November Asia Pacific Property Markets Snapshots
Hong Kong SAR
On Hong Kong commercial property market first week of November, fashion brand H & M, debuts its new flagship store at one of the major commercial districts in Hong Kong at Causeway Bay Fashion Walk of Hang Lung Center, after several years retail shop absence from the Hong Kong island.
Hong Kong real estate private equity Gaw Capital is acquiring Big Hotel in Singapore for USD 203 million. Earlier this year, Gaw Capital with Korean sovereign wealth fund the Korea Investment Corporation (KIC), has sealed a deal to acquire the InterContinental Hong Kong hotel for USD 940 million. Gaw Capital Partners has bought Hollywood Roosevelt in Los Angeles, and the Victorian-style hotel, the Strand, in Yangon in its portfolio.
Early October, it announced exit from Cupertino Gateway, a class A office building in the heart of Silicon Valley. Gaw Capital Partners sold the property for USD 165 million with more than 40 percent internal rate of return (IRR).
Property developer CapitaLand has pulled out of talks to buy the Asia Square Tower 1 office building - a deal which could have been Singapore's largest office transaction ever this year.
GIC Real Estate and Heitman have spent a total of USD 2.3 billion on stakes in a portfolio of US shopping centres.
China Life Insurance (Group) has agreed to buy an office tower in Hong Kong with retail space in Hung Hom from Wheelock & Co for HKD 5.85 billion, marking the largest single office-tower purchase in Kowloon district.
Korean asset manager Mirae Asset Global Investments is to buy Fairmont Hotel in San Francisco for USD 450m. Mirae Asset has bought the Fairmont Orchid Hotel in Hawaii for 240 billion Korean won in May, the deal had broght its total investment in overseas properties since 2006 to 2.515 trillion won.