11 Skies at Hong Kong’s airport has struggled to gain altitude (Image: New World Development)
More trouble for Hong Kong’s New World Development leads today’s real estate headlines from around Asia Pacific, with the company’s trophy airport mall struggling to keep tenants. More Hong Kong retail woe is surfacing in Lifestyle International’s search for $1 billion in financing, and another Orchard Road project may be on the way in Singapore.
New World’s 11 Skies Airport Mall Faces Tenant Exodus in Hong Kong
Cash-strapped builder New World Development is facing fresh turmoil at its HK$20 billion ($2.6 billion) mall near Hong Kong’s international airport, as a slew of tenants terminate leases, according to people familiar with the matter.
In a striking sign of waning confidence, even a store of Chow Tai Fook Jewellery Group, tied to New World’s founding Cheng family, has withdrawn from the 11 Skies mall, the people said, asking not to be identified discussing private matters. Chow Tai Fook Jewellery is co-led by Sonia Cheng, daughter of New World chairman Henry Cheng. Read more>>
Thomas Lau’s Lifestyle Intl Seeks $1B in Refinancing
Hong Kong mall operator Lifestyle International Holdings is in talks with banks to refinance a HK$8 billion ($1.03 billion) loan, months after lenders relaxed terms on the borrowing as earnings remain under pressure, said people familiar with the matter.
Proceeds from the new financing for Future Develop Ltd, a subsidiary of Lifestyle International, will be used to refinance the five-year loan maturing in June, the people said, asking not to be identified discussing private matters. The existing deal is secured against the Sogo department store in Hong Kong’s Causeway Bay. Read more>>
Orchard Shopping Centre Owners Said Exploring Collective Sale in Singapore
Word on the street is that the owners of Orchard Shopping Centre are exploring a collective sale, a move that could potentially add another site to the growing wave of redevelopment activity along Orchard Road.
The nine-storey, strata-titled commercial building occupies a prominent corner at the junction of Orchard Road and Grange Road — one of the busiest pedestrian crossings along Singapore’s prime shopping belt. The mall’s tenants include long-standing homegrown Poh Heng Jewellery and Xiao Long Kan Hotpot. Read more>>
India’s Larsen & Toubro Vyoma Breaks Ground on 40MW Navi Mumbai Data Centre
Larsen & Toubro Vyoma, the digital infrastructure arm of Indian construction firm L&T, on Wednesday held a groundbreaking ceremony for a 40-megawatt data centre project at Mahape in Navi Mumbai.
Described as a sustainable, AI-ready facility, the project is part of a 100MW data centre campus. L&T Vyoma is targeting over 200MW of capacity across key Indian hubs including Mumbai, Chennai, Bengaluru and Hyderabad. Read more>>
IGIS Says Effort to Sell Gangnam Shopping Centre Necessary to Avoid Default
The sale process for Yeoksam Centerfield, a core office asset in southern Seoul’s Gangnam, is not a unilateral decision ignoring the interests of beneficiaries but an unavoidable step to prevent an event of default amid uncertainty over extending the maturity, according to IGIS Asset Management.
IGIS said Thursday that the Centerfield fund had faced prolonged uncertainty due to differing views among beneficiaries over extending the maturity, and that the firm began the sale process to ensure normal repayment and protect investors as the loan maturity approached. Read more>>
NTT GDC Announces 100MW Power Agreement for Bangkok Data Centre
NTT Global Data Centers said Friday that it has signed a 100-megawatt power purchase agreement with B.Grimm Power to secure capacity for its Bangkok 4 Data Center in Chonburi province. Energisation is planned for the second quarter of 2027.
B.Grimm currently powers NTT GDC’s Bangkok 2 and 3 facilities, with the company saying that Thailand continues to rank among its strategic hubs. Read more>>
Rural Chinese Banks Struggle to Sell Foreclosed Properties Despite Discounts
Chinese rural banks are unable to find buyers for hundreds of foreclosed properties they are auctioning despite offering steep discounts, deepening a real estate crisis and adding to risks for the financial sector and the broader economy.
Several less-developed regions that suffered steep home price declines saw a surge in bank-initiated property sales last year, a Reuters review of bank-supplied listings on JD.com Asset Trading Platform, one of China’s largest online auction places, showed. Read more>>
Seoul Housing Prices Climb for 51st Straight Week in Challenge for BOK
A housing rally in South Korea’s capital extended to almost a full year, further complicating the Bank of Korea’s policy calculus after the economy slid into contraction during the final quarter of 2025.
Apartment prices in Seoul rose 0.29 percent in the week through 19 January — the biggest weekly increase since 20 October, when prices climbed 0.5 percent — according to data released Thursday by the Korea Real Estate Board. It was the 51st consecutive week of advances. Nationwide prices also gathered pace, rising 0.09 percent. Read more>>
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