RC411 Condo

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A three-bedroom unit at Watertown, situated in Punggol’s integrated development Waterway Point, is set to go under the hammer at SRI’s auction on Feb 26. Previously listed at the same price in January’s auction, the 1,281 sq ft property has a guide price of $2.4 million, which equates to around $1,874 per square foot (psf).

The unit, which is being sold by a mortgagee, received one bid in January’s auction but was withdrawn as it did not meet the reserve price. The 13th-floor unit boasts a combined living and dining area, an open-concept kitchen, a utility room and toilet, as well as a balcony with a south-facing view of one of the condo’s 20 swimming pools. In addition, there is an ensuite master bedroom, two more bedrooms, and a common bathroom.

According to URA caveats, the current owners acquired the unit from the developers for approximately $1.8 million ($1,281 psf) in October 2013. As of Feb 4, Watertown has seen one transaction this year — a two-bedroom unit with an area of 958 sq ft, which sold for $1.7 million ($1,775 psf) on Jan 19. Last year, there were 41 resale transactions in the development at an average price of $1,700 psf.

SRI’s manager of auctions and sales, Eric Liew, says that larger units in Watertown are in higher demand and can fetch higher psf prices. Out of the 41 resale transactions last year, 10 of them involved larger units with three or more bedrooms, which were sold at an average price of $1,854 psf, about 9% higher than the overall average price for the development.

Liew attributes the demand for these units to HDB upgraders looking for a good deal and those who plan to reside in the unit due to its proximity to Punggol MRT Station. Watertown is a 992-unit condominium consisting of one- to two-bedroom apartments ranging from 533 to 1,003 sq ft and three- and four-bedroom units ranging from 821 to 1,582 sq ft. It sits atop the six-storey Waterway Point shopping mall and was jointly developed by Far East Organisation, Frasers Centrepoint, and Sekisui House. Waterway Point is integrated with Punggol MRT Station, which is located on the North East Line and is connected to the Punggol LRT Station. The mall was completed in 2017.

There are several primary schools in the area, including Edgefield Primary School at Edgefield Plains, Oasis Primary School at Punggol Drive, Punggol Green Primary School at Punggol Walk, Compassvale Primary School at Compassvale Street, and Punggol Cove Primary School at Sumang Walk. Watertown’s completion year is 2017.

Looking at the latest listings, Watertown is a condominium property that may interest you. If you’re curious, you can compare the price trend of HDBs, Condos, and Landed properties, as well as the price trend of newly built condos vs executive condominiums. Last but not least, you can also compare the price trend of brand-new and resale condos.…

The government has recently announced the extension of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes for another five years. These schemes were first introduced in November 2019 and the latest decision was unveiled by Desmond Lee, Minister of National Development (MND), at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on Feb 7.

The CBDI scheme was implemented to encourage the conversion of older office buildings in certain areas of the Central Business District (CBD) into mixed-use developments. This includes the Tanjong Pagar, Robinson Road, and Shenton Way areas. The goal of this scheme is to increase the number of homes, boost the resident population in the CBD, and introduce a more diverse range of uses into the traditionally commercial-focused district.

On the other hand, the SDI scheme was launched to promote the redevelopment of older developments in strategic areas, in order to bring about transformative changes in the surrounding urban environment. These strategic areas include Orchard Road, the Central Business District, and Marina Centre.

According to information from the Urban Redevelopment Authority (URA), 14 out of 17 CBDI proposals and 7 out of 12 SDI proposals have been granted in-principal approval by the government. Currently, there are four CBDI projects in the Anson-Tanjong Pagar area that are under construction. These include the mixed-use development Newport Plaza on 80 Anson Road, which comprises 246 units of Newport Residences and 198 serviced apartment units. The Skywaters Residences, another mixed-use development on 8 Shenton Way, includes 190 luxury residential units. Additionally, there are two commercial developments at 15 Hoe Chiang Road and 51 Anson Road.

Minister Lee has stated that the five-year extension of the CBDI and SDI schemes will come with improvements to both schemes. The CBDI scheme will be expanded to include commercial developments in the Anson and Cecil areas. Developers and property owners who submit CBDI proposals for buildings in these areas will have the option to retain their commercial zoning (with 40% non-commercial use) if long-stay serviced apartment units are included in the redevelopment plans.

