IOI Properties Group CEO Lee Yeow Seng
In today’s review of real estate news from around Asia Pacific, Kuala Lumpur-listed IOI Properties posts a more than threefold jump in quarterly profit, GreenSquareDC withdraws its Perth data centre application after community pushback, and record data centre spending drives Australia’s private investment to a 12-year high.
Malaysia’s IOI Properties Posts $65M Q3 Profit on Singapore Asset Consolidation
Kuala Lumpur-based IOI Properties Group saw its fiscal Q3 net profit surge more than threefold to MYR 258.1 million ($65.1 million) from RM 76.1 million a year earlier, as revenue climbed 38.7 percent to MYR 1.1 billion.
The improvement was driven by the consolidation of Scottsdale Properties after IOI bought out City Developments Ltd’ joint-venture stake, along with higher leasing income from South Beach Tower and a MYR 130 million Melaka land sale. Read more>>
GreenSquareDC Withdraws Perth Data Centre Application
Partners Group-backed GreenSquareDC has withdrawn its application to build a 120-megawatt data centre in Hazelmere, near Perth, after nearly 1,900 public submissions opposed the proposal.
GreenSquareDC chief executive Charles Penny cited noise assessment requirements for emergency backup generators as an unrealistic benchmark in his withdrawal letter to the City of Swan Council. Read more>>
Thakral Completes $74M Gurugram Healthcare Development Acquisition
Thakral Corporation has paid S$93.9 million ($73.5 million) to acquire an additional 81.6 percent stake in a 21 acre (8.5 hectare) Gurugram mixed-use development, boosting the Singapore-listed firm’s total ownership to 95.3 percent.
The New Gurugram site near Delhi airport offers over 2.5 million square feet (232,258 square metres) of development potential, with a hospital and wellness centre anchoring the first phase ahead of residential and commercial components. Read more>>
Data Centre Boom Drives Australia Private Investment to 12-Year High
Record data centre investment has helped lift Australia’s total private investment to a 12-year high, with companies spending A$8.7 billion ($6.2 billion) on data centre construction and servers in the first quarter of 2026, nearly double the prior quarter’s level.
Total private investment rose 6.5 percent, its highest level since 2014. Read more>>
Nippon Building Fund Refinances With $31M DBJ Loan
Tokyo-listed Nippon Building Fund has secured a JPY 5 billion ($31.4 million) long-term loan from Development Bank of Japan, with the funds to be used to refinance an existing borrowing maturing in June 2026.
The loan, which carries a floating interest rate of 1.4 percent, is repayable in a lump sum in June 2034. Following the transaction, the fund’s total borrowings remain unchanged at JPY 639 billion. Read more>>
Time & Place Files Plans for 172-Apartment Sydney Warehouse Conversion
Sydney developer Time & Place has lodged plans to convert a heritage-listed former David Jones warehouse in Surry Hills into 172 apartments across three buildings.
The proposal uses New South Wales’ in-fill affordable housing pathway, with 15 percent of units designated as affordable housing and managed by a community housing provider for at least 15 years. Read more>>
Liberman-Backed Shor Property Pays $19M for Melbourne Office Tower
Newly formed Shor Property and Development, backed by Justin Liberman and Paul Solomon, has paid A$26 million ($18.6 million) for a 12-storey Melbourne office tower at 11 Queens Road, acquiring the asset from Vantage Property.
The 2,326 square metre (25,036 square foot) site overlooks Albert Park Lake, and the consortium plans to stabilise the asset before assessing residential conversion options. Read more>>
Stockland Launches Second Over-55s Community in Geelong Region
Stockland has launched Halcyon Greenhaven, its second over-55s lifestyle community in Armstrong Creek, Victoria, with 345 homes planned across a 17.2 hectare (42.5 acre) site roughly 10 kilometres (6.2 miles) from Geelong.
The development sits off Barwon Heads Road and marks Stockland’s latest expansion of its Halcyon retirement living portfolio in Victoria. Read more>>
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