Hong-Rae Cho, CEO of Korea Investment Management
Leading today’s roundup, a Korean asset management firm is putting a diplomatic spin on outbound investment by picking up a pair of buildings in Belgium housing the country’s foreign ministry. Also in the news, Singapore’s collective sale fever rages on with developer Far East Consortium International getting its hands on a prime housing site, and sharing economy unicorn Airbnb is discovering that the city-state’s regulators don’t mess around. And Thai retail powerhouse Central Group is looking to splash out on retail and hotel properties in Vietnam and elsewhere, so read on to learn more.
Korean Asset Manager Buys Belgian Foreign Ministry HQ for $454M
Korea Investment Management Co has invested €370 million ($454 million) for a 99-year leasehold of two buildings in Brussels used as the headquarters of Belgium’s foreign ministry, in the largest property investment by a South Korean investor in the European country.
The asset manager, a sister company of brokerage Korea Investment & Securities Co Ltd, will raise €164 million from retail investors in March through public and private funds to finance the deal, the company said in a regulatory filing on Feb 27. Read more>>
Far East Consortium Unit Picks Up Singapore Site for $139M
A unit of developer Far East Consortium International (FEC) has bought a collective sale site in prime Holland Road for S$183.38 million ($139 million).
Hollandia, which sits on a 4,970.8 square metre freehold plot at the junction of Holland Road and Queensway, is in a popular residential enclave of landed homes and high-end condominiums. It is also near bustling Holland Village and an MRT station. The six-storey block of 48 apartments was built in the mid-1980s. Read more>>
Thailand’s Central Group Plans $6.4B Investment Over 5 Years
Central Group plans to invest more than 200 billion baht ($6.4 billion) over the next five years on the expansion of its retail and hotel properties in Thailand and abroad, especially in Vietnam, where it expects its retail business to grow by four times over the period.
For this year, the group aims for total revenue to reach Bt397.3 billion, up 14 per cent from last year. Tos Chirathivat, the group’s chief executive officer, said the group is studying the design and concept in the development of two mixed-use commercial projects in Bangkok. Read more>>
Airbnb Tries To Mollify Singaporean Regulators
Home-booking company Airbnb is willing to make some concessions on short-term rentals in Singapore in an attempt to appease government concerns, a top executive said yesterday. Strict rules in the city-state make it one of the toughest markets in which Airbnb operates.
Mr Chris Lehane, Airbnb’s head of global policy, told Reuters that the company had managed to make great progress in other markets, such as China and Cuba. Airbnb said it has told the Government that, if asked, it would not list public housing on the platform. Read more>>
Future Land Sales Jump 67% YoY in Feb
Hong Kong-listed Future Land Development Holdings said that the value of contracted property sales in February rose 67% from the year-ago period to approximately 8.75 billion yuan ($1.38 billion).
In terms of area, sales totalled approximately 745,900 square meters. The property developer did not reveal price details in its release to the Hong Kong exchange late Monday. In February 2017, sales stood at 5.23 billion yuan, while contracted sales area was approximately 390,700 square metres. Read more>>
Great Eagle Scion Wants Mom To Take Over Family Trust
Lo Kai-shui, the youngest son of the founder of Great Eagle (0041) Lo Ying-shek, promises that he will not take more than what he deserves from the family trust even if he wins his lawsuit against his siblings – as long as they are willing to sign an agreement to allow his mother to take control of the trust.
“If the result turns out to be more than my holding, even by 1 HK cent, I will not take it,” said Lo Kai-shui. “And if I’m forced to take it, I would donate all the extra to charity.” Read more>>
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