In our latest roundup of regional news headlines, one of India’s key property groups says it will spend big to build data centres countrywide, Singaporean developer CDL announces plans for the divestment of a hotel on Malaysia’s Penang island, and growth in China’s new home prices decelerates after the government took steps to cool the market.
Hiranandani Group, one of India’s leading realty firms, will invest around INR 8,500 crore ($1.1 billion) over the next three years to develop data centres and industrial parks across various cities, as it is bullish on growth prospects in these two verticals, a top company official has said.
In an interview with PTI, Mumbai-based Hiranandani Group founder and chairman Niranjan Hiranandani said the real estate market has recovered a lot after the severe impact on sales during the April-June quarter because of the lockdown in view of the COVID-19 pandemic. Read more>>
City Developments Limited (CDL) on Monday said it plans to divest the Copthorne Orchid Hotel & Resort Penang in Malaysia for some S$25 million ($18.8 million).
The sale and purchase agreement was entered into by CDL’s wholly owned subsidiary Millennium & Copthorne Hotels Ltd. Read more>>
China’s new home prices grew in November at their slowest monthly pace since March, official data showed on Monday, as policymakers wary of financial risk in the highly leveraged sector continued to pursue market-cooling measures.
The data comes ahead of a slew of economic figures due for release on Tuesday, from which market watchers hope to determine the strength of recovery of the world’s second-largest economy as the coronavirus-blighted year nears an end. Read more>>
Under an agreement announced today, IFC, a member of the World Bank Group, will provide Logos, a logistics property group in the Asia Pacific region, with up to $120 million in debt financing for the development of two logistics estates in the greater Jakarta area.
This significant investment will deliver modern and high-quality logistics infrastructure in Indonesia’s rapidly growing e-commerce market, while supporting business expansion and promoting competitiveness in the country’s warehousing sector. Read more>>
UOL Group said on Sunday afternoon that the first weekend launch of the Clavon condominium along Clementi Avenue 1 saw about 70 percent of the entire 640 units in the 99-year leasehold project being taken up.
The units were sold at an average price of S$1,640 ($1,231) per square foot. The units sold were across all types, including large format ones like three-, four- and five-bedroom apartments. Read more>>
JLL’s Hotels & Hospitality Group has brokered the sale of the 114-room Kyoto Boutique Hotel. The hotel, currently owned by Angelo Gordon and Mizuho Real Estate Management, was acquired by a joint venture between Singapore-based Park Hotel Group and Apricot Capital.
The freehold property has a gross leasable area of 3,276 square metres (35,263 square feet) with a ground floor bar and restaurant that receive high footfall, says JLL. When the transaction completes, it will be rebranded as Park Hotel Kyoto. It will be Park Hotel’s second hotel in Japan. Read more>>
The Hive has announced the launch of the Hive Lai Chi Kok, its first location in Kowloon, 10th in Hong Kong and 20th in Asia Pacific. This affirms the Hive as the only provider to operate in all three of Hong Kong’s major regions.
Boasting 8,000 square feet (743 square metres) of open-plan workspace complete with pantry, meeting rooms and keyless entry, the facility includes a 4,000 square foot rooftop terrace with a high-end barbecue setup, cosy lounge areas and a fully stocked bar to host member events. Read More>>
Warehouses are the hottest corner of commercial real estate — maybe too hot.
Investors have poured money into industrial properties in 2020, spending more on US warehouses than office buildings for the first time as social distancing pushes even more consumers to e-commerce. Read more>>