OCBC Sues Over Singapore Money-Laundering Losses and More Asia Real Estate Headlines

Singapore’s high-profile money-laundering case leads today’s headline roundup as OCBC seeks to recoup losses from foreign nationals who bought homes in the city-state. Also on the list, Indonesia’s Sinar Mar enlists Korean investors in a Jakarta data centre project and JP Morgan leases office space in India’s Bengaluru.

OCBC Sues to Recover Losses From Singapore Money-Laundering Case

Singaporean lender OCBC has filed several claims in the High Court seeking over S$6 million ($4.6 million) from three foreign nationals who are possibly linked to the S$3 billion money-laundering case.

In court documents seen by the Business Times, claims were initiated against Xu Haika and Wu Yamei, who had purchased two three-bedroom units on the 43rd floor of South Beach Residences. Lin Baoying, one of the 10 convicted in the case, as well as Su Yongcan, who is a person of interest to the police, had bought a unit in the same development. Read more>>

Korea Investment, Sinar Mas Plan Indonesia Data Centre

Korea Investment Real Asset Management and Indonesian conglomerate Sinar Mas have set up a joint venture to build a hyperscale data centre in a central business district of Jakarta in a KRW 400 billion ($300 million) project, according to people with knowledge of the matter on Tuesday.

Each side will inject KRW 70 billion into the 50:50 JV, called Kuningan Mas Gemilang. Korea Investment Real Asset is tapping outside investors to raise the money for its commitment. Read more>>

JP Morgan Signs 7-Year Lease in Bengaluru’s Embassy TechVillage

JP Morgan Services India has leased 560,000 square feet (52,026 square metres) of office space in Bengaluru’s Embassy TechVillage for a period of over seven years at a starting monthly rent of INR 44.7 million ($530,000), documents accessed through real estate data analytics platform Propstack showed.

The leased space includes several units spread across 11 floors, including the upper ground floor, in Block 8D of the business park. Embassy Tech Village is a 7.2 million square foot integrated office park in Bengaluru. Read more>>

Logistics Specialist Welspun One Acquires Gurugram Site

Welspun One, an integrated fund and development management platform, has acquired a 22 acre (9 hectare) site along the Gurugram-NH8 corridor. The company plans to invest INR 1.25 billion ($14.9 million) to develop a logistics park, which is expected to generate employment for 1,200-1,500 people.

“This acquisition marks a significant step in expanding our footprint in one of India’s vital logistics corridors,” said Anshul Singhal, managing director of Welspun One. “By leveraging this prime location, we aim to create a cutting-edge logistics hub that will not only support our tenants’ operational efficiencies but also contribute to India’s broader economic growth.” Read more>>

Blackstone-Backed Fund Exits Bangalore Residential Project

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has made a “successful early exit” from Shriram Pristine Estates, a 49 acre (19.8 hectare) development project in Doddaballapura, Bengaluru.

Launched in 2022, Shriram Pristine Estate was the first project under the SPL-ASK co-investment platform involving an investment of INR 850 million ($10.1 million) from partners. ASK Property Fund has realised an internal rate of return of 20 percent and an investment multiple of 1.24 times on their investment in less than 18 months, the company statement said. Read more>>

Evergrande Car Unit Warns of Bigger Loss for H1 2024

The electric vehicle unit of embattled developer China Evergrande said Tuesday that it expected to report a bigger loss for the first half of 2024, reflecting an increase in provision for impairments.

China Evergrande New Energy Vehicle estimated a consolidated net loss of RMB 20.25 billion ($2.8 billion) for the six months ended June 30, compared with RMB 6.87 billion in the same period a year earlier. Read more>>

Mango Leases Shop in Hong Kong’s Central at 50% Discount

Spanish fast-fashion brand Mango has signed a three-year lease for a new shop in Hong Kong’s Central district at a discount of more than 50 percent from its peak more than a decade ago.

The outlet will occupy 14,000 square feet (1,301 square metres) over two levels at Asia Standard Tower in Queen’s Road Central. The lease runs from 1 September to 31 August 2027. Read more>>

Guangzhou R&F Updates Profit Warning

Troubled mainland developer Guangzhou R&F Properties announced to the Hong Kong stock exchange on Tuesday that it expects to incur a net loss of RMB 2.3 billion ($320 million) for the first half of 2024.

The prediction represents an improvement over the RMB 2.7 billion loss the company had predicted earlier, with management attributing the shift to net gains from sales of property projects during the period. Read more>>

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