City Developments Ltd CEO Sherman Kwek (Image: CDL)
Singapore’s booming housing market leads Mingtiandi’s look at real estate news today with a City Developments Ltd joint venture placing the top bid for a lower East Coast site. Also making the headlines is AustralianSuper, which vows to pursue more private market deals, while a major Korean corporate is putting its headquarters on the market in Seoul.
CDL-Woh Hup Place Top Bid of $557M for Site in Singapore’s Tanjong Rhu
The first private housing site in Singapore’s Tanjong Rhu area put up for sale at a state tender in nearly 30 years has fetched a higher-than-expected top bid of S$1,455 per square foot of accommodation.
The rate, set by City Developments Ltd and Woh Hup’s S$709.25 million ($556.9) bid on Thursday, is the highest for a 99-year Government Land Sale pure private residential site in the Rest of Central Region, according to Tricia Song, head of research for Singapore and Southeast Asia at CBRE. Read more>>
AustralianSuper to Double Private Equity Commitments
AustralianSuper, the country’s largest pension fund, is hunting private equity deals in Asia to boost its growing portfolio of unlisted assets, according to CEO Paul Schroder.
While the A$410 billion ($287 billion) fund has yet to unveil a precise allocation target, it intends to deploy significant sums across the region in an effort to expand its private markets holdings, which stood at A$85 billion as of 30 June last year. Read more>>
Korean Credit Card Giant Puts $480M Seoul HQ on the Market
Korea’s largest credit card company is putting its Seoul headquarters up for sale, with analysts estimating the office tower’s value at KRW 700 billion ($480 million) or more, according to local media reports.
Shinhan Card this week sent out a request for proposals to select an advisor for the sale of Fine Avenue Tower A, a 65,744 square metre (707,663 square foot) tower in Seoul’s central business district acquired by the company in 2020 for KRW 520 billion. Read more>>
Mapletree Breaks Ground on Northern Japan Warehouse Project
Singapore’s Mapletree has broken ground on a logistics development in northern Japan’s Iwate prefecture as the property investment unit of Temasek Holdings expands its Mapletree Kitakami Kanegasaki Logistics Centre.
The company plans to develop a multi-tenanted, four-storey warehouse spanning 64,000 square metres (688,890 square feet) of gross floor area in the Tohoku region in the north of Japan’s Honshu island. Scheduled for delivery in the second half of 2027, the development is part of Mapletree Japan Investment Country Private Trust, the company’s second Japan logistics development fund. Read more>>
Buyout of Singapore’s Low Keng Huat Turns Unconditional After Securing 95% Approval
The privatisation bid for Singapore’s Low Keng Huat has turned unconditional, with the offerer securing 95.47 percent of shares as of 6pm on Thursday.
The offerer — a special purpose vehicle effectively controlled by managing director Marco Low and his family — had already secured more than 90 percent of votes in late January, crossing the required threshold. Read more>>
Warburg Pincus Set to Ramp Up India Presence on Occasion of 30th Anniversary
Warburg Pincus expects to accelerate investments in India as it taps the twin opportunities of solving succession challenges at family-owned businesses and helping Indian companies expand overseas.
“Really successful businesses are now looking for where their next generation of leadership comes from,” chairman Charles Kaye told reporters in Mumbai on Wednesday. In some cases, leadership remains within the family, but other family members are looking for an exit, creating opportunities for private equity firms, Kaye said. Read more>>
US Retail Titan Costco Plans 20 New Australia Stores in Next 5 Years
Costco is rapidly expanding its footprint across Australia, aggressively targeting new locations as cost-conscious consumers increasingly turn to bulk buying for value.
The US retail giant is set to open two new warehouses next year in Victoria and Western Australia, with a focused search underway for additional sites in North and South Sydney, Perth and Adelaide. Costco is also planning its inaugural stores in Tasmania and Geelong, marking a strategic push into new markets. Read more>>
Japan’s Daiwa House Kicking Off Dallas Rental Housing Project This Month
Daiwa House Industry will begin developing rental housing in the US in collaboration with its Arizona-based affiliate, Alliance Residential Company, according to an announcement this week.
The partners are developing the Prowse Ownsby Farms rental housing project in Celina, Texas, north of Dallas, targeting millennials and young professionals in the fast-growing suburb, with construction commencing this month. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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