Ong Beng Seng Pleads Guilty and More Asia Real Estate News

A final resolution to Singapore’s corruption case involving Ong Beng Seng leads today’s review of real estate headlines from around the region, with the tycoon pleading guilty to obstruction of justice. Also in the news, Warburg Pincus is said to have joined SC Capital Partners in a bid for data centre operator Global Switch and Victor Li says Hong Kong’s richest clan isn’t selling the family home just yet.

Ong Beng Seng Pleads Guilty to Obstructing Justice in F1 Case

Ong Beng Seng has pleaded guilty to abetting the obstruction of justice in a case involving the Formula 1 night race and former transport minister S Iswaran.

Iswaran had been minister-in-charge of trade relations and was the government’s chief negotiator with the Singapore GP on F1-related business matters. Read more>>

Warburg Pincus Said Teaming with SC Capital Partners for Global Switch Bid

Private equity firm Warburg Pincus has joined SC Capital Partners in pursuing a potential acquisition of data center operator Global Switch Holdings Ltd., people with knowledge of the matter said.

The SC Capital-Warburg Pincus consortium has been in talks with other potential investors to join them, said the people, who asked not to be identified as the information is private. Singapore-based SC Capital is working with Goldman Sachs Group Inc. on the possible Global Switch offer, and has lined up about $3 billion in a loan facility, the people said. Read more>>

CK Asset’s Victor Pushes Back on Reports Hong Kong Family Home Up for Sale

Hong Kong’s wealthiest family denied that their residence of more than half a century is up for sale, as CK Asset Holdings issued an unusual rebuttal of rumours that have circulated for days on social media.

Social media speculation of the impending sale of 79 Deep Water Bay Road was “entirely fabricated”, “false” and “groundless,” CK Asset said in a statement on behalf of the company’s chairman and managing director, Victor Li Tzar-kuoi. Read more>>

Hong Kong Home Sales Fell in July After June Rebound

Residential property transactions in Hong Kong fell in July after hitting a seven-month high in June, though activity remains steady, with analysts expecting a rebound in the second half of this year.

Overall property deals in July – covering homes, office units, shops, industrial premises and car parking slots – dipped 0.8 per cent from June to 7,212, the Land Registry said on Monday. Property worth HK$54.6 billion (US$7 billion) changed hands, down 17.8 per cent from a month earlier. Read more>>

CDL’s Kwek Leng Beng Targets 500-Hotel Global Portfolio

City Developments Ltd aims to expand its portfolio to 500 hotels, with hundreds of Singapore flags flying on its properties in key cities around the world.

The group’s portfolio of hotels, including those under subsidiary Millennium Hotels & Resorts, will treble in size, with some 500 properties dotted around the globe. Read more>>

Lendlease Global Commercial REIT Announces Bump in Distributions

Lendlease Global Commercial Real Estate Investment Trust posted a marginal improvement of 1.8 per cent in its distribution per unit (DPU) to S$0.018 for the half-year of the 2025 financial year ended Jun 30.

The higher DPU – to be paid out on Sep 24 – was due to better performance of its Singapore properties and lower finance costs, said the manager of the Reit, Lendlease Global Commercial Trust Management, in a regulatory filing on Monday. Read more>>

Kerry Wraps Sales at Kowloon Tong’s Mont Verra With $21.7M Deal

Kerry Properties has sold the last garden villa at its ultra-luxury Mont Verra development in Kowloon Tong for HK$170 million ($21.7 million), bringing the number of units sold at the project this year to six.

The villa has a salable area of 3,855 square feet (358 square metres) and comes with a 2,234 square foot private garden. The transaction price translates to about HK$44,099 per square foot. Read more>>

US Investors Fuel $5B Q2 Real Estate Surge in Asia Pacific

Cross-border real estate investment in Asia Pacific jumped 50.1 percent year-on-year to $12.1 billion in the second quarter, the highest since Q3 2022, with US investors accounting for 41 percent of the total, according to Knight Frank.

US investment rose 31 percent from a year earlier, driven by demand for yield and stable growth in markets such as Australia, Singapore and Japan. Meanwhile, mainland China continued to lag amid an ongoing property crisis and rising default risks. Read more>>

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