Malcolm MacLean, co-founder and managing partner of Star Asia Group
Tokyo-listed Star Asia REIT unloads an ageing Osaka apartment building, with that disposal leading today’s headline roundup. Also in the news, Singapore posts private home price growth of less than 1 percent and China’s Country Garden sells a stake in a rocket firm.
Japan’s Star Asia REIT Sells Osaka Apartment Building for $10M
Japan’s Star Asia REIT is set to sell an Osaka apartment building for JPY 1.4 billion ($10 million), with the transaction to take place at 47 percent over the property’s book value, according to an announcement by the trust’s manager on Friday.
The REIT’s manager explained the sale of the 33-year-old building as part of an effort to strengthen its portfolio, including improving the profitability of individual properties and replacing assets. Read more>>
Singapore Home Price Growth Dipped to Under 1% in Q1
Singapore private home prices rose more than initially estimated in the first quarter, in a sign of continued demand in the market despite expectations of headwinds.
An index of private residential prices rose 0.8 percent from the previous three months, the Urban Redevelopment Authority said Friday. That compares with an initial estimate of 0.6 percent and a 2.3 percent jump in the last quarter of 2024. Read more>>
China’s Country Garden Selling Rocket Science Investment for $180M
Chinese developer Country Garden said Friday that it would sell an 11.063 percent stake in commercial rocket development firm LandSpace Technology for RMB 1.31 billion ($179.8 million). The disposal is part of the embattled builder’s effort to resolve its liquidity issues.
The company said it expects to record a cumulative pre-tax profit of RMB 370 million. Earlier this month, Country Garden reached an agreement with a key bondholder group and was close to finalising negotiations with a group of bank creditors. Read more>>
Office Rents in Singapore’s Central Region Edged Up 0.3% in Q1
After two straight quarterly declines, the Urban Redevelopment Authority’s office rental index for Singapore’s central region rose 0.3 percent in the first quarter of 2025.
The index had posted drops of 0.9 percent in the fourth quarter and 0.5 percent in the third quarter of 2024. The latest index reading reflects a year-on-year increase of 2 percent. Knight Frank Singapore research head Leonard Tay said the first-quarter rental growth was backed by occupiers renewing leases at existing premises, coupled with some flight-to-quality movement. Read more>>
CapitaLand Ascott Trust Posts 4% Boost in Gross Profit for Q1
CapitaLand Ascott Trust’s managers said Monday that the REIT’s gross profit rose 4 percent year-on-year in the first quarter of 2025.
Gross profit from new properties in the quarter replaced the drop in gross profit from divestments in 2024, the managers said, driven by stronger performance from properties renovated last year. These new properties include Lyf Funan Singapore, acquired on 31 December, as well as Japan hotels Ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, both bought on 31 January. Read more>>
US Investor Pembroke Buys Melbourne BTR Site From Greystar
US property giant Pembroke has bought a build-to-rent development site in Melbourne’s trendy Fitzroy from US fund manager Greystar as the nascent industry consolidates. Pembroke is banking on its record as a long-term investment specialist to set up a portfolio along the eastern seaboard where it already owns commercial buildings.
Pembroke regional director for Australia Joe Fitzpatrick said the company was buying Greystar out of the project, which has an estimated value of A$200 million ($128 million) — but it would continue a tie-up on the property with the specialist operator after it steps in to the site. Read more>>
Vietnamese Telco Breaks Ground on 140MW Data Centre
Viettel has begun construction of a data centre campus in Ho Chi Minh City as the group’s largest facility to date, aiming to provide 140 megawatts of capacity with 10,000 racks. The state-owned telco announced the roughly 40,000 square metre (430,555 square foot) project this past week.
The facility is projected to become operational in 2026 and aims to be fully completed before 2030. It will be located in Tan Phu Trung Industrial Park in Cu Chi district, 25 kilometres (15.5 miles) from Ho Chi Minh City and 15 kilometres from Tan Son Nhat International Airport. Read more>>
Mapletree’s MPACT Reduces Distributions by 15%
The manager of Mapletree Pan Asia Commercial Trust on Friday warned of ongoing challenges — including slow leasing demand and higher-for-longer cost of debt — as distribution per unit for the March-ended quarter slid 14.8 percent year on year to S$0.0195.
“Decision-making has slowed down quite a lot, and tenants tend to be more cost conscious,” said Koh Wee Leong, head of investments and asset management at MPACT’s manager. Read more>>
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