ADIA launches $590 million India office fund with Kotak
In today’s regional news roundup, Abu Dhabi Investment Authority sets up office platform with Indian investment advisers Kotak, Beijing appoints new Hong Kong leader to s tackling the city’s housing problems and a developer expresses interest in Singapore’s Chuan Park apartment complex.
ADIA sets up $590 million India office platform with Kotak
Kotak Investment Advisors has formed an alliance with a wholly owned subsidiary of the Abu Dhabi Investment Authority to establish a $590 million real estate investment platform in India.
The fund, which will be domiciled at GIFT City in Gujarat, will invest in office assets across India focusing on the six major property markets of Mumbai, Bangalore, Delhi-NCR, Pune, Hyderabad and Chennai. Learn more>>
Beijing makes housing a top priority for new Hong Kong government
China has set five major objectives to be achieved by the government of the new leader John Lee, while Beijing seeks to strengthen control over the Asian financial center.
The Hong Kong & Macau Affairs Office, China’s Cabinet-Level Office Overseeing the City, Published the Targets on Sunday after the New Chief Executive’s Cabinet Line-Up. The statement, titled ‘New team, new atmosphere, new chapter’, ordered Carrie Lam’s successor to do more to address issues of immediate concern to Hong Kong residents, such as housing, as well as four other issues. majors. Learn more>>
Singapore’s Chuan Park condos land $620m bid
En bloc hope Chuan Park, which is currently in a private treaty period after the bidding for its collective sale closed on April 26, has received an expression of interest from a developer for 860 million Singapore Dollars ($620m) – below its reserve price of S$938m.
According to a circular issued to landlords by marketing agent ERA Realty, the collective selling committee now requires a mandate from 80% of the owners of the 99-year-old leasehold condominium by June 26 in order to begin negotiations with promoter and define terms. of the sale and purchase contract. Learn more>>
Park View Mansions launched for collective sale at $187 million
Park View Mansions, a 99-year-old leasehold condominium located along Yuan Ching Road in Singapore’s Jurong district, went up for collective sale by public tender on Monday with an asking price of S$260 million (187 millions of dollars).
The price results in a land rate of $ 1,023 Singaporean dollars per square foot compared to parcel, according to the marketing agent Era Realty. The land rate includes the estimated incremental premium to be paid to maximize the site’s development plot ratio of 2.1 and to complete the existing lease at a further 99 years, subject to regulatory approval. Learn more>>
Merger of MCT and MNACT paves the way for growth
The merger in the course of Trust Commercial Mapletree and Mapletree North Asia Commercial Trust is on track to create one of the first 10 FPIs per size in Asia.
The merged entity, Mapletree Pan Asia Commercial Trust, will have an estimated market capitalization of over S$10 billion ($7.2 billion) and will hold a diversified portfolio of 18 commercial assets in Singapore, China, Hong Kong , Japan and South Korea, with assets under management of $17.1 billion. Learn more>>
Cafe in Yishun sold for $28.8 million, in 2nd such sale this year
A cafe in Singapore’s Yishun area changed hands for 40 million Singapore dollars ($28.8 million), with a price per square foot exceeding that of some ground-floor retail units in the main shopping belt of Orchard Road.
A company called Y848 filed a caveat with the Singapore Land Authority on May 10 for the 24-hour KPT Kopitiam located at 848 Yishun Street Block 81. Learn more>>
Design firm Space Matrix acquires furniture e-commerce site
Singapore-based Space Matrix, the world’s sixth-largest international design firm by revenue, has acquired Pursuite, one of Asia’s largest B2B e-commerce platforms for furniture sourcing, accessories and equipment.
With the move, Space Matrix aims to make the planning and execution of office designs more transparent, according to the company’s senior executive. Learn more>>
Gramercy sees value in indebted Chinese real estate
Troubled-debt specialist Gramercy Funds sniffs an “opportunity for experienced credit investors” in China’s cash-strapped property sector and has stocked up on property company bonds.
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