Embassy Group chairman Jitendra Virani
India, Dallas, Vietnam and Beijing all make it into today’s collection of headlines as we go regionwide to bring you all the latest deals. At the top of the news on the way to what could be a $1 billion REIT IPO with Blackstone, India’s Embassy Group still has time to kick off a $88 million joint venture with Warburg Pincus, and a Guangzhou-based building materials maker has found a way to spend some of its cash over in Texas. Singapore’s Keppel Group also makes the headlines, and if you have an extra US$385,000 to spare, there might still be an opportunity to buy a toilet-less room in Beijing. Read on for all these stories and more.
Warburg-Embassy JV Buys Site for $88M Gurgaon Industrial Park
Private equity major Warburg Pincus and Embassy Group’s joint venture company Embassy Industrial Parks has acquired a 110 acre land parcel in Haryana’s Farrukhnagar town near Gurgaon.
The entity is looking to invest Rs 600 crore ($88 million), including the land cost, to develop a 3-million sq-ft industrial park on this plot. The industrial and warehousing solutions company has already leased out 1 million sq ft of this proposed development. Read more>>
HK-Listed China Lesso Group Plans 77-Acre Dallas Project
A Chinese industrial conglomerate plans to build a huge mixed-use real estate development on the northern edge of Frisco, Texas.
Hong Kong-listed China Lesso Group’s U.S. subsidiary is seeking planning approvals from the Dallas suburb to build a 77-acre office, retail, hotel and residential project on the south side of U.S. 380 just west of the Dallas North Tollway. The proposed development would include office, hotel and residential high-rises plus an enclosed shopping center. Read more>>
Keppel Land Flogging 30% Stake in VN Developer for S$41M
Keppel Land is looking to sell a 30-per-cent stake in Vietnamese developer Quoc Loc Phat Joint Stock Company (QLP) for 702 billion Vietnamese dong (S$41.2 million), and eyeing to offload its remaining 15-per-cent stake “at a later stage”.
Keppel Corporation made the disclosure on Monday evening, saying that Keppel Land has signed a sale and purchase agreement with Pham Quang Hung, a shareholder of QLP, for the divestment. Read more>>
India’s Phoenix Mills Buys Indore Retail Project for $34M
Indian shopping centre developer Phoenix Mills said recently it has acquired an under construction retail asset in Indore for Rs 234 crore (US$34 million). The acquisition has been done through its 100 per cent subsidiary Insight Hotels and & Leisure.
Phoenix Mills has acquired the asset for Rs 2.34 billion in an auction conducted by an asset reconstruction company, the company said in a regulatory filing. Read more>>
Ucommune Says It Will Expand Singapore Shared-Office Presence
After acquiring rivals such as Workingdom and Woo Space, Chinese co-working startup Ucommune says it has repositioned its business strategy to meet demands for more office space from Small Medium Enterprises (SME) and Multi-National Companies (MNCs) in Singapore.
The Beijing-based firm, which states a valuation of US$1.7 billion, has centres at JTC LaunchPad @ OneNorth, as well as in Suntec Tower Two, and now says it is seeking space to expand its footprint in the Southeast Asian commercial hub. Read more>>
Casino Developer Landing Intl Has Manila Lease Blocked Over Licensing
Korean casino operator Landing International Development Corp has had a lease agreement to develop and operate an integrated resort in Manila’s Entertainment City precinct put on hold due to the lack of a gaming license from PAGCOR.
Local media is reporting that the Philippines’ Commission on Audit (COA) has ordered Nayong Pilipino Foundation (NPF) – a state-owned corporation under the Department of Tourism – to temporarily pause the lease agreement it had signed with Landing until relevant licenses are obtained from both PAGCOR and the National Economic Development Authority (NEDA). Read more>>
6.7 SQM Beijing Home Sells for RMB 2.5M
If the eye-watering prices of Hong Kong’s micro apartments make heads spin, how about a dilapidated stand-alone house in a narrow alley squished on both sides and no bigger than an oversized wardrobe in Beijing. Warning: the house does not have a toilet.
A 10-minute walk from Tiananmen Square and only 400 metres from the grandiose egg-shaped National Centre for Performing Arts, a 6.7 square metre (72 square feet) property in Xicheng district was sold this month for a whopping 2.5 million yuan (US$384,500) or 373,000 yuan per sq m. By comparison the average secondary home price in China’s capital is 59,000 yuan per sq m. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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