GIC chief executive Lim Chow Kiat
Secondary sales of private equity investment vehicles lead Mingtiandi’s look at real estate news from around Asia again today, as Singapore’s GIC is said to be looking for an exit from more than $1 billion in fund stakes. CapitaLand’s flagship REIT also makes the list with a report of steady performance so far in 2025, and a Hines India joint venture lands a new lease with Google.
Singapore’s GIC Said Offloading $1B in PE Fund Stakes
Singapore sovereign wealth fund GIC is looking to offload some of its private equity fund stakes, as it continues to utilise the booming secondaries market to manage its portfolio.
The state-run firm initiated a process to sell holdings with a net asset value of at least $1 billion, according to people familiar with the matter. The divestment may include as many as 30 funds from global private equity managers, including Blackstone, Apollo Global Management and TDR Capital. Read more>>
CapitaLand’s CICT Sees Property Income Stay Flat in 2025
Capitaland Integrated Commercial Trust said Tuesday that its net property income for the first nine months of 2025 inched upward 0.2 percent to $874.2 million following the disposal of 21 Collyer Quay one year ago.
The largest REIT on the Singapore Exchange said that, adjusted for disposal of the Raffles Place office building, its net property income was up 1.4 percent for the period as gross revenue rose 1.2 percent to S$1.2 billion on the same basis. Read more>>
Google Signs Gurugram Office Lease With Hines-DLF JV
Tech giant Google has leased 617,000 square feet (57,321 square metres) at Atrium Place Gurugram, a joint venture of DLF and Hines, in one of India’s biggest office space transactions of the year, two people familiar with the development said.
The people did not disclose the duration of the lease or the financial details of the transaction. The deal follows a 550,000 square foot lease by Google from managed workspace provider Table Space at a commercial complex in Gurugram. Read more>>
Tokyo Developer Acquires Site for Second Asakusa Hotel
Tokyo-based developer LogProstyle said Monday that it has acquired a 280 square metre (3,014 square foot) site in the capital’s Asakusa area for development of its second hotel in the district.
The new site is located within 300 metres (328 yards) of Prostyle Ryokan Tokyo Asakusa, the company’s existing property in the district. Expected to open in October 2028, the new project will expand LogProstyle’s portfolio to five hotels. Read more>>
Private Equity Players Reckon With Losses on $17B in Hong Kong Projects
When Blackstone bet on Hong Kong’s commercial real estate sector in 2014, it bought a 20,000 square foot (1,858 square metre) retail space in the bustling Mong Kok district for HK$700 million ($90 million) to target mainland Chinese tourists seeking brand-name wear.
Today, the space that once housed Forever 21 is valued at less than half that amount and Blackstone is in talks with Taipei Fubon Commercial Bank to renegotiate terms of a loan for the property, according to people familiar with the matter who asked not to be named discussing private information. The building’s high profile retail tenant has been replaced by 24/7 gyms and an outdoor gear store. Read more>>
Hong Kong Mulls Suspending Sales of Commercial Land for Second Straight Year
Hong Kong authorities could suspend the sales of commercial sites for a second year due to a lack of demand, the development minister has said, while rejecting the notion that the government was pressured by developers to shelve the Lantau reclamation plan.
Secretary for Development Bernadette Linn made the prediction even as the city’s Grade A office spaces saw a slight drop in vacancy rates between the second and third quarters. Read more>>
Commercial Building in Singapore’s Kallang Area Up for Collective Sale at $62M
Pek Chuan Building, a four-storey commercial building in Singapore’s Kallang area, is being put up for collective sale at S$80 million ($62 million).
The figure translates to S$1,114 per square foot of built area, said Dillon Loi, director at marketing agency Mount Everest Properties. The 99-year leasehold building sits on a land area of 28,700 square feet (2,666 square metres), with about 56 years left on its lease. Read more>>
Former Alibaba CEO Adds to Hong Kong Wave With $7M Home Buy
Hong Kong is riding a 10-month high in transactions involving upmarket real estate deals, with former chairman and CEO of Alibaba Group Zhang Yong joining the wave after purchasing a luxury home in Mid-Levels for HK$53.54 million ($6.9 million).
In the first 20 days of October, 78 first-hand private residential sales priced between HK$30 million and HK$49.99 million were registered, according to Land Registry data. 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.