For CBDI applicants seeking redevelopment in Anson and Cecil, they will need to provide at least 200 residential units or allocate their entire non-commercial floor area for long-stay serviced apartments, whichever is lower. Previously, office buildings that were redeveloped under the CBDI scheme were allowed to keep their existing commercial zoning if 40% of the new floor area was dedicated for non-commercial use.

CEO of ERA Singapore, Marcus Chu, says that “by enabling the continual renewal of the many aging buildings in the city center and injecting more residential units, these incentives aim to make the CBD a place to work, live, and play.”

In addition, the revamped CBDI and SDI schemes will include new sustainability requirements. All new CBDI and SDI applications going forward must include a sustainability statement that evaluates the feasibility of retrofitting part or all of the existing building. Minister Lee states that while they support revitalization and rejuvenation through redevelopment, they do not want wasteful demolition and excessive rebuilding, especially for relatively young or well-maintained buildings.

He adds that several projects being redeveloped under the CBDI or SDI schemes are already going above and beyond the mandated sustainability requirements. An example is Union Square, a mixed-use development on Havelock Road, which is incorporating a district cooling system.…

Perennial Holdings and Far East Organization have recently announced their plans for Aurea, a luxurious apartment tower as part of the Golden Mile Singapore mixed-use development located along Beach Road. Designed by DP Architects, Aurea is a 45-storey residential tower with 188 units and a site area of 144,908 sq ft. It will be linked to the neighbouring commercial building, The Golden Mile, which is a conserved heritage building and the first collective sale and conservation project in Singapore. Perennial Holdings and Far East Organization purchased the building en bloc for $700 million in May 2022. The prime location of Aurea and The Golden Mile, situated in District 7 and the Core Central Region (CCR), is expected to attract discerning individuals and families who appreciate exclusivity. The preview for Aurea is set to begin on Feb 22, with the official launch on Mar 8. The apartments will be priced from $2,750 psf, with two-bedroom units starting from $1.92 million ($2,972 psf). The unit types at Aurea consist of two- and three-bedroom apartments (112 units), four-bedroom apartments (56 units), five-bedroom apartments (18 units), and two exclusive penthouses – a six-bedroom duplex and a six-bedroom triplex. Residents of four-bedroom and larger units will enjoy private lift access, while the triplex penthouse will also have a private pool. These larger units are designed to cater to the affluent lifestyles of CCR homebuyers. The two- and three-bedroom units make up 60% of the total units and are expected to appeal to both homeowners and investors. Aurea will also offer a range of facilities such as two infinity pools, a gym, a bouldering wall, spa facilities, indoor lounges, and multiple dining pavilions. The sky terraces on levels 17 and 33 offer breathtaking views of the CBD skyline, Marina Bay, and the Kallang waterfront. According to Ken Low, managing partner at SRI, homebuyers today look for more than just a great location – they want a home that enhances their daily lives. Aurea features a convenient location with easy access to major roadways and is just a 10-minute drive from the CBD. The last launch in the Beach Road neighborhood was the 558-unit Midtown Modern in 2021, which has been fully sold at an average price of $2,825 psf. The M, a neighboring 522-unit development, was also fully sold in 2020 at an average price of $2,528 psf. The 219-unit Midtown Bay at Guoco Midtown, completed last year, has sold 63% of its units since its launch in 2019 at an average price of $3,090 psf. With its prime location, upscale residences, and heritage building, Aurea is estimated to achieve prices of over $3,000 psf. Given the strong demand for new homes in the district, it is expected to attract high interest from prospective homebuyers and investors. The project is slated for completion in 2Q2029.…

On February 6, Perennial Holdings and Far East Organization announced the launch of their latest joint project, Aurea, a luxury residential tower within the Golden Mile Singapore mixed-use development in District 7.

Designed by DP Architects, the 45-storey tower will have 188 units sitting on a 144,908 sq ft site. It will also feature a link bridge connecting it to the neighboring The Golden Mile, a commercial building that includes retail space, medical suites, and offices. The Golden Mile is the former Golden Mile Complex, a conserved building known for its architectural heritage. This was the first collective sale and conservation of a building in Singapore. In May 2022, Perennial Holdings and Far East Organization purchased the building en bloc for $700 million.

Aurea’s exclusive preview is set to begin on February 22, with the official launch on March 8. The apartments will be priced from $2,750 psf, with two-bedroom units starting at $1.92 million ($2,972 psf).

