IndiGo Air Owner Said to Bid $277M for Hyderabad Project and More Asia Real Estate Headlines

Leading today’s roundup, the owner of India’s top airline is said to be offering over a quarter-billion dollars for a sprawling office complex in Hyderabad that is jointly owned by Singaporean sovereign wealth fund GIC and US developer Tishman Speyer. Also in the headlines, the owners of a condo project on Singapore’s east coast are taking a second swing at selling their homes en bloc, and CapitaLand’s serviced residence arm is tying up with developers in China, Japan and Thailand to grow its network of apartments. And the founder of cash-strapped Chinese conglomerate LeEco has some explaining to do about an electric vehicle plant project in Guangzhou. Read on for all these twists and turns in Asia’s property scene.

India’s InterGlobe Said to Bid $277M for Hyderabad’s WaveRock

InterGlobe Enterprises Pvt. Ltd, which owns India’s largest airline IndiGo, has bid around Rs1,800 crore ($277 million) for Hyderabad’s WaveRock office complex, two people aware of the development said.

A joint venture of Shapoorji Pallonji and Allianz Group, and Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB), are the other two top bidders for the property located in Hyderabad’s Gachibowli financial district, said the one of the two people cited above on condition of anonymity. Read more>>

Casa Meyfort Owners Relaunch Collective Sale, Asking $259M

The owners of the Casa Meyfort condominium in the Meyer Road neighbourhood are relaunching a public tender for a collective sale after the earlier December 2017 offering at a reserve price of S$340 million failed to draw a successful bid.

The owners have now set S$340 million ($259 million) as the asking price; the reserve price, which could be lower, was not disclosed. The applicable development charge, which is not included in the asking or reserve price, has increased to S$57.2 million from the previous S$46 million. Read more>>

Ascott Partners with Builders in China, Japan, Thailand

The serviced residence unit of CapitaLand has struck deals with developers in China, Japan and Thailand to manage apartments under development and future projects, it said yesterday.

In China, The Ascott is partnering with township developer Riverside Group to launch serviced residences in Zhejiang, Chongqing and upcoming riverside-themed towns in other key cities. This tie-up will start with two serviced residences, with a total of 350 units, in Zhejiang and Chongqing. Read more>>

LeEco Founder Requested to Explain Guangzhou Project

The Shenzhen Stock Exchange issued an inquiry letter to LeSee, requesting the company to confirm and explain the relationship between Jia Yueting and Ruichi Intelligent Automobile Co, Ltd. On April 8, Ruichi Intelligent, which is reportedly regarded as Faraday Future’s affiliated company, gained a 401,000 square metere area of land at Wanqingsha Bonded Port Area, Nansha District, Guangzhou with an auctioned price of RMB 364.1 million.

To meet requirements on building a pure electric vehicle company, Ruichi Intelligent must introduce a pure electric vehicle assembling project with world-leading pure electric vehicle R&D and manufacturing technology. The company is also requested to finish construction and put into operation within 24 months. Read more>>

Investors Hope Xi Will Open Door to Legal Gaming in Hainan

This week, the Chinese president will visit the island and hotel magnates hope the leader will come bearing gifts: New tax concessions to attract more tourists to this tropical destination nestled along the South China Sea near the Vietnam border.

Local entrepreneurs and global firms such as MGM Resorts International have spent big on seaside developments here. Many of these investors are making a wager of their own: Someday in the future, Hainan could be teeming with Chinese gamblers, who will give an adrenaline shot to a tourism-dependent economy that has not fully lived up to expectations. Right now, gaming remains banned across mainland China. Read more>>

Mahathir Promises Probe of Chinese Deals in Malaysia

Chinese investors in Malaysia will face more scrutiny if former prime minister Mahathir Mohamad wins back power in the upcoming election.

Mahathir, the opposition’s candidate for prime minister, said in an interview Friday that Chinese investment was welcome if companies set up operations in Malaysia, employed locals, and brought in capital and technology to the country. This wasn’t the case now, he said. Read more>>

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