A rendering of Starfield Cheongna in Incheon (Image: Shinsegae Property)
Private equity giant Bain Capital joins the financing for a stadium mega-project in South Korea’s Incheon, with that deal leading today’s headline roundup. Also in the news, Hong Kong’s New World Development seeks to sell China assets and a Sing Holdings-Sunway JV places the top bid for a Singapore residential site.
Bain Capital Teams With Hana to Finance $438M Shinsegae Stadium Complex
Shinsegae Property, a subsidiary of South Korean retail giant Shinsegae Group, on Tuesday unveiled a KRW 600 billion ($438 million) investment agreement with two partners to develop Starfield Cheongna, a mega-mall and entertainment complex.
Shinsegae Property said it had signed an agreement with Hana Financial Group and global private equity firm Bain Capital to finance the project, which will feature the world’s first integrated mega-complex that combines an indoor stadium, hotel and retail space. Read more>>
New World Seeks to Sell China Assets After $11B Refinancing
New World Development is seeking to divest real estate projects in mainland China after pulling off an $11 billion refinancing deal in June, according to people familiar with the matter.
The Hong Kong developer is planning to sell property assets in China piecemeal, including landmarks like its K11 buildings in Hangzhou, Shenzhen and Shanghai, the people said, asking not to be named discussing private matters. Read more>>
Sing Holdings-Sunway JV Beats Six Competing Bids for Singapore Housing Site
A joint venture between Sing Holdings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the close of the government tender on Tuesday.
The S$703.6 million ($549.7 million) bid works out to S$1,376 per square foot per plot ratio, which is on the higher end of predictions by analysts polled earlier by the Business Times. At this rate, the 550-unit project on the Chuan Grove site could be launched at prices starting at S$2,700 per square foot. Read more>>
Singtel, Lendlease Break Ground on $2.3B Singapore Complex
Singtel and Lendlease broke ground on Tuesday for what will be the telco’s new Comcentre headquarters on its former site on Singapore’s Exeter Road.
The building, being redeveloped at a cost of S$3 billion ($2.3 billion), will be the largest Grade A office space in the Orchard Road precinct, taking up 110,000 square metres (1.2 million square feet). The previous Comcentre had a gross floor area of 105,371 square metres. Singtel will be the anchor tenant, occupying 30 percent of the total development area. Read more>>
Hong Kong University Paid $45M for Admiralty Commercial Floor
The 35-year-old Metropole Restaurant in Admiralty will close by the end of September after its self-owned premises were sold for HK$354 million ($45.1 million) to Hong Kong University of Science and Technology for classroom use.
The Metropole occupies the entire fourth floor of United Centre, with a gross floor area of 31,410 square feet (2,918 square metres). The sale price translates to HK$11,270 per square foot, and market sources indicate that the transaction has been registered with the Hong Kong Land Registry. Read more>>
WeWork India IPO Back on Track
WeWork India’s public issue is back on track, as the Securities and Exchange Board has removed the co-working major’s draft IPO papers from its abeyance list and is now actively re-evaluating the company’s DRHP, according to an update on SEBI’s website.
The news comes more than three months after the regulator had put the listing bid on hold. In SEBI parlance, keeping a DRHP “in abeyance” typically signals a pause pending further clarification, investigation or regulatory action. Read more>>
Mapletree Confirms Focus on Data Centres, Logistics and Student Housing
Temasek’s Mapletree Investments said it will look at opportunities to expand and diversify its footprint in data centres, logistics and student housing, three of its four core sectors.
For data centres, it sees a surge in demand powering continued expansion in the sector. In particular, it will seek such opportunities in Europe, where a record amount of data centre capacity of 937 megawatts is expected to be added this year. That’s up 43 percent from 2024, the property giant said in its annual report for the financial year to the end of March. Read more>>
Amara Holdings Approved to Delist From the SGX
Amara Holdings has received approval from the Singapore Exchange to delist, according to a bourse filing by the group on Tuesday.
On 28 April, Amara Holdings received an offer by DRC Investments to take over the firm for 89.5 cents per share. DRC Investments is an entity backed by parties including Wing Tai Holdings and the Teo family controlling Amara Holdings. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
