Hong Kong now has two Yuen Long logistics sites up for tender
The government of Hong Kong will sell a 77,737 square metre (836,754 square foot) site earmarked for a multi-storey logistics facility, with that story leading today’s headline roundup. In other news, Singapore’s CDL announces plans for a mixed-use project near Clarke Quay and Dubai-based Damac Group is investing around $1 billion in a data centre project in Thailand.
Hong Kong Launches Tender for Second Yuen Long Logistics Site
Hong Kong has put a second parcel of land in Yuen Long up for sale, a site earmarked for a multi-storey logistics project, while sweetening the bidding terms. It has also pushed back the deadline for the first plot to give potential buyers time to consider developing both sites.
The government will sell the 77,737 square metre (836,754 square foot) site, located in Hung Shui Kiu and Ha Tsuen, by public tender, according to a Lands Department statement late Thursday. Bidding will start on October 18 and close on March 21, the statement added. Read more>>
Singapore’s CDL Unveils Plans for Clarke Quay Mixed-Use Project
City Developments Limited (CDL) unveiled plans for its large-scale mixed-use development Union Square on Friday, October 11, with the Havelock Road project having gained 67 percent more gross floor area under a government incentive scheme.
Approval for the increase in GFA to about 735,500 square feet (68,330 square metres) was obtained in March, CDL said. The redevelopment of the former Central Mall and Central Square properties will be “one of the largest for the precinct” under the strategic development incentive scheme of the Urban Redevelopment Authority, CDL said. Read more>>
Dubai’s Damac to Spend $1B in Thai Data Centre Push
A subsidiary of Dubai-based Damac Group is investing around $1 billion in a data centre project in Thailand, the latest to join a global push by technology companies to build cloud and AI infrastructure in South East Asia.
Damac’s United Arab Emirates-headquartered Edgnex Data Centres plans to invest more than 32 billion baht ($961 million) in three to four data centre projects through a joint venture with local data centre provider Proen Corp, the companies said in a statement on Friday, October 11. The first, to be located in downtown Bangkok, will go online by March with an initial 5 megawatts of capacity, to be expanded to 20 megawatts. Read more>>
JB Asset Management Chosen as Preferred Bidder for Seoul Hotel
JB Asset Management has been selected as the preferred bidder in the sale of the four-star Mercure Ambassador Seoul Hongdae Hotel. The organizer of the sale is JLL Korea.
The Seoul-based investment manager won the priority negotiation by making a deal with an independent hotel management company to act as the hotel operator. The desired acquisition price is known to be around 300 billion won ($221 million). Read more>>
Sun Hung Kai Properties Kai Tak Project Sold Out for Second Week
Hong Kong’s biggest property developer sold all of the units it put on sale at one of its projects over the weekend, as some buyers took advantage of lower borrowing costs and steep discounts.
All 238 units for sale at Sun Hung Kai Properties’ Cullinan Sky project were sold over the weekend, according to a representative of the developer. Read more>>
Digital Core REIT Recasts $716M in Loan Facilities
Pure-play data centre real estate investment trust Digital Core REIT has recast $716 million in loan facilities which will be used to refinance its existing $703 million term loan and multicurrency revolving credit loan facilities.
The recast loan facilities will also be used for working capital and other general corporate purposes, the REIT manager announced on Wednesday, October 9. Read more>>
China Finance Ministry Briefing Fails to Reassure Investors
China’s highly anticipated Finance Ministry briefing on Saturday lacked the firepower that equity investors had hoped for, indicating that the volatility that’s gripped the market following a world-beating rally will likely extend.
While Finance Minister Lan Fo’an promised more support for the struggling property sector and hinted at greater government borrowing to shore up the economy, the briefing did not produce the headline dollar figure for fresh fiscal stimulus that the markets had sought. A lack of new incentives to boost consumption, which has been a weak link in the economy, is another reason why traders may feel disappointed. Read more>>
Housing Market Picks Up in Top Chinese Cities
The number of homes being marketed at higher prices grew by as much as 260 percent week-on-week in China’s top four cities in early October on the back of easing measures by the central government and local authorities.
Data from property platform Zhuge.com showed that a total of 12,612 units in Beijing were priced higher during the week ending October 6, up by 261 percent from the previous week. Read more>>
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