Changi Airport Awards $3.7B in Construction Contracts and More Asia Real Estate Headlines

Singapore’s gateway airport awards $3.7 billion in building contracts for its new terminal, with that story leading today’s headline roundup. Also in the news, Princeton Digital Group takes up space at a Mumbai business park and a Chinese private equity boss lists his New York condo.

Changi Airport Awards $3.7B in Construction Contracts for Terminal 5

Two contracts worth a total of S$4.75 billion ($3.7 billion) have been awarded for the building of the substructure and airside infrastructure at Changi Airport Terminal 5 ahead of the start of construction later in May. The airport’s operator said Monday that the substructure includes the foundation and basements of the main passenger terminal.

The substructure contract, valued at S$3.8 billion, was awarded to a joint venture between the Singapore branch of China Communications Construction Company and Obayashi Singapore, a subsidiary of Obayashi Corporation, one of Japan’s biggest general contractors. Read more>>

Warburg-Backed PDG Leases 1M Square Feet in Mumbai Business Park

Singapore-based Princeton Digital Group has leased more than 1 million square feet (92,903 square metres) of space across three buildings at Airoli Knowledge Park in Navi Mumbai, marking a major expansion of the Warburg Pincus-backed platform’s digital infrastructure footprint in India.

The properties, owned and sub-leased by Gigaplex Estate Pvt Ltd, will be used by PDG to set up large-scale data centre operations. Read more>>

Hony Capital Boss Lists Central Park Condo for $17.5M

A Chinese investor whose holdings have included stakes in WeWork and TikTok parent ByteDance is looking to exit a home on New York’s Billionaires Row.

John Zhao, CEO and founder of Beijing-based private equity giant Hony Capital, has listed a three-bedroom condo unit at Central Park Tower for $17.5 million, according to an ad made public Friday. The 3,400 square foot (316 square metre) corner apartment, which features three and a half baths, a primary suite with a pair of walk-in closets and panoramic views of Central Park, cost Zhao $15.3 million in 2021. Read more>>

Frasers Hospitality Trust Distributions Dip 6%

Frasers Hospitality Trust on Tuesday posted a 6 percent year-on-year drop in distribution per stapled security to S$0.010257 for the six months ended on 31 March.

The decline was attributed to lower net property income and higher finance costs arising from the refinancing of borrowings in a higher interest rate environment. NPI for the period fell 2.5 percent on the year to S$43.5 million ($33.7 million) as revenue rose 0.9 percent to S$63.8 million. Read more>>

India’s Mindspace Business Parks REIT Notches 13% Increase in Income

For the quarter that ended in March, Mindspace Business Parks REIT recorded a 13 percent increase in net operating income, which came to INR 5.4 billion ($64 million). The business declared a quarterly dividend of INR 3.9 billion to unitholders.

Mindspace Business Parks REIT reported a net operating income of INR 20.6 billion for the full fiscal year, up 8.9 percent. The total amount distributed to unitholders was INR 13.1 billion, representing a 15.5 percent annual increase. Read more>>

Kotak Closes on Mumbai’s Priciest Residential Acquisition

The billionaire founder of Kotak Mahindra Bank, Uday Kotak, finalised the purchase of an entire residential building in Mumbai’s Worli Sea Face region for more than INR 4 billion ($47 million).

The deal marks a new benchmark in the city’s residential real estate prices, the Economic Times reported Monday. Read more>>

Kajima’s Icon Swings to $11M Loss in Australia

Icon, the builder best known for Sydney’s ill-fated Opal Tower residential project, swung to a net loss of A$17 million ($11 million) in the year to December from a profit of A$9.4 million as project delays, soaring costs and the impact of subcontractor failures more than offset an increase in revenue.

The builder said it also received a $30 million cash injection from its Japanese parent Kajima Corporation last year. Its current projects include the $135 million Kingston Centre aged care facility in southeastern Melbourne, Gold Coast’s $154 million health sciences innovation centre of excellence and a $45 million birthing centre in Honiara, Solomon Islands. Read more>>

Japanese Developer Plans to Invest $30M in Thai Residential Market

Japanese developer Anabuki Group is planning to invest more than THB 1 billion ($30 million) in Thailand’s residential market over the next five years, eyeing low-rise condos that have garnered greater interest after the recent earthquake.

Group director Masaaki Kagawa said the 28 March earthquake that rocked Myanmar, Bangkok and other parts of Thailand raised concerns about high-rise condos, particularly among those residing on upper floors who were forced to evacuate. Read more>>

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