A pair of project invested by Japan’s Mitsubishi Estate lead today’s collection of real estate headlines from around Asia, as the property division of one of the country’s largest conglomerates unveils the design for Tokyo’s tallest tower at the same time that it completes the structure on a joint venture project in Melbourne.
Also in the news, an Indian private equity firm hopes to raise $500 million for a new office fund, and Hong Kong developers are raising cash to go bargain hunting as distress seeps into the Asian financial hub.
A 390-meter-high (1,279 feet) skyscraper inspired by a flaming torch is set to become Japan’s tallest building when it opens in 2027.
Standing above a new plant-filled public plaza in Tokyo, the tower will also feature a soaring observation area from which visitors can enjoy views over the capital and nearby Mount Fuji. Read more>>
A $2.9 billion residential tower developed as a joint venture by Mitsubishi Estate Asia and Lendlease has topped out in the Melbourne Quarter precinct.
The 40-storey high East Tower at 628 Flinders Street, Docklands comprises 719 apartments, all of which have been sold prior to its completion. Read more>>
Godrej Fund Management (GFM), the real estate-focused private equity arm of the Godrej Group, plans to raise a $500-million fund by early next year to invest in office properties, and is in talks with global investors, said Karan Bolaria, the company’s managing director and chief executive.
A year ago, GMF had raised the $450-million Build to Core office development fund, besides a $150-million office investment fund, which have been fully deployed. Read more>>
Some of Hong Kong’s biggest developers are building up their cash hoard by selling noncore assets, a move seen as readying themselves for acquisition opportunities amid the biggest market correction since at least 2016.
This year, groups including Wheelock Properties, Chinachem and New World Development have raised more than HK$4 billion (US$516 million) from the sale of retail, office and car parking spaces across the city, according to company announcements and government land records. Read more>>
Xu Jiankang, chairman of Powerlong, a Fujian-based real estate development company, has donated 500 million yuan (US$73.9 million) to Fudan University to support its efforts to develop an international medical center.
At the Powerlong Museum, a charity foundation was set up in the name of Xu, 68, on Saturday with capital from the Xu family. Read more>>
Straits Organization, a wholly-owned subsidiary of Catalist-listed food and beverage player Katrina Group, on Monday announced it has rebranded to ST Hospitality.
It has also appointed Tan Juay Hiang as senior adviser to the group to assist with its expansion plans and real estate diversification, adding that more property launches are in the pipeline in Singapore and overseas in 2021. Read more>>