Technology is the secret sauce behind two of the region’s leading real estate stories today as KKR puts $144 million into Southeast Asia’s largest seller of condo listings and WeWork prepares to open new centres in three of India’s biggest cities. Elsewhere around the region, HNA has started selling off parts of its core airline business in a battle to stay airborne and there’s much more to know if you just keep reading.
Singapore’s PropertyGuru has pulled in S$200 million ($144 million) from KKR & Co, raising funds for the first time in three years as Southeast Asia’s largest real estate portal prepares to delve into new business areas.
The series D financing will help the startup take full control of leading Vietnamese real estate site Batdongsan.com.vn, after buying a minority stake in 2016, PropertyGuru chief executive officer Hari V Krishnan said. Read more>>
The India arm of New York-based collaborative workspace major WeWork has taken on lease about 2.5 lakh sq ft of office space across Bengaluru, Mumbai and Gurugram as it seeks to expand operations, said people aware of the transaction.
Of this, the largest lease is for 96,500 sq ft in Blue One Square in Udyog Vihar, Gurugram, followed by 90,484 sq ft in Mumbai and 60,783 sq ft in Purva Pavilion in Bengaluru. The leases have a total tenure of 20 years, including an initial term of 10 years with an option to extend it by another 10 years unlike usual tenures of three, five or nine years. Read more>>
Singapore’s luxury home prices have surged to become the world’s fastest appreciating market globally, overtaking Hong Kong where price growth has cooled such that it no longer ranks in the top dozen cities by price momentum, according to Knight Frank LLP.
Hong Kong’s luxury home prices rose 5.5 per cent in the September-ended quarter on year, to rank 14th among 43 cities tracked by the Knight Frank’s quarterly Prime Global Cities Index. Read more>>
China’s HNA Group is in talks to sell a 60% stake in subsidiary Lucky Air to China Eastern Airlines, the first formal divestment of one of its core domestic aviation businesses. The remaining 40% stake will be sold to Yunnan SASAC, Yunnan’s division of China’s state-owned asset regulator.
The move comes as HNA offloads assets in light of its heavy debt burden following a multi-billion buying spree. However, the proposed sale could be blocked or delayed by an ongoing dispute with former shareholders of the Shilin Air, which became Lucky Air following an investment by HNA. Read more>>
HNA Group Co has been trying for months to offload passenger planes it ordered from Airbus SE, according to people familiar with the matter, as the indebted airline-turned-global acquirer wrestles with liquidity challenges.
The Chinese group asked the leasing arms of Industrial & Commercial Bank of China Ltd and China Minsheng Banking Corp, among others, to take over at least 10 of HNA’s plane orders, the people said, asking not to be identified discussing a private matter. Read more>>
Century Warehouse, a freehold industrial warehouse in Pasir Panjang Road, will be launched for a collective sale at $57 million on Thursday (Nov 1), with 100 per cent owners’ consensus.
That would translate to a land rate of $750 per sq ft per plot ratio (psf ppr), marketing agent Knight Frank said in a statement on Wednesday afternoon. It is zoned B1, with an allowable gross plot ratio of 2.5. Read more>>