Pontiac Land opened Capella Sydney in 2023 (Image: Timothy Kaye)
The Singapore-based owner of a Sydney hotel is on the lookout for more projects in the area, with that story leading today’s headline roundup. Also in the news, Indonesia’s Widjaja family nears a buyout of SGX-listed Sinar Mas Land and private equity firms joust for a half-stake in a New Zealand data centre platform.
Pontiac Land Aims for More Aussie Deals After Opening Sydney Hotel
Pontiac Land Group, the developer and owner of Capella Sydney, is looking for more mixed-use projects in the Harbour City, with the Singaporean company saying it’s attracted to the New South Wales capital’s high government spending on infrastructure.
Fresh from opening the 192-room eight-level Capella Sydney hotel two years ago and the more recent announcement of The Lands, Sydney’s newest lifestyle destination, Pontiac Land CEO David Tsang says that together the two sandstone projects form one of the largest privately funded tourism infrastructure projects in NSW. Read more>>
Indonesia’s Widjaja Family Closes on Sinarmas Land Buyout Offer
Sinarmas Land requested the Singapore Exchange suspend trading of the developer’s shares with effect from 9am on Tuesday after the Widjaja family-controlled Lyon Investments’ privatisation offer for all the shares closed Monday.
At the close of the offer at 5.30pm on Monday, the offeror’s resultant shareholding amounted to 4.2 billion or 98.65 percent of the total shares. Read more>>
Private Equity Players Compete for New Zealand Data Centre Business
At least three private capital players have thrown their hat into the ring to acquire 50 percent of the data centre platform owned by the A$3.8 billion ($2.5 billion) Spark NZ, New Zealand’s biggest telco, which is capitalising on investor demand for these assets to pay down debt and fund a hefty development bill.
Homegrown buyout firms Pacific Equity Partners and QIC, as well as Mitsubishi-owned Igneo Infrastructure Partners, were among bidders that tabled competing non-binding indicative offers for Spark’s data centre platform at last week’s deadline. Jarden is running the sale. Read more>>
Private Club in Swire’s Taikoo Place Collapses With Employees Unpaid
The Hong Kong branch of a Singapore-based private club that closed after less than a year in business is undergoing liquidation with HK$20 million ($2.5 million) in debts, former employees have said.
Financial difficulties forced 1880 Hong Kong, located at Two Taikoo Place in Quarry Bay, to shut its doors on Friday last week, leaving 100 employees without pay for two months and some members angered by sales made shortly before the closure. The club also owed unpaid rent to its landlord, Swire Properties. Read more>>
Equinix Closes on Acquisition of Three Philippine Data Centres
Equinix has expanded its footprint in Southeast Asia by completing the acquisition of three data centres in Manila from Total Information Management.
The three carrier-neutral data centres — MN1, MN2 and MN3 — provide more than 1,000 cabinets of capacity and land for further expansion. The newly launched facility, MN2, provides 500 cabinets. Read more>>
Hong Kong Real Estate Transactions Dropped 11% in May
Property deals in Hong Kong fell to a three-month low in May as caution prevailed amid heightened US-China tensions and stock market volatility, while distressed commercial real estate owners continued to offload assets at heavily discounted prices.
Transactions for new and lived-in homes, offices, shops, car parking slots and industrial units dropped 11 percent from a month earlier to 6,442, the lowest count since February, according to data from the Land Registry. The value of the deals dipped 0.5 percent to HK$49.8 billion ($6.3 billion). Read more>>
SGX-Listed Stoneweg European REIT to Become Stapled Trust
The manager of Stoneweg European REIT announced Wednesday that the trust is to be converted into a stapled group.
Each unit of Stoneweg E-REIT will be stapled to a unit in Stoneweg European Business Trust. It will then form a stapled security in an entity known as Stoneweg Europe Stapled Trust, following the approval of unitholders at a general meeting held 29 April. Read more>>
Lendlease Aims to Develop Portfolio of 10,000 Rental Homes
Lendlease CEO Tony Lombardo says the property group will develop a network of 10,000 build-to-rent units as it looks to address the national housing crisis.
The strategy is part of how he intends to keep a key shopping centre fund under Lendlease management, calling out its unique capacity to develop apartments in locations on massive retail sites. The A$2.8 billion ($1.8 billion) fund has stakes in properties from the Sunshine Coast in Queensland to Sydney’s western suburbs. Lombardo said the company has 1,800 BTR units underway locally and another 2,000 in the pipeline, adding to its international projects in the hot sector in the US. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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