The residential units at Aurea will offer a range of sizes, from two- and three-bedroom apartments (635 sq ft to 1,001 sq ft) to four- and five-bedroom units (1,442 sq ft to 3,251 sq ft). There are also two penthouses, a 5,608 sq ft six-bedroom duplex and an 8,816 sq ft six-bedroom triplex. Units with four bedrooms or more will come with private lift access, and the triplex penthouse will have a private pool.

According to Marcus Chu, CEO of ERA Singapore, these larger units are designed to suit the affluent lifestyle of buyers in the Core Central Region (CCR). Meanwhile, the majority of the units (60%) are two- and three-bedroom units, which are expected to appeal to both homebuyers and investors.

Aurea will also offer residents exclusive facilities, including two infinity pools, a gym, a bouldering wall, spa facilities, and multiple dining pavilions. Sky terraces on levels 17 and 33 will offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.

Ken Low, managing partner at SRI, says that today’s homebuyers are looking for more than just a great location – they want a home that enhances their daily lives. Aurea delivers on this with its convenient location, thoughtful design, and inspiring facilities and spaces.

The Golden Mile Singapore also includes 156 strata office units and 19 medical suites, which were launched for sale in December 2024. Perennial and Far East will retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, the iconic Golden Mile Complex has great potential, especially for its office space, which could attract buyers. He adds that buyers today prioritize quality projects near MRT stations and have easy access to essential amenities. The development is conveniently located near major roadways such as Nicoll Highway, East Coast Parkway, and Kallang-Paya Lebar Expressway.

The last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021. All units have been sold at an average price of $2,825 psf, and the project is expected to be completed this year. The neighboring 522-unit The M was launched in 2020 and was completely sold at an average price of $2,528 psf. The 219-unit Midtown Bay at Guoco Midtown was completed last year, and 63% of the units have been taken up as of February 5 at an average price of $3,090 psf.

Given its prime location, upscale residences, and the iconic Golden Mile Complex, PropNex’s CEO Gafoor predicts that prices at Aurea could exceed $3,000 psf. He believes that the project will attract significant interest from both homebuyers and investors.

Aurea is expected to be completed in the second quarter of 2029. To find out the latest listings for Aurea properties, visit Ask Buddy. You can compare prices for new launch condos versus executive condos, check out projects that have recently obtained TOP, and look for condo rental listings in District 7. Also, compare the price trend for new condos versus resale condos and check out recent condo sale transactions in District 7.…

MCL Land and CSC Land Group have announced the upcoming launch of Elta, a luxurious 501-unit residential development situated in the tranquil neighbourhood of Clementi. The development will be available for preview starting from Feb 7, with public sales to follow on Feb 22.

Nestled on a 99-year leasehold land spanning approximately 144,788 sq ft, Elta comprises of two 39-storey residential buildings located along Clementi Avenue 1. The units range from one-bedroom-plus-study to five-bedroom layouts, with sizes ranging from 506 sq ft to 1,776 sq ft. According to the developers, Elta will be constructed in accordance with the guidelines set by the Urban Redevelopment Authority (URA).

For those interested in the property, the latest information on available units and prices can be obtained at the launch of ELTA. The indicative pricing for the units begins at $1.158 million ($2,289 psf) for the one-bedroom-plus-study units, $1.388 million ($2,261 psf) for two-bedroom units, and $2.198 million ($2,374 psf) for three-bedroom units. The four and five-bedroom units are priced at $2.798 million ($2,363 psf) and $3.888 million ($$2,189 psf) respectively.

The showflat at Prince Charles Crescent will showcase three layouts, including a two-bedroom plus study unit that can be transformed into a compact three-bedroom, a four-bedroom dual-key unit, and a five-bedroom unit designed for multi-generational living.

Elta boasts a prime location within walking distance to Clementi MRT Station on the East-West Line. It is also conveniently close to popular dining and shopping destinations like The Clementi Mall, 321 Clementi, and Grantral Mall. Families with school-going children will appreciate the availability of prestigious schools in the vicinity such as Clementi Primary School, Pei Tong Primary School, Nan Hua Primary and High School, Anglo-Chinese School (Independent), and NUS High School of Math and Science.

