Warburg Pincus’ co-chief executive officers Charles R Kaye, left, and Joseph P Landy are ready to close their China-Southeast Asia fund
Less than two weeks after filing the paperwork for its latest Asia fund, US-based private equity firm leads Mingtiandi’s roundup of real estate news with a report that it is ready to call a final close to the vehicle after raising $4.25 billion in funding. In Singapore the local government is hoping for its own cash haul as the city-state prepares to put up for tender a rare masterplanned site. And the number crunchers behind the government land sale programme in the Lion City may have chosen an opportune moment for the tender, as data from RCA shows that investments in commercial property in Singapore jumped 72% in the first three months of 2019. All these stories and more are in our roundup.
Warburg Pincus Nears $4.25B Final Close on China-SE Asia Fund
Warburg Pincus LLC is nearing the final close of an at least $4.25 billion private equity fund focusing on Chinese and Southeast Asian investments, people with direct knowledge of the matter told Reuters.
The firm launched the fundraising earlier this year, according to the people, and it disclosed the planned fund size in a filing to the United States Securities and Exchange Commission on May 24. Read more>>
S$5B Masterplan Site Put on the Market in Singapore
The much-awaited white site at Kampong Bugis, to be released for sale under the reserve list to a master developer, is among the most keenly watched sites due to its size and relative novelty, amid current market headwinds, analysts say.
Located at the mouth of the Kallang River, the 9.2ha Kampong Bugis site, to be completed over nine to 11 years, is expected to yield 4,000 private homes and 50,000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreational facilities. White sites allow for a range of uses. Read more>>
Korean Investor Said to Buy Paris Office Building for €691M
Icade, one of France’s largest listed firms, has signed to sell the 44,000 sqm Crystal Park office building in Neuilly in the west of Paris to a Korean investor for €691m.
A French REIT/SIIC with a large minority equity stake held by state financier CdC, Icade said it entered into a bilateral sale agreement of the asset with a leading South Korean investor advised by the investment manager La Française, acting as asset manager and co-investor. Read more>>
Singapore Commercial Property Investments Jump 72% in Q1
The economy may be slowing but there is little evidence of it in the city-state’s commercial property market where investment is buoyant, thanks to rising office rents and government incentives to rejuvenate parts of the island.
According to data from Real Capital Analytics, the value of commercial property investments in Singapore rose 72% to $1.9 billion in the first three months of 2019 from year-ago levels, a sharp contrast to the 36% decline for the Asia Pacific region as a whole. Read more>>
Analysts Cut Predictions for Kai Tak Plot as HK Home Sales Crater
A residential plot to be tendered on the old runway at Kai Tak could fetch bids 10 to 33 per cent lower than sales that took place in May, as the escalation of the US-China trade war sends a sudden chill through the city’s property market after hitting a record last week.
The site, located at area 4A site 1, has a limited view of Victoria Harbour and can yield 1.08 million sq ft of gross floor area. The land tender will close on July 19. Read more>>
HK Media Baron Cuts Price on A$20M Sydney Mansion
Hong Kong press baron Ching-Kwan Ma has got serious about selling his long-held Watsons Bay waterfront home, dropping his $20 million asking price of the past five years to $17.5 million.
Michael Dunn and Glenn McMillan, of Richardson & Wrench Double Bay, have launched the new sales campaign with a June 25 expressions of interest deadline. Read more>>
Hangzhou Sells RMB 26.6B in Sites to Lead Mainland Cities in May
Hangzhou has topped the list of Chinese cities that collected the most money in land transfer duties last month.
Hangzhou made CNY26.6 billion (USD3.8 billion) in land transfer tax, more than any of the other studied 49 major Chinese cities, real estate agency Centaline Property said in a report that was published yesterday. Hangzhou raked in CNY113.4 billion in the five months ended May. Read more>>
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