Hong Kong Home Sells for $37M Per Bedroom and More Asia Real Estate Headlines

Leading today’s news, Hong Kong’s housing affordability may be a hot topic for most of the city’s seven million inhabitants, but developer Wheelock is doing just fine marketing homes that cost about the same amount as the GDP of small nations. Indian sheds also make their way back into today’s headlines with a leading logistics developer raising a new $550 million fund, and Hongkong Land hopes to figure out this mainland places with its new Beijing mall project. Read on for all these stories and more.

Hong Kong Home Sells for $37M Per Bedroom

A luxury home in Hong Kong’s exclusive Peak neighborhood sold for HK$1.16 billion ($149 million), Wheelock Properties Ltd. said.

The four-bedroom, 9,178 square foot (853 square meter) house boasts a swimming pool, elevator, garden and unobstructed views of Hong Kong and Victoria Harbour. The price per square foot was HK$126,813, the most paid for a unit in the development, Wheelock said. It didn’t identify the buyer. Read more>>

Indospace Raising $550M for Third India Logistics Fund

Five months after selling a significant chunk of its logistics assets to Canada Pension Plan Investment Board (CPPIB), industrial real estate investor IndoSpace is raising $550 million for its third fund, betting big on the boom fuelled by increasing e-commerce businesses and uniform tax reforms in the country.

IndoSpace, a joint private equity investment platform floated by Everstone Capital and American investment group Realterm Global, has made a first close of $300 million and is expected to make the final close within a few months, said sources in the know. Read more>>

Hongkong Land Gets Ready to Open $1.1B Beijing Mall This Month

Hongkong Land Holdings, the largest commercial landlord in Central, is making its first retail foray in Beijing – a market that drastically differs from its home turf.

The developer will start trial operation of WF Central, a 150,000 square metre retail, dining, hospitality and lifestyle hub in downtown Wangfujing, at the end of November. The US$1.1 billion investment is the company’s first large-scale shopping centre endeavour in China’s capital. It also operates shopping centre in Shanghai, Chengdu and Chongqing. Read more>>

Sun Hung Kai Reports Double-Digit Sales Growth at 9 Greater China Malls

Sun Hung Kai Properties (0016) said its nine shopping malls recorded double digit growth both in sales and foot traffic in the first three quarters this year. The nine malls, excluding Park Central, which is under renovation, reported sales rising 10 percent. Meanwhile, visitor numbers jumped 12 percent in the third quarter from the first three months.

Fiona Chung, general manager of the leasing department at Sun Hung Kai Real Estate Agency, forecast revenue and foot traffic in the fourth quarter to both see increases of 10 percent – to HK$4.45 billion and 850 million respectively – on the back of the retail industry’s recovery. Read more>>

Future Land Gets Trendy With HK$500M in Co-Living Projects

Shanghai-based Future Land Development has set its sights on Hong Kong’s co-living spaces.

The Chinese developer, which builds homes in 40 cities across the mainland, said on Wednesday it has invested around HK$500-HK$600 million this year in two residential and commercial projects each. Read more>>

HK Gambling Junket Operator Commits $26M to VN’s First Casino Project

Hong Kong junket operator Suncity Group is finalising the acquisition of a 34 per cent stake in central Vietnam-based casino complex Hoiana (previously branded as Hoi An South). It has committed to allocate $26.2 million for the first phase of the project.

Two other venture partners of the projects – Golden Yield Enterprise (GYE), an affiliate of jewelry major Chow Tai Fook, and Ho Chi Minh City-headquartered asset management firm VinaCapital – hold 68.09 per cent and 31.91 per cent respectively in Hoiana. Read more>>

Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.