The bungalow near the Botanic Gardens has covered parking, eight bathrooms and a swimming pool
A scion of a Singapore department store dynasty seeks to sell his good-class bungalow for $62 million, with that story leading Mingtiandi’s headline roundup today. South Korea’s KIC also makes the list as it allocates $400 million for domestic asset manager firms, and Japan’s SoftBank looks to buy land to build an AI data centre.
Singapore Retail Tycoon’s Son Seeks $62M Mansion Sale
A scion of the Tang family behind one of Singapore’s iconic department store chains is seeking to sell his mansion for S$83 million ($62 million), amid an upswing in transactions for the city-state’s most prestigious properties.
The so-called good-class bungalow, which sits on more than 0.7 acres (0.3 hectares) of land, was listed by realtor Knight Frank for sale on Friday. It’s located in Victoria Park, a wealthy area near the Botanic Gardens, and has covered parking, eight bathrooms and a swimming pool. Read more>>
KIC to Entrust Domestic Asset Managers With $400M in Global Equity Funds
The Korea Investment Corporation has decided to entrust domestic asset management firms with the operation of global equity funds for the first time. It has been confirmed that KIC has allocated a budget of up to $400 million for this purpose.
According to the financial investment industry on Sunday, the KIC has recently selected four domestic asset management firms — Mirae Asset, KB, Kiwoom Investment and Hana Asset Management — to manage global equity funds. Read more>>
SoftBank in Talks to Buy Part of Osaka Factory Site for AI Data Centre
SoftBank has obtained exclusive negotiating rights with Sharp to purchase a portion of the land and facilities where the Japanese electronics manufacturer makes panels for TVs in Sakai, Osaka prefecture, Nikkei has learned.
SoftBank plans to build a data centre on the site for artificial intelligence applications. It intends to equip the data centre with high-performance chips and make it a large base that can be leased to outside companies and others that develop and operate AI. Read more>>
China’s Agile Hires Restructuring Advisors
Guangdong-based Agile Group Holdings announced to the Hong Kong stock exchange on Friday that it has hired Alvarez & Marsal Finance and law firm Sidley Austin as advisors as it attempts to restructure its debts.
The developer failed to make payment on a $483 million bond in May in its first offshore default and has been working to reach an agreement with offshore creditors on restructuring its debts. Read more>>
Gurugram Real Estate Leaders Charged With Fraud in High-Profile Case
A first information report has been lodged against nine individuals in India’s real estate industry, including prominent figures Lalit Goyal, managing director of IREO Group, and Vikas Oberoi, chairman and managing director of Oberoi Realty.
The complaint, filed under various sections including cheating, criminal breach of trust and forgery, was registered at a police station on Friday. The action stems from a complaint by Advance India Projects Ltd, which has brought serious allegations against the accused parties. Read more>>
Hong Kong’s $8B Fund Plans Pact With AI-Focused ‘Unicorn’
A fund set up by Hong Kong’s government plans to sign a cooperation pact with a local “unicorn” focused on large artificial intelligence models and intelligent manufacturing, according to city financial secretary Paul Chan.
The goal of the pact involving the HK$62 billion ($8 billion) Hong Kong Investment Corp is to boost research and development expenditure as well as talent training in Hong Kong, according to a Chinese-language blog post by Chan. Read more>>
China’s Home De-Stocking Push to Bring Developers Little Cheer
China’s efforts to clear massive inventory by turning unsold homes into affordable housing are unlikely to help cash-strapped developers due to the programme’s limited size and potentially low prices, analysts and developers say.
As part of a support package for the crisis-hit property sector, Beijing announced last month a plan for a RMB 300 billion ($41 billion) lending facility, which could result in RMB 500 billion worth of bank financing for local state-owned enterprises to purchase completed and unsold homes. Read more>>
Hong Kong Builders Keep Discounted Flats Coming as They Pare Inventory
Hong Kong developers continue to hasten sales of new residential projects at discounts to reduce inventory while growing optimism that interest rates will fall this year buoys buyer sentiment.
Two price lists were unveiled this week for sales starting next week: The Haddon, which is Phase 4 of Henderson Land’s Midtown South residential project in Hung Hom, and The Highline in Kennedy Town, developed by Right Honour Investments under the Shanghai Commercial Bank. Sun Hung Kai Properties plans to release a price list within the next week for Phase 3B of Novo Land in Tuen Mun, with no sales date yet announced. Read more>>
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