Villa Ellenbud in Pok Fu Lam enjoys this unobstructed sea view (Image: Colliers)
In today’s roundup of regional real estate headlines, a key figure at private equity firm PAG snaps up a century-old Hong Kong villa, and Dalian Wanda denies reports that it plans to sell up to 20 malls in China. Also in the news, Singapore’s URA released for sale three plots of land and Colliers closes a trio of transactions in Korea.
Century-Old Hong Kong Villa Sells for $70M to PAG Co-Founder
PAG co-founder Chris Gradel has purchased a century-old villa in Hong Kong for HK$550 million ($70 million), taking ownership of one of the few remaining pre-war premises along Sassoon Road.
Gradel bought the Villa Ellenbud in Pok Fu Lam, according to a Land Registry document. The 19,500 square foot (1,812 square metre) property adopts features of British Colonial and Chinese Renaissance style. Read more>>
Wanda Dismisses Reports of Plan to Sell 20 China Malls
Chinese conglomerate Dalian Wanda said Thursday that the news regarding the company selling 20 Wanda Plaza shopping malls for a total of RMB 16 billion ($2.26 billion) is not true.
Earlier market reports said Wanda was considering the sale of malls located in Shanghai, Jiangsu province, Zhejiang province and other places. Read more>>
Singapore’s URA Releases Sites for Sale in Woodlands, Toa Payoh, Punggol
Singapore’s Urban Redevelopment Authority on Thursday released two residential sites and a short-term lease commercial site for sale under the first-half 2023 Government Land Sales programme.
The residential site at Champions Way in Woodlands falls under the Confirmed List, while the site at Lorong 1 Toa Payoh is available for application under the Reserve List. Both sites have a lease period of 99 years. Read more>>
Colliers Closes Trio of Korean Deals Worth $780M
In the last month, Colliers has closed three capital markets deals in Seoul with a combined value of $780 million.
The transactions include the sale of Munjeong Plaza, a mixed-use retail and office building in the Gangnam Business District, to local developer Dong Hoon for $219 million, as well as the sale of office development Donghwa Building to Korean conglomerate JB Financial Group for $202 million. The third transaction involved the Namsan Green Building, with the office tower sold to global investment firm KKR by IGIS Asset Management in a deal valued at $368 million. Read more>>
Top Global Puts Ground Floor of 15 Scotts Road Up for Sale at S$38.8M
Two strata retail units held by property group Top Global on the ground floor of 15 Scotts Road in Singapore’s Orchard Road area are up for sale at S$38.8 million ($28.7 million).
The two adjacent ground-floor units have a combined strata area of 6,437 square feet (598 square metres). The indicative price translates to S$6,000 per square foot, according to marketing agent Cushman & Wakefield. Read more>>
Oberoi Realty in Talks with Marriott, Hyatt on Luxury Hotel in India’s Thane
India’s Oberoi Realty is in talks with global hospitality majors including Marriott International and Hyatt to manage and operate a five-star luxury hotel property it plans to build in Maharashtra state’s Thane, according to people with direct knowledge of the development.
The company is planning to develop a 300-key property as part of its proposed integrated development spread across nearly 75 acres (30.4 hectares). Read more>>
Embassy Property Development Plans Debt Reduction, Asset Divestments
India’s Embassy Property Development has expressed its intention to reduce its debt of INR 88 billion ($1 billion) by more than a third in the next two quarters.
The company announced plans to divest specific assets, including its office park in Chennai, N2 within Embassy Manyata Business Park and additional office property. Read more>>
Adrian Cheng Makes Bet on EV Charging Service NaaS
Adrian Cheng, the influential scion of New World Development, has turned his gaze towards a new investment frontier: Chinese EV charging service NaaS.
According to the F1 filing submitted to the US Securities and Exchange Commission, certain investors and institutions, including Cheng, have expressed their intention to purchase a total of 3.5 million American depositary shares offered in the upcoming issuance. Read more>>
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