Temasek executive director and CEO Dilhan Pillay
A Singapore government company which holds interests in CapitaLand, Keppel and Mapletree is pondering a new corporate structure, with that story leading today’s look at news from around the region. Also in the headlines, Swire Properties plans to launch its largest condo project in 20 years into Hong Kong’s biggest housing slump in three decades and a Hong Kong bank sees impairments jump as the city’s commercial real estate market declines.
Singapore’s Temasek Holdings Said Mulling New Structure
Temasek Holdings is mulling one of its biggest overhauls in years, potentially reorganising the firm into three investment vehicles in a bid to boost returns and efficiencies, according to people familiar with the matter.
Under the proposal still being discussed at senior levels, Singapore’s state-owned investor could divide its business into three arms. One would focus on Temasek’s biggest domestic holdings such as Singapore Airlines, and another would oversee largely foreign investments. A third unit would include all of Temasek’s fund investments, said the people, who asked not to be identified discussing a private matter. Read more>>
Swire Launching 850 Hong Kong Homes Amid Property Slump
Swire Properties, one of Hong Kong’s largest developers, is set to start selling homes in its 850-unit, three-tower project on Hong Kong island, its largest residential development in 20 years.
The company said it would unveil the price list for the flats at The Headland Residences in Chai Wan, which range from one to three bedrooms with areas from 400 to 1,400 square feet (37 to 130 square metres), in the coming days. The project is developed jointly by Swire Properties and China Motor Bus Company. Read more>>
Hong Kong Bank Says Impairments Rose 34% on Commercial Property Woes
Hong Kong-headquartered lender Dah Sing Banking Group said its credit impairment in the first half of this year rose 34 percent year-on-year, as the weakening commercial property market in Hong Kong weighed on its balance sheets.
The lender took nearly HK$780 million ($99.9 million) in credit charges for the first six months this year, up from HK$582 million a year ago, according to the bank’s earnings release on Wednesday. Read more>>
CapitaLand Staff Accused of Taking Bribes in India
Senior employees of Singapore property conglomerate CapitaLand Group allegedly took bribes from a longtime contractor of its projects in India, according to a lawsuit filed in the city-state.
The bribery allegations surfaced in a recent civil case brought by a Singapore construction company against a former director who oversaw its India investments. CapitaLand isn’t a party to the lawsuit, but the company is mentioned in court documents from both sides. Read more>>
MUFJ, JP Morgan Lead $22B Loan for Vantage Data Centre Complex in Texas
JPMorgan Chase and Mitsubishi UFJ Financial Group are leading a loan of more than $22 billion to support Vantage Data Centers’ plan to build a massive campus, according to people with knowledge of the matter.
The banks are underwriting the infrastructure loan along with others including BNP Paribas, Goldman Sachs, Societe Generale, Sumitomo Mitsui Banking Corp and Wells Fargo, the people said, asking not to be identified discussing private details. The loan is around $23 billion, but the final size has yet to be determined because the costs of the project are still being calculated, one of the people said. Read more>>
Central Pattana Launching Silom Road Mall as Shopping Slumps
Thailand’s Central Pattana, the real estate development arm of retail conglomerate Central Group, will open a mall in Bangkok in early September amid ongoing concerns over subdued consumer sentiment.
Central Park, the new shopping centre with a gross building area of 130,000 square metres (1.4 million square feet), is part of a THB 46 billion ($1.4 billion) mixed-use development project facing the iconic Lumpini Park in central Bangkok. Read more>>
Thailand Data Centre Capacity Set to Triple in Three Years
Thailand’s data centre capacity is expected to triple in the next three years as investments of $6.5 billion pour into the sector to meet surging demand for cloud computing and artificial intelligence.
The nation’s capacity is expected to rise to about one gigawatt in 2027 from 350 megawatts in 2024, said Supparat Singhara Na Ayutthaya, vice-chairman of the Thai Data Center Association. A data centre requires an investment of about $10 million for each megawatt, he said. Read more>>
Cheng Family’s Chow Tai Fook Services Buys Hong Kong Asset Manager
CTF Services, a private company controlled by New World Development chairman Henry Cheng, has acquired a 65 percent equity interest in asset manager Blackhorn Group, according to a statement.
By integrating Blackhorn, Chow Tai Fook Services aims to become a one-stop financial and wealth management services platform across insurance, investment banking, securities trading, financial planning and asset management. This includes leveraging CTFS subsidiaries, including the protection expertise of Chow Tai Fook Life Insurance and the digital brokerage capabilities of uSmart Inlet Group. Read more>>
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