFC Capital, HDFC said in a statement. Read more>>
Keppel REIT Q1 Distributions Up 4.3%
Singapore-listed Keppel REIT posted a 4.3 percent year-on-year increase in its first-quarter distributable income from operations to S$53.8 million (now $39.5 million).
In its first-quarter business update on Wednesday, the trust’s manager attributed the increase in distributable income mainly to the acquisition of Keppel Bay Tower last May. This was partially offset by the impact from the divestment of 275 George Street in Brisbane last July. Read more>>
Sino Land, Wheelock Lower Prices to Boost Sales in Hong Kong
Hong Kong developers are launching hundreds of flats at knock-down prices in a bid to make up for lost time as the city begins to emerge from months of strict social-distancing measures that have made house sales all but impossible.
Sino Land priced the first batch of 168 units at its Grand Mayfair I project above Kam Sheung Road MTR station at an average price of HK$17,608 ($2,245) per square foot after factoring in a discount of up to 16 percent. Read more>>
Hong Kong Landlords Brace for Even Deeper Cuts to Retail Rents
Hong Kong’s retail landlords are bracing for a further squeeze on the lowest rents in more than a decade as tenants seek relief in the aftermath of the city’s worst COVID outbreak.
Some tenants have already started renegotiating leases by exercising bargaining power ahead of a proposed law that will allow a moratorium on payments. Government pressure and the need to keep retailers’ businesses afloat have also prompted property owners to offer discounts, analysts say. Read more>>
Ascott Residence Trust Issues S$200M Sustainability-Linked Bond
Ascott Residence Trust has issued a S$200 million ($146.9 million) sustainability-linked bond, making it the first Singapore-listed real estate trust and the first hospitality trust globally to issue such a bond.
The five-year bond will mature in April 2027 and carry a fixed coupon rate of 3.63 percent, paid semi-annually in arrears. Read more>>
Evergrande Plans Sales Promotion for May Day Holidays
Debt-stricken developer Evergrande has pledged new home sales promotions for the five-day May Day holidays, a traditional golden week for property sales, with about 2,000 completed apartments to be launched during that time, Phoenix Weekly reported, quoting a staff member of the group.
In order to speed up the resumption of work and production at its branches across the country, Evergrande issued an announcement on Tuesday implementing 10 key marketing measures to boost sales during the golden week. Read more>>
Return of Tourism Seen Boosting Singapore’s Retail Sector
After several stops and starts along the way, it looks like things have finally reached an inflection point for Singapore’s retail sector.
The easing of travel curbs through the launch of the Vaccinated Travel Framework is gradually helping to bring tourists back to Singapore, which should benefit shopping malls in areas popular with holidaymakers, such as the Orchard Road shopping belt. Read more>>
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