Hongkong Land Launches $1B Retail Upgrade in Central and More Asia Real Estate Headlines

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A rendering photo of Hongkong Land’s Landmark

Hongkong Land is turning to friends from the luxury world as it undertakes a $1 billion revamp of its Landmark retail complex in Central district, with that story leading Mingtiandi’s headline roundup today. Also in the news, Keppel Infrastructure Trust lands $452 million in sustainability-linked financing and Singapore’s CDL gets a green loan from DBS.

Hongkong Land Launches $1B Retail Upgrade With Help From Hermes, LVMH

Hongkong Land Holdings and retail tenants including Hermes and Louis Vuitton will invest $1 billion to revamp the developer’s high-end mall in Hong Kong in a vote of confidence in the city’s luxury retail industry.

The plan to upgrade Landmark, Hongkong Land’s flagship retail space in Central, will create multi-storey maison-style stores for 10 tenants, who will see their total shop space double, according to the landlord. It will include new restaurants. Read more>>

Keppel Infrastructure Trust Unit Obtains $452M Green Loan

Keppel Infrastructure Fund Management said a subsidiary of Keppel Infrastructure Trust has obtained a sustainability-linked loan of S$612.5 million ($452.2 million), with the proceeds to be used to refinance a loan.

According to the bourse filing made by the trustee-manager of Keppel Infrastructure Trust on Tuesday, the interest cost of the loan is designed to incentivise the subsidiary, Keppel Merlimau Cogen, to produce energy efficiently and demonstrate its continued commitment to long-term sustainability and carbon-efficient performance. Read more>>

CDL Secures $295M Sustainability-Linked Loan From DBS

City Developments Ltd has secured a S$400 million ($295.2 million) sustainability-linked loan from DBS Bank, with nature conservation targets aligned with the Taskforce on Nature-related Financial Disclosures recommendations.

The loan is the first of its kind and incorporates specific performance targets related to biodiversity conservation, waste management and water efficiency. According to the announcement on Tuesday, the proceeds will be used for general corporate funding and working capital purposes, including the redevelopment of CDL’s existing assets. Read more>>

Singapore’s JTC Launches Industrial Site in Kallang Way 

JTC has launched an industrial sales site in Kallang Way with the requirement for an old building to be reused — the first time the state landlord is seeking for an existing terrace factory to be retained and adapted for continued industrial use.

Given that the bidders for the site will have to incorporate the retention of the three-storey block of terraced industrial units into their plans, the tender will be for a 32-year lease instead of the usual 20- or 30-year tenure. Read more>>

Chencharu, Lorong Chuan, Marina South Among GLS Highlights

Ten new sites are on offer under Singapore’s Government Land Sales programme for residential housing in the second half of 2024. Six are on the confirmed list and four are on the reserve list.

The confirmed list includes two parcels in Media Circle, a Lorong Chuan site and the first mixed-use site in the upcoming Chencharu precinct, according to details released by the Ministry of National Development on Tuesday. Read more>>

Edgnex Data Centres Expands APAC Footprint with New Bangkok Facility

Edgnex Data Centres by DAMAC has announced its latest expansion in Asia Pacific with the development of a data centre in Bangkok.

The first phase of the 19,000 square metre (204,514 square foot), multi-storey Tier 3 co-location facility is slated for completion by 2026. This project reaffirms Edgnex’s dedication to supporting the rapid digital transformation sweeping across APAC. Read more>>

Bank of Korea Warns of Developer Debt Risks as Profits Shrink

Financial troubles at South Korean developers may worsen as they start to bear the brunt of a market slump that weighs on their earnings, the central bank said, issuing the latest warning over credit risks that continue to overshadow the economy.

The property sector has taken a hit since the Bank of Korea started its policy tightening in 2021 to rein in an inflationary bubble stemming from pandemic-era stimulus. The BOK has kept policy rates at 3.5 percent, a level it deems restrictive, since January 2023. Elevated rates have made it harder for developers to borrow and repay debt, including limiting access to short-term loans known as project finance. Read more>>

KKR Makes Its Biggest Foray Into Apartments, Betting on Rising Rents

KKR has completed its largest-ever purchase of apartment buildings, the latest in a string of big-ticket deals, signalling that some of the most prominent investment firms are betting on a broad rebound for multi-family housing.

The New York-based private equity firm paid $2.1 billion for more than 5,200 apartment units countrywide, from California and Texas to New Jersey, KKR said. The deal for the multi-family properties, which are 18 new mid- and high-rise buildings, closed Tuesday. 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.

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“Hongkong Land is turning to friends from the luxury world as it undertakes a $1 billion revamp of its Landmark retail complex in Central district, with that story leading Mingtiandi’s…”

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Source Link: https://www.mingtiandi.com/real-estate/crelist/roundup-hongkong-land-launches-1b-retail-upgrade-in-central/

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