$2.7B Data Centre Planned in the Philippines and More Asia Real Estate Headlines

A plan for the Philippines’ largest data centre leads today’s headline roundup at Mingtiandi as a 300MW project is announced north of Manila. Also in the news, a villa on Hong Kong’s Peak once belonging to China Evergrande’s CEO has been sold at a loss and SGX-listed Mapletree Logistics Trust has announced its second divestment this week.

$2.7B Philippine Data Centre Project Planned

Manila-based construction and engineering company Endec Group plans to invest $2.7 billion in a data centre facility in Tarlac, near Angeles City, which it said would reach 300 megawatts in capacity.

On Tuesday, Endec and Narra Technology Park Development managing director William Johnson and Tarlac governor Susan Yap signed a lease deal for the 47 hectare (116.1 acre) site within New Clark City, where Narra Technology Park will house a hyperscale data centre that will be built in three phases of 100MW each. Read more>>

Former Evergrande CEO’s Hong Kong Peak Home Sold at a Loss

China Evergrande’s former CEO, who Chinese regulators recently said was “uncontactable”, has sold his home in Hong Kong at a loss of HK$74 million ($9.4 million) from the purchase price, according to a property agent.

Xia Haijun last month sold a 2,834 square foot (263 square metre) five-bedroom duplex flat in North Point Mid-Levels on Hong Kong Island for HK$82 million, said Gary Lam, a senior sales director at real estate agency Centaline. Read more>>

Mapletree Logistics Trust Selling Singapore Industrial Asset for $10.2M

The trustee of Mapletree Logistics Trust has entered into a purchase agreement with an unrelated third party to divest an industrial facility at 119 Neythal Road for S$13.8 million ($10.2 million).

The Neythal Road property comprises a five-storey cargo lift warehouse and a single-storey detached factory building. It has a total net lettable area of 11,188 square metres (120,426 square feet) and a remaining land lease of 15 years. According to MLT, the sale price is 34 percent above the property’s latest valuation of S$10.3 million as of 31 March. Read more>>

ESR Signs MOU to Promote Kumamoto Logistics Hub

ESR Group has signed a memorandum of understanding with the government of Japan’s Kumamoto prefecture, Yatsushiro City and Mercury Capital to support the local economy by transforming Yatsushiro City into a premier logistics hub in southern Kumamoto prefecture.

ESR will be working with its partners to help attract investment to support Japan’s largest semiconductor hub on Kyushu, with ESR leveraging its extensive customer relationships and global development expertise. Read more>>

Floor in Hong Kong’s The Center on the Market at One-Third Discount

The 31st floor in the Center, an office building famously sold by CK Asset in 2017, has been put on the market for HK$23,000 ($2,944) per square foot, according to a brokerage representing the seller, as a consortium that acquired the Central district landmark continues to struggle to find buyers for individual floors in the tower.

The floor was acquired as part of the en bloc purchase of the tower by Shimao Group chairman Xu Rongmao, with the buyout consortium having paid an average of HK$33,000 per square foot to acquire the building seven years ago. Read more>>

Shift to Data Centres Helps Goodman Boost Stock Price by 40%

Bullish investors are betting the peer-beating rally in Australia’s Goodman Group has further to run as its prime locations and ample financial resources continue to fuel its lucrative push into data centres for artificial intelligence.

Shares of Goodman have rallied 40 percent so far this year, making it the top performer on the Bloomberg World REIT Index. The firm has a portfolio of properties in sought-after locations, from its base in Sydney to Hong Kong, Los Angeles and Frankfurt. It’s been working to convert some from warehouses to data storage space. Read more>>

Weak Yen Attracting Korean Investors to Japanese Golf Courses

South Korean investors are eyeing Japan’s golf resorts to buy amid the weak yen, rising demand for golf courses in Japan and relatively low prices for the assets compared with Korean golf courses.

There are currently about 20 Japanese golf resorts up for sale on the Korean private equity market, according to industry insiders on Thursday. Given that Japan sees around 30 golf course transactions each year, it means that most assets on the market are open to Korean buyers. Read more>>

GIC Completes Sale of India’s IRB Infra Trust Stake Worth $704M

A clutch of affiliates of Singapore investment giant GIC completed the sale of units worth $704 million in IRB Infrastructure Trust to Ferrovial’s subsidiary Cintra on Thursday, multiple industry sources in the know told Moneycontrol.

The sale is part of a transaction, announced by IRB Infrastructure on 14 March, when Cintra, a unit of Spanish infrastructure developer Ferrovial, agreed to buy a 24 percent stake in IRB Infrastructure Trust from GIC, along with a similar stake in MMK Toll Road Pvt Ltd, the investment manager of the trust. Read more>>

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