58, 60 and 62 Pagoda Street in Chinatown (Image: ERA Singapore)
A Macau businessman unloads a set of Singapore shophouses at a discount to their decade-earlier purchase price, with that deal leading today’s headline roundup. Also making news, WeWork India gets the nod for an IPO and Singapore’s Far East Hospitality opens a pair of Osaka hotels.
Macau Magnate Sells Shophouses on Singapore’s Pagoda Street for $40M
Macau property magnate Loi Keong Kuong and his family have sold five shophouses on Pagoda Street in Singapore’s Chinatown at prices between 5 and 20 percent lower than what they had paid for the units a decade ago.
The shophouses, Nos 58, 60, 62, 68 and 74, are on sites with about 69 years left on their leasehold tenures. All five properties have either three storeys or three storeys with a mezzanine level. Read more>>
WeWork India Wins IPO Approval, Embassy Group to Sell Down Stake
WeWork India Management, the country’s largest premium flexible workspace operator by revenue, has received approval from the Securities and Exchange Board of India to launch its initial public offering. The IPO will be entirely an offer for sale of up to 43.75 million equity shares, according to the draft red herring prospectus.
Embassy Buildcon, the promoter, plans to offload up to 33.46 million shares, while investor 1 Ariel Way Tenant will sell up to 10.29 million shares. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital and 360 ONE WAM are the book-running lead managers. Read more>>
Singapore’s Far East Hospitality Opens Pair of Osaka Hotels
Far East Hospitality on Tuesday announced the opening of two hotels in the Namba South and Honmachi districts in Osaka, in a bid to expand its presence in Japan. This is in partnership with Singapore-based property investment advisory firm Anglo Fortune Capital Group.
The introduction of Far East Village hotels in these two areas is part of the group’s strategy to double its footprint to 2,000 rooms within the next five years across Japan’s key gateway cities of Tokyo, Osaka, Kyoto and Fukuoka. Read more>>
Las Vegas Sands Breaks Ground on $8B Singapore Expansion
Las Vegas Sands on Tuesday held a groundbreaking ceremony for the construction of its $8 billion expansion project for Marina Bay Sands. The ceremony was officiated by Singapore Prime Minister Lawrence Wong.
Also in attendance was Minister for Sustainability and the Environment and Minister-in-Charge of Trade Relations Grace Fu and key executives from Las Vegas Sands: co-founder Miriam Adelson, chairman and CEO Robert Goldstein, and president and chief operating officer Patrick Dumont. Read more>>
Blackstone to Invest $25B in Pennsylvania Data Centre Hub
Blackstone plans to invest $25 billion in developing data centres and power plants in Pennsylvania, president and chief operating officer Jon Gray said at a panel at the Energy and Innovation Summit in Pittsburgh on Tuesday.
Blackstone has identified several sites to build the energy-intensive centres, Gray said, adding that the private equity firm also plans to partner with an electric utility to build multiple natural gas power generation facilities to fuel the data centres in Pennsylvania. Read more>>
AEW Closes on $1.75B for Latest Opportunistic Fund
AEW Capital Management announced the final closing of AEW Partners Real Estate Fund X with $1.75 billion in total equity commitments, exceeding the fundraising total of its predecessor fund, AEW Partners IX, which closed in 2021. The latest vehicle marks the 10th vintage in AEW’s opportunistic fund series, which dates back to 1988.
The fund will pursue a sector-diversified opportunistic strategy, with the flexibility to invest in dislocated property types and market segments. The seed portfolio includes targeted investments in senior housing, multi-family, industrial and retail properties. Read more>>
Shares in Singapore’s NTT DC REIT Hold Steady in First Full Trading Day
SGX-listed units of NTT DC REIT were steady in their first full trading session on Tuesday, a day after making a modest debut that sparked optimism for Singapore’s IPO market revival, traders said.
NTT DC REIT last traded at $1.00 per unit, on par with its IPO offer price, and reached as high as $1.03 in its afternoon debut on Monday. Read more>>
India Luxury Housing Boom Boosts Real Estate Stocks
A rally in India’s real estate stocks is gaining momentum, driven by optimism that robust residential pre-sales and a boom in luxury housing projects will bolster investor confidence.
A gauge of local property shares has surged more than 25 percent from an April low, putting the sector on track to outperform the benchmark Nifty 50 Index for a fifth straight month in July. The rebound follows a sharp sell-off earlier this year amid concerns about a slowing economy. Read more>>
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