Bruno Lopez, president and group CEO of STT GDC
Big money for data centres leads today’s look at real estate headlines from around the region as KKR and Singtel are said to be in talks to buy the stake they do not yet own in STT Global Data Centres. Also making the news, Sun Hung Kai Properties wins a Hong Kong project tender and a Singapore co-living operator rises in its market debut.
KKR and Singtel Said in Talks to Buy Out STT GDC in $3.9B Deal
KKR and Singapore Telecommunications are in advanced talks to buy more than 80 percent of ST Telemedia Global Data Centres — which would give them full ownership — for over S$5 billion ($3.9 billion), two people with direct knowledge of the plans said.
KKR currently owns about 14 percent of the firm while Singtel, the city-state’s biggest telecom operator, has a stake of more than 4 percent. The rest is held by ST Telemedia, which is wholly owned by Singapore state investor Temasek. Read more>>
Sun Hung Kai Properties Wins MTR Tender in Hong Kong for $772M Project
Sun Hung Kai Properties, Hong Kong’s largest developer, edged five other bidders to win the tender for a parcel of land in the New Territories for a residential project expected to cost HK$6 billion ($772 million).
The tender for Tuen Mun A16 Station Package One closed Wednesday and was awarded to SHKP subsidiary Mega Asia International, MTR Corp said Thursday without disclosing the winning bid amount. Read more>>
Singapore’s Coliwoo Rises 2.5% in Market Debut
Co-living business Coliwoo opened at S$0.615 in its listing debut Thursday on the Singapore Exchange, about 2.5 percent above its initial public offering price.
By 9.03am, shares of Coliwoo eased to S$0.60. As of 9.14am, the counter had dipped by around 1 percent to S$0.595. The company had offered 80.3 million shares at S$0.60 each, including 75 million under a placement tranche. Read more>>
Taiwan Family Office Head Buys Singapore Bungalow for $47M
Amid the gentle buzz in Singapore’s Good Class Bungalow market in recent months, two big-ticket transactions involving relatively new properties have surfaced.
Near the Singapore Botanic Gardens, a house in Dalvey Road has been bought by a philanthropist at S$61 million ($46.8 million), which works out to S$4,045 per square foot on the freehold land area of 15,081 square feet (1,401 square metres). Over in Victoria Park Close, a modern-design house is in the process of being sold for nearly S$52 million, or S$2,730 per square foot, on the 999-year leasehold land area of 18,984 square feet. Read more>>
Sunac China Wins Court Approval for $9.6B Debt Restructuring Plan
Sunac China Holdings said it has obtained court approval for its $9.6 billion offshore debt restructuring plan, a move that is expected to eliminate the developer’s outstanding liabilities once completed.
The plan to turn offshore creditors into shareholders was signed off by the High Court of Hong Kong, the Tianjin-based company announced Wednesday. Read more>>
TPG Says Ready to Play Offence After Raising $2.1B Private Credit Fund
TPG is ready to “play offence” in real estate deals after closing an inaugural opportunistic real estate credit fund that exceeded investment targets.
The TPG Real Estate Credit Opportunities fund raised $2.1 billion, exceeding its initial $1.5 billion target by more than 35 percent. TPG’s CEO Jon Winkelried said the firm’s clients are expressing a growing interest in real estate funds because of the significant shift in market conditions. Read more>>
Morgan Stanley Says China REITs to Become $1T Market
China’s REIT market is poised to grow by 30 times to become a $1 trillion industry in the next 20 years, which is expected to benefit select mainland developers, according to Morgan Stanley.
After 25 years of property growth, primarily focused on the residential segment, mainland developers are increasingly weaning off from building projects that would yield one-time profits, the US investment bank said Thursday. Read more>>
PropNex Subsidiary Sued for Misrepresentation in Singapore
A wholly owned subsidiary of PropNex and two other defendants are being sued for at least S$586,172 ($449,439), allegedly over a breach of duty of care as well as negligent misrepresentation by one of its salespeople.
The property agency announced that its unit, PropNex Realty, has been named as one of the three co-defendants in a lawsuit filed in the High Court. 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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