Hulic to Develop Tokyo Data Centre and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Japanese developer Hulic eyes construction of a data centre in Tokyo’s Nihonbashi area, China Resources Land obtains a one-year credit facility, and a director of Singapore-listed Hwa Hong voices concerns about the property firm’s new financial advisor.

Japan’s Hulic to Develop Tokyo Data Centre

Japanese real estate firm Hulic is planning a new data centre facility on the site of an existing office building it owns in the Nihonbashi area of Tokyo.

Hulic plans to demolish the office building and develop an eight-storey facility as one of its first data centre projects, to be completed in 2025. The company is also developing a data centre on land owned by subway operator Tokyo Metro in the Koto-ku area of the capital. Read more>>

China Resources Land Obtains HK$800M Loan Facility

China Resources Land has secured an HK$800 million ($101.9 million) loan facility from an unnamed bank, according to a Wednesday filing.

The one-year credit facility will remain valid as long as China Resources (Holdings) Co remains China Resources Land’s single largest shareholder with a stake of at least 35 percent in the borrower. Read more>>

Singapore’s Hwa Hong Airs Director’s Scepticism of New Financial Advisor

The board of Singapore-listed Hwa Hong has set out the views of non-independent, non-executive director Huang Yuan Chiang, following a dispute over the appointment of a financial advisor and statements made to the media about the events of the company’s annual general meeting.

Executive director Ong Eng Loke; non-executive, non-independent director David Ong; and non-executive, non-independent director Ong Eng Keong (known collectively as the Ong directors), made a bourse filing after the market close on Wednesday about their differences with Huang — differences which led to Huang refusing to sign off on a 20 May statement to the media. Read more>>

Chinese Builder Agile’s Liquidity Questioned Despite Bond Gains

A Chinese builder of villa apartments and high-rise homes set amid landscaped gardens is facing mounting concerns about its longer-dated debt.

Agile Group Holdings’ dollar bonds maturing in August are trading above 80 cents on the dollar, with sentiment buoyed by recent loan repayments. But investors are pricing in a significant risk of nonpayment further down the line. Notes maturing in 2025 and 2026, as well as Agile’s perpetual debt, are trading no higher than 40 cents, according to Bloomberg-compiled data. Shares, meanwhile, hit their lowest this month since 2009. Read more>>

COLI-Sino Land-K Wah JV Reports Strong Sales in Yuen Long

Grand Mayfair II, a joint venture being developed in Yuen Long, New Territories by China Overseas Land and Investment, Sino Land and K Wah International, sold at least 249 of the 288 flats on offer in a second round of sales this week.

The 288 homes comprise 59 one-bedroom, 188 two-bedroom, 34 three-bedroom and seven four-bedroom flats, priced from HK$6.52 million ($830,598) to HK$18.47 million after discounts, or from HK$17,132 to HK$20,463 per square foot. Read more>>

How China Is Seeking to Revive a $2.4 Trillion Property Market

China is stepping up efforts to salvage the residential property market as consumer and business confidence has been battered by lockdowns.

From urging banks to lend more, to easing mortgage costs and partially relaxing rules on owning multiple properties, the measures also come in response to a downturn in the property sector that has seen more than a dozen developer defaults and falling home prices. Read more>>

Singapore Selling 9 HDB Blocks for Woodlands Checkpoint Expansion

Singapore’s Housing and Development Board will sell nine housing blocks near the Woodlands Checkpoint to pave the way for the expansion of the checkpoint that connects ground traffic with Malaysia.

Blocks 210 to 218 at Marsiling Crescent/Lane will be acquired as part of the massive redevelopment and expansion. This will cover 732 sold flats, 53 rental flats, one rental kiosk, six rental shops and one rental eating house, the Business Times reported Thursday. Read more>>

Filipino Developer Plans $124M Resort-Inspired Village in Cavite

Filipino developer Megaworld unveiled plans to build a PHP 6.5 billion ($124.1 million) luxury resort-inspired residential community within the 140 hectare (346 acre) Maple Grove township in General Trias, Cavite, Philippines.

The 22 hectare Maple Grove Park Village will be the company’s first-ever upscale residential village. It will offer 377 lots, ranging in size from 280 square metres (3,014 square feet) up to more than 500 square metres, according to a Thursday news release. Read more>>

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