Lee Tong Voon, CEO of MCL Land, expresses, “Elta is designed with the concept of luxury living in mind, with its high-rise towers strategically positioned to offer breathtaking views of the city, Pandan Reservoir, and the sea.” Qian Liang Zhong, chairman of China Construction (South Pacific) Development Co (CCDC), the parent company of CSC Land Group, adds, “Clementi is a desirable and dynamic town that seamlessly integrates traditional shops and modern amenities, providing convenience to its residents.”

Elta will boast an impressive range of 50 facilities across five zones, including a 50-metre lap pool, gymnasium, tennis court, and gardening corner. Residents can expect to receive their temporary occupation permit for Elta in 2028. For more details on the property, interested buyers can explore the latest listings for Elta, as well as other condominium properties on AskBuddy.

Other helpful resources available on the website include price trends for new condo versus Executive Condominium (EC) sales, condo projects with the highest average PSF, condo transactions with the highest profits in the past year, and a comparison of price trends for HDB, condo, and landed properties. Those looking to rent in District 5 can also find condo rental listings on the website. Don’t miss the chance to experience elevated living at Elta – register your interest now and be a part of this exciting launch.…

SINGAPORE: A high-end warehouse and factory situated in Gul Circle is available for purchase through an expression of interest with an asking price of $42 million, as announced by Knight Frank Singapore, the exclusive marketing agent for the property.

The property, which is a five-storey single-user factory and warehouse on a JTC leasehold, includes a mezzanine with four floors and boasts a total gross floor area of approximately 245,955 sq ft. Sitting on a 105,648 sq ft site, the property still has a remaining tenure of 15 years and 11 months, as of February 1. It falls under the Business 2 zone according to the URA Master Plan 2019.

Knight Frank Singapore highlights that the property has been designed to cater to modern industrial needs, with features such as high ceilings for storage and operations, cold rooms, and heavy floor loading abilities that can accommodate various industries. The property also boasts nine 40-footer loading and unloading bays with dock levelers, as well as four cargo and service elevators.

This prime property is strategically situated near major expressways like the Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE), as well as the Joo Koon MRT station. This makes it easily accessible and convenient for transportation of goods and employees.

The expression of interest for this property will close on March 18 at 3 pm. Take advantage of this opportunity and make your business operations more efficient and effective by investing in this top-of-the-line warehouse cum factory.…

| Industrial property prices and rents in Singapore are expected to moderate this year as supply increases and demand weakens, according to a report by Colliers in February. The firm predicts a slow growth rate of 0% to 2% for both overall annual industrial rental and prices in 2025, compared to the 3.5% growth seen last year. The latest JTC data for Q4 2024 showed a market that is losing momentum, with a 17th consecutive quarter of growth for the All Industrial rental index, but at a slower pace of 0.5% quarter-on-quarter (q-o-q), and bringing total growth for the year to 3.5%. This is a significant decline from the 8.9% rental growth reported in 2023. The price index also grew 0.5% q-o-q in Q4 2024, lower than the 1.2% growth in the previous quarter. In 2024, prices rose 2.1%, which is less than half of 5.1% increase in 2022.According to Colliers, the supply of industrial space is expected to increase this year, with 2.5 times more supply than last year entering the market, before tapering off from 2026 onwards. This surge in supply has created an imbalance between supply and demand in certain segments of the market, leading to slower precommitments for upcoming supply and lower occupancy for completed projects. The firm points to the higher supply, combined with caution among occupiers due to high interest rates and rising operating costs, as the cause of the slower rental growth. Additionally, global trade protectionism has caused uncertainty in the market, which may affect business confidence and investment decisions.On the other hand, Colliers believes that the semiconductor, logistics and advanced manufacturing sectors will continue to drive demand for industrial space. It also expects to see a gradual ramp-up in industrial leasing activities as policies become clearer and market sentiments improve. This will be supported by the upturn in the chip cycle. In the short term, with the expected increase in supply and the projected moderation in rents, tenants may benefit from having more options in the market. The firm says that this could be a good year for businesses as newer industrial developments with modern specifications may encourage relocations from older, ageing manufacturing spaces. Nicolas Menville, executive director and head of Singapore-based industrial clients for Colliers, advises that current listings for industrial properties be checked and past transactions be compared in terms of rental and sale prices for a better understanding of the market trends.

A recent research report by Colliers has projected a moderation in Singapore’s industrial property prices and rents this year, due to a combination of higher supply and weaker demand. The firm predicts a growth rate of 0% to 2% in both overall annual rental and price levels for 2025, compared to the 3.5% increase seen in the previous year.

According to Colliers, