G Tower in Seoul’s Guro Digital Complex (Image: Netmarble)
Today’s Mingtiandi headline roundup kicks off with sale efforts for two Seoul office towers, including the headquarters building of video game giant Netmarble. Also in the news, Hong Kong shop fund Bridgeway continues to unload retail properties at a loss and Warburg Pincus CEO Jeffrey Perlman pays a visit to Vietnam’s prime minister.
South Korea’s Netmarble Seeks $563M Sale of Seoul Headquarters
Netmarble Corp, a South Korean gaming company, is seeking to sell its Seoul headquarters building, which could fetch up to KRW 800 billion ($563 million), as it plans to release nine new titles this year.
According to sources in the investment banking industry on Friday, the Korean video game publisher has invited investment banks to bid to lead the sale of its flagship head office building, dubbed G Tower. Read more>>
NH Amundi Marketing Seoul Office Tower for $212M
NH Amundi Asset Management is pushing for the sale of the Orange Center in the Sunhwa area of Seoul’s central Jung district, five years after it was purchased from the National Pension Service. The selling price of the office tower is expected to exceed KRW 300 billion ($212 million).
NPS recorded a profit of over KRW 100 billion by indirectly holding the Orange Center through a REIT and then selling it in 2020. Read more>>
Hong Kong Shop Fund Sells Trio of Properties at 30% Loss
Bridgeway Prime Shop Fund Management, which invests in retail and shop lots in Hong Kong, has suffered a hit of about 30 percent in three deals over the past two months as geopolitical tensions and diminished bets on rate cuts hurt prices and market sentiment.
The fund sold a ground-level shop at Tung Lee Mansion in Sai Ying Pun for HK$15.6 million ($2 million), founder Edwin Lee told the South China Morning Post on Thursday. It purchased the asset for HK$24.5 million three years ago, according to Land Registry records. Read more>>
Warburg Pincus CEO Jeffrey Perlman Meets Vietnamese PM
Prime Minister Pham Minh Chinh hosted a reception for Warburg Pincus CEO Jeffrey Perlman in Hanoi on Friday, with the private equity major having invested more than $2 billion in Vietnam since 2013.
Chinh welcomed Warburg Pincus’s efforts and commitment to expanding investment in southern Ba Ria-Vung Tau province and Vietnam as a whole, as well as the firm’s proposal to build an expressway connecting Long Thanh International Airport with Ho Tram. Read more>>
Chinese Premier Urges Stabilisation of Stock, Property Markets
Chinese Premier Li Qiang urged government officials to strengthen their efforts to stabilise the stock market and nurture the real estate market to help shield the economy from heightened trade tensions with the US.
Li also called for strengthening the country’s counter-cyclical measures in the face of a complex and challenging external environment, state-run broadcaster China Central Television reported, citing a State Council meeting he chaired Friday. Read more>>
Singapore’s STT GDC Breaks Ground on Third Jakarta Data Centre
ST Telemedia Global Data Centres has broken ground on its third Indonesian data centre in Jakarta and topped out its second.
Located within the Greenland International Industrial Centre in Bekasi, Jawa Barat, both facilities will each deliver 24 megawatts of IT load upon completion; at full build-out, the four-building campus will have a capacity of more than 90MW, supported by a dedicated 150kV substation. Read more>>
SoftBank Starts Work on Hokkaido Data Centre
Japanese telecom giant SoftBank has broken ground on a large-scale data centre in Tomakomai, Hokkaido, according to local press reports.
Plans for the Hokkaido Data Center were first announced in November 2023 alongside SoftBank subsidiary IDC Frontier. Up to half the cost will be covered by subsidies from Japan’s Ministry of Economy, Trade and Industry. Read more>>
Macau’s 13 Hotel and Casino Back on the Market After Bank Seizure
Touted as one of the world’s most expensive hotels, The 13 Hotel and Casino in Macau has been put up for sale again by its creditors as a tourism boom looks to lift overall business in the world’s largest gaming hub.
The 22-storey lodging was estimated to be worth HK$2.4 billion ($309 million) when it was first launched for tender in March of last year. The property is currently held by an unnamed bank with the tender, which is managed by JLL, set to end on 19 May. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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