{"id":829239,"date":"2025-02-23T12:12:36","date_gmt":"2025-02-23T18:12:36","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/23\/koreas-nps-buys-seoul-office-complex-for-1-6b-and-more-asia-real-estate-headlines\/"},"modified":"2025-02-23T12:12:36","modified_gmt":"2025-02-23T18:12:36","slug":"koreas-nps-buys-seoul-office-complex-for-1-6b-and-more-asia-real-estate-headlines","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/23\/koreas-nps-buys-seoul-office-complex-for-1-6b-and-more-asia-real-estate-headlines\/","title":{"rendered":"Korea\u2019s NPS Buys Seoul Office Complex for $1.6B and More Asia Real Estate Headlines"},"content":{"rendered":"
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\"Kim<\/p>\n

Kim Tae-hyun, chairman and CEO of South Korea\u2019s National Pension Service<\/p>\n<\/div>\n

South Korea\u2019s top pension fund pays $1.6 billion for an office complex on its home turf, with that deal leading today\u2019s headline roundup. Also in the news, CapitaLand\u2019s China REIT posts a drop in distributions and Australia\u2019s Macquarie closes its US debt capital markets unit.<\/p>\n

Korea\u2019s NPS Buys Seoul Office Complex for $1.6B<\/a><\/h3>\n

South Korea\u2019s National Pension Service has completed the purchase of the One Grove office complex in western Seoul for KRW 2.3 trillion ($1.6 billion), the fund\u2019s largest single real estate investment in South Korea, according to industry sources on Thursday.<\/p>\n

The world\u2019s third-largest pension scheme poured KRW 820 billion into the complex as the equity investor while financing the remainder with debts syndicated to banks and insurance companies. Shinhan Bank provided about KRW 1 trillion in loans as the lead lender. Read more>><\/strong><\/a><\/p>\n

CapitaLand China Trust Distributions Drop<\/a><\/h3>\n

The manager of CapitaLand China Trust on Thursday posted a 12 percent year-on-year decline in distribution per unit to S$0.0264 for the second half of 2024.<\/p>\n

The result brings total DPU for 2024 to S$0.0565 ($0.04), down 16.2 percent, and was attributed to an enlarged unit base. Based on the closing price of S$0.73 per unit on Wednesday, CLCT\u2019s distribution yield for the full year was 7.7 percent. Read more>><\/strong><\/a><\/p>\n

Macquarie Pivots to Private Credit<\/a><\/h3>\n

Macquarie is closing its debt capital markets division in the US and will instead focus on a rapidly expanding private credit business through which it has already lent more than A$22.5 billion ($14.2 billion).<\/p>\n

The Sydney-headquartered financial services giant will no longer provide traditional bonds and loans in the US, having already exited the market in Europe. Instead, people briefed on the deliberations inside the company said, Macquarie will put more resources into its fixed-income business. Read more>><\/strong><\/a><\/p>\n

New World Prices Condos in Hong Kong\u2019s North Point at a Discount<\/a><\/h3>\n

New World Development on Thursday priced its latest Hong Kong residential project at a substantial discount, as the embattled developer scrambles to generate cash to whittle down HK$123.7 billion ($15.9 billion) in debt.<\/p>\n

The company, controlled by the family of tycoon Henry Cheng, priced the first 88 units in State Pavilia \u2014 the first phase of its redevelopment project at the site of the former State Theatre in North Point \u2014 at an average of HK$18,540 per square foot. The project has been priced at an eight-year low in the Eastern district, according to Centaline Property Agency. Read more>><\/strong><\/a><\/p>\n

Potential Developer Default Could Topple Hong Kong\u2019s Property Recovery, Says S&P<\/a><\/h3>\n

The default of a major Hong Kong developer could send shock waves through the broader sector and scuttle a potential recovery in the residential market, according to S&P Global Ratings.<\/p>\n

\u201cHong Kong\u2019s residential property recovery may be slipping out of view,\u201d the rating agency said Thursday in a report. \u201cS&P Global Ratings believes that any distress event involving major Hong Kong developers could trigger cascading effects, hitting the financial strength of rated entities (while) raising the risk (to) bondholders.\u201d Read more>><\/strong><\/a><\/p>\n

UOL JV Launches Tampines Project in Singapore<\/a><\/h3>\n

UOL, Singapore Land and CapitaLand Development started previews of their Tampines project, Parktown Residence, on Friday with prices starting in the range of S$2,100 to S$2,300 ($1,555 to $1,704) per square foot.<\/p>\n

Located in Tampines Avenue 11, the 99-year leasehold development will house 1,193 units in 12 blocks. There will be two blocks of six or seven storeys, eight blocks of 11 storeys and two blocks of 12 storeys. Read more>><\/strong><\/a><\/p>\n

Hotel Operators Compete for Redeveloped Hilton Seoul<\/a><\/h3>\n

Major hotel franchises are vying to operate a new hotel to be launched as part of the Millennium Hilton Seoul redevelopment project, betting on the site\u2019s lucrative potential.<\/p>\n

While the redevelopment project involving the former Millennium Hilton Seoul site near Namsan and Seoul Station is underway, led by local player Igis Asset Management, top global hotel operators have submitted letters of intent to run the redeveloped hotel, industry sources said Thursday. Read more>><\/strong><\/a><\/p>\n

FEO-Perennial JV to Start Previews of Golden Mile Condos<\/a><\/h3>\n

Far East Organization and Perennial Holdings will start previews of their residential tower Aurea on 22 February, with prices for each unit starting from S$1.92 million ($1.4 million) or S$2,750 per square foot.<\/p>\n

The 45-storey tower in Beach Road will house 188 units and is part of the transformation of the Golden Mile Complex into a new commercial hub with offices, medical units and retail spaces. The smallest units, under the Prestige Collection, are two- and three-bedrooms of 635 to 1,001 square feet (59 to 93 square metres). Read more>><\/strong><\/a><\/p>\n

Sino Land Plans to Launch 5 Hong Kong Condo Projects in Year of the Snake<\/a><\/h3>\n

Sino Land plans to launch five new projects in the Year of the Snake, offering over 4,500 units in total.<\/p>\n

One Central Place in Central, co-developed with Hong Kong\u2019s Urban Renewal Authority, will be the first to hit the market. It is expected to roll out as a completed project in this quarter, offering 121 units, said executive director Victor Tin. Read more>><\/strong><\/a><\/p>\n

Tune in again soon for more real estate news and be sure to follow @Mingtiandi<\/a> on Twitter, or bookmark Mingtiandi\u2019s LinkedIn page<\/a> for headlines as they happen.<\/p>\n<\/div>\n

Michael Cole
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Kim Tae-hyun, chairman and CEO of South Korea\u2019s National Pension Service South Korea\u2019s top pension fund pays $1.6 billion for an office complex on its home turf, with that deal leading today\u2019s headline roundup. Also in the news, CapitaLand\u2019s China REIT posts a drop in distributions and Australia\u2019s Macquarie closes its US debt capital markets<\/p>\n","protected":false},"author":1,"featured_media":829240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27002,31963],"tags":[18222,51591],"class_list":{"0":"post-829239","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-koreas","8":"category-seoul","9":"tag-koreas","10":"tag-seoul"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/829239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=829239"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/829239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/829240"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=829239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=829239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=829239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}