One Bangkok will add five new office towers, five hotels, and a set of three condo blocks to the Thai capital
Leading today’s roundup, warehouse builder e-Shang Redwood plans to snap up hundreds of acres of land across India and start work on its first industrial project in the country by the end of 2018. Speaking of groundbreaking, a monumental mixed-use project has kicked off in a prime neighbourhood of Bangkok. China may finally move beyond “quasi-REITs” to roll out the real article this year, according to a study by DBS Vickers, and there’s grumbling in Cambodia as China ramps up investment. Read on for all the top stories across Asia.
ESR to Grab up to 600 Acres of Land for India Projects This Year
Global logistics developer e-Shang Redwood (ESR) plans to secure almost 600 acres of land across various locations in India to set up industrial and logistics parks, and expects to launch its first project by the December quarter, a top company executive said.
ESR aims to invest around $100 million annually and is looking to either buy or form joint ventures for land parcels of 50-150 acres each with land owners or developers. “By end-2018, we will have 500-600 acres in our control and move into construction mode. We will build around 10-11 million square feet of land which will translate into 6-7 projects,” said Abhijit Malkani, co-CEO, ESR Advisers India. Read more>>
$3.5B Mixed-Use Mega-Project One Bangkok Breaks Ground
Thailand’s largest integrated district, the $3.5-billion One Bangkok, broke ground at dawn Thursday, marking the start of a project that is set to transform Bangkok’s city center.
The project, undertaken by TCC Assets Company Limited and Frasers Property Limited, has received Environmental Impact Assessment (EIA) approval, enabling the US$3.5 billion (THB120 billion) mixed-use development to begin, according to a statement from the developer. The joint venture between TCC Assets and Frasers Property will cover 16.7 hectares in prime central Bangkok. Read more>>
China Likely to Launch First Real REIT This Year, Says DBS
Investment bank DBS Vickers said on Tuesday that China is likely to launch the first authentic real estate investment trust (Reit) this year, as regulators seek to provide retail investors an additional investment platform and companies a fresh fund raising channel.
DBS Vickers head of research Carol Wu expects the first batch of C-Reits would be open to the public via investments in mutual funds, with a single mutual fund able to invest in multiple pre-Reits. Read more>>
Foreigners Buy Over 70% of Condos at Two New CDL Projects
Foreign buyers, including Singapore permanent residents, have accounted for $1.03 billion of sales at the New Futura and Gramercy Park prime district condominiums. That amount made up over 70 percent of the total sales value of $1.3 billion at the two City Developments (CDL) projects, the firm said.
Gramercy Park in Grange Road received its Temporary Occupation Permit in May 2016; New Futura in August last year. Foreign buyers – mainly from China, Indonesia and Malaysia – have bought 34 of the 48 units CDL has sold since it released New Futura’s 64-unit South Tower in January. Read more>>
Chinese Investment in Cambodia Brings Troublemakers
In the past two years, Cambodia’s growth has become super-powered, fuelled by a dramatic increase in investment capital, which has doubled from $3.6 billion in 2016 to $6.3 billion last year. Around $5.3 billion of that money came from Chinese interests, according to comments from the deputy secretary of the Cambodian Investment Board.
Locals complain about dodgy land deals favouring Chinese companies and unexpected or forced acquisitions. In January, growing animosity toward the influx of Chinese money and influence saw the local provincial governor appeal directly to Phnom Penh. The move prompted a rare acknowledgement from the Chinese Embassy that “a small amount of low-educated [Chinese] people” had been breaking the law in Cambodia. Read more>>
Hanoi Housing Back on the Map After Lengthy Slump
The Vietnamese capital Hanoi has emerged as a favoured destination for foreign investors looking to the property market, as prices remain among the best value in Indochina, even as a gradual recovery has been underway since a disastrous slump rocked the housing market in 2007.
Kingston Lai, founder and chief executive of Asia Banker’s Club said luxury flat prices in the city have been trending upwards since 2015 but have yet to catch-up other vibrant economic hubs in Southeast Asia. Lai cited CBRE figures showing luxury flat prices in Hanoi were up 50 percent in the 10 year period to 2016, while mid-market flats were up 80 percent during the same period. Read more>>
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