Amazon founder and executive chairman Jeff Bezos (Getty Images)
Hyperscalers and their demand for data centres lead today’s look at real estate news from around Asia, as Amazon says it plans to put more cash into digital infrastructure in Korea. Singapore’s Mapletree also makes the headlines with plans for a major office project near Sentosa, and Goodman has a very tall shed for sale in Hong Kong.
Amazon Commits $5B More to South Korea Data Centres
Amazon is setting aside another $5 billion for investment in South Korean data centres, sharply ramping up the spending it’s already devoting to building AI infrastructure in the country.
The capital will go towards erecting several data centres in the years to 2031, South Korea’s presidential office said in a statement after a meeting between Amazon Web Services chief Matt Garman and President Lee Jae Myung. The spending comes on top of more than $4 billion in envisioned investment with partner SK Group announced in June. Read more>>
Mapletree Plans 33-Storey Commercial Tower on Singapore’s Southern Waterfront
Mapletree Investments on Tuesday announced plans to redevelop its HarbourFront Centre complex into a 123,000 square metre (1.3 million square foot) flagship commercial project on Singapore’s Greater Southern Waterfront.
The new 33-storey tower will combine upscale retail with 26 floors of Grade A office space and will be flanked by VivoCity to the east, with HarbourFront Towers One and Two and the new two-storey cruise and ferry terminal in the west. Read more>>
Goodman Marketing Hong Kong Logistics Property
Goodman Group is organising a formal expression of interest exercise for the sale of a 322,000 square foot (29,915 square metre) logistics facility in northern Hong Kong’s Yuen Long area, according to an announcement by the company this week.
The Australian industrial giant has engaged Knight Frank and CBRE to manage the sales process for the Goodman Yuen Long Logistics Centre, with prospective buyers asked to respond by 12 December. Read more>>
HSBC Warns of Continuing Problems From Bad Property Loans in Hong Kong
HSBC Holdings, the largest bank in Hong Kong, warned that the city’s commercial property sector continues to face “downward pressure” after bad-loan provisions jumped this year.
The bank posted about $700 million in charges related to the commercial real estate sector during the first nine months, up from just $100 million in the year-earlier period. That reflects “higher allowances for new defaulted exposures” and the impact of an oversupply of non-residential properties, the lender said in its results statement on Tuesday. Read more>>
Hong Kong Existing Home Prices Rose 1.3% in September
Hong Kong’s lived-in home prices rose 1.3 percent in September, logging their biggest gains so far this year and reaching their highest in more than a year, amid optimism that the residential market has bottomed out.
The city’s rental prices, meanwhile, inched within a hair of their historical peak, data from the Rating and Valuation Department showed Tuesday. The latest monthly increase in secondary home prices marks the sixth straight month in which the official index has either remained stable or edged higher. Read more>>
Malaysia’s Mah Sing Looking for New Data Centre Partner After Bridge Talks Lapse
Mah Sing Group is on the lookout for new partners to develop its second data centre project after exclusive talks with Bridge Data Centres lapsed.
This is the second Malaysian data centre project collaboration with Bridge Data Centres to have fallen through, after an earlier agreement for a 100-megawatt facility on a 17.6 acre (7.1 hectare) site in Southville City also lapsed in May. Read more>>
Singapore’s Wee Hur Prices $135M in Notes to Support Expansion Plan
Singaporean developer Wee Hur on Tuesday launched and priced its inaugural offering of S$175 million ($135 million) worth of fixed rate notes due in 2030 at 4.8 percent.
Pursuant to Wee Hur’s S$500 million multi-currency medium-term note programme established on 29 May, the notes are expected to be issued on 4 November and to list on the Singapore Exchange the next day. Read more>>
Keppel REIT Says Distributable Income Fell in Jan-Sep Period
Keppel REIT on Wednesday posted a 0.6 percent lower distributable income of S$159.6 million ($123.3 million) for the first nine months of its financial year compared with the year-earlier period.
The result includes an anniversary distribution of S$15 million, which remained unchanged from the same period the year before. Net property income for the first nine months grew 8.6 percent year-on-year to S$161.3 million. Read more>>
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