Technology seems to finally be enjoying its day in the real estate industry’s centre ring this week as news of a fresh funding round for an online property platform adds to near-daily coverage of data centre initiatives.
Also in the headlines, the creator of the Shanghai Center complex on West Nanjing Road has passed away and Hong Kong continues to grapple with a challenging retail market as a Singapore mall owner looks to create its own e-commerce platform.
PropertyGuru Group has raised another S$300 million from global investment giants TPG Capital and KKR, both of which are existing investors.
The funding will accelerate the property technology company’s growth across South-east Asia as it “ramps up its investment to meet the rapidly evolving needs in the property ecosystem”, the firm said in a media release yesterday. Read more>>
Real estate developer and architect John C. “Jack” Portman III has died at the age of 71 of natural causes according to a tribute shared by the eponymous global architecture firm founded by his late father, John C. Portman Jr., in Atlanta in 1953.
A graduate of the Harvard Graduate School of Design (GSD), the younger Portman began practicing at the firm in 1973 as an apprentice architect and, at the time of his death, held the title of chairman and CEO, a leadership role he had assumed following the death of the elder Portman in December 2017 at the age of 93. Portman was an instrumental force in the firm’s real estate development arm during his nearly five-decade career with Portman Architects (formerly John Portman & Associates). Read more>>
A plot of Good Class Bungalow (GCB) residential redevelopment land in the Queen Astrid Park GCB Area is up for sale by tender with a guide price of S$126.8 million, exclusive marketing agent Knight Frank Singapore said on Wednesday.
Sitting on the site is Queen Astrid Gardens, a 999-year leasehold condominium, with the sellers being the owners of the condominium via their collective sale committee. Read more>>
Mall operator Frasers Property Retail will launch a new e-commerce marketplace in Singapore next month, allowing tenants to reach potentially more than 800,000 shoppers online amid the coronavirus pandemic.
The Frasers eStore will launch with 200 merchants, and will be accessible via the Frasers Experience (FRx) app – Frasers’ loyalty app – from end-October, said Frasers this week. Read more>>
Landlords of Hong Kong’s “Ginza-style” commercial buildings are slashing rents by up to 40 per cent and shifting their focus away from restaurants and bars to survive the dramatic downturn in the catering and retail sectors caused by the coronavirus pandemic.
As rents of street-level shops and restaurants have tumbled, these projects – buildings typically packed with cafes, bars and small shops on higher floors – are struggling to retain tenants. Read more>>
99 Group, which operates South-east Asian property portal brands 99.co, iProperty.com.sg and Rumah123.com, has hired Shivkumar Krishnan as its chief technology officer (CTO).
In addition, the group plans to hire about 100 additional technology staff over the next 12 months, it announced in a press statement on Wednesday. Read more>>
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have re-extended their long-delayed merger agreement with a new deadline set for the end of this month, with Oceanwide’s funding still contingent on Chinese government approval.
Genworth said that it was satisfied with the funding plans for the $2.7 billion deal, and therefore does not intend to exercise its right to terminate the merger agreement as of August 31, 2020. Read more>>