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Facebook setting up 1st Asia data center; Mitsubishi enters India's RE market

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Facebook setting up 1st Asia data center; Mitsubishi enters India's RE market

* Facebook Inc. earmarked US$1 billion for the planned establishment in Singapore of its first data center in Asia. The proposed 170,000-square-meter facility is expected to open in 2022.

* Japan's Mitsubishi Corp. is investing 1.80 billion Indian rupees for a 70% stake in a residential development in Chennai, India, which will mark its maiden foray into the country's real estate sector, The Economic Times of India reported. The offshore conglomerate is teaming up with local developer Shriram Properties Pvt. Ltd. for the project that will feature more than 1,450 residential units and 2 million square feet of saleable area.

Hong Kong and China

* The contracted property sales of China Overseas Land & Investment Ltd., Sunac China Holdings Ltd. and Yuexiu Property Co. Ltd. all increased year over year in August to an estimated HK$26.16 billion, 40.32 billion yuan and 3.26 billion yuan, respectively.

* CK Asset Holdings Ltd. sold a 5,643-square-foot house at its project at 90 Repulse Bay Road, Hong Kong, for approximately HK$509 million, The (Hong Kong) Standard reported, citing the city's Land Registry. The selling price for the property included in the 11-home development translated to HK$90,286 per square foot.

* Nan Fung Group said the first batch of residential units to go on sale at phase six of its Lohas Park project was over 15x oversubscribed, Oriental Daily News (Hong Kong) reported. The company added that it may increase the prices of units at the development by up to 3% in the future.

* New World Development Co. Ltd. said its K11 Artus luxury hotel residences development at the Tsim Sha Tsui waterfront in Hong Kong is slated to open in summer 2019. The project, which will form part of the company's US$2.6 billion Victoria Dockside development, will include 287 residential units across 14 stories, according to a news release.

* Industrial Bank Co. Ltd.'s Hong Kong branch agreed to provide Poly Property Group Co. Ltd. with a HK$2.00 billion revolving loan facility. The validity of the credit facility is subject to China Poly Group Corp. being the single largest shareholder of the borrowing Chinese property developer.

India

* Prestige Estates Projects Ltd. is looking to diversify its portfolio with the planned launch in March 2019 of a 22-acre middle-income housing project and a commercial office development in India's national capital region, Mint (New Delhi) reported, citing CEO Venkat Narayana. The projects in the cities of Noida and Gurugram will be undertaken with partners.

Japan

* Mitsubishi Estate Co. Ltd. completed its public tender offer for Urban Life Co. Ltd. with an approximately 97% stake in the target, Kobe Keizai News reported. Urban Life will be delisted from the Tokyo stock exchange.

* Star Asia Investment Corp. added two office properties and four hotel assets to its portfolio in Japan at the conclusion of a ¥19.67 billion transaction.

Singapore

* Industrial-focused Ascendas Real Estate Investment Trust raised an estimated S$452.1 million at the closing of its issuance of 178,007,000 new units priced at S$2.540 apiece. The offering was roughly 2.2x oversubscribed.

* Two four-story conservation shophouses at Amoy Street in the city-state are available for public tender for S$50 million, The (Singapore) Business Times reported. The adjoining properties offer a gross floor area of about 14,641 square feet and are zoned for commercial use.

* SRX Property data quoted by The Business Times said that resale prices of housing board flats in August inched 0.1% month over month and 1.7% on an annual basis.

Australia

* A Charter Hall Group fund is buying a logistics facility in the Sydney suburb of Prestons for A$71.6 million from Washington H. Soul Pattinson and URB Investments, The Australian reported. The deal for the 55 Yarrunga St. property, which is purpose-built for New Zealand-listed logistics group Mainfreight Distribution, is expected to reflect a near 5% yield.

* The A$100 million-plus Fairwater home along Sydney Harbor is bound to hit the market this spring, according to The Australian. Christie's International Real Estate will oversee the divestment of the property, which was previously owned by late Australian-Polish businesswoman Lady Mary Fairfax.

* Commonwealth Bank of Australia and Australia & New Zealand Banking Group Ltd. raised their respective home loan rates, despite Australia's central bank keeping the official interest rates at an all-time low, Bloomberg News reported. The rate increases are expected to further slow down the demand for housing in the country, SQM Research head Louis Christopher told the news outlet.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Cam Nones and John Chan contributed to this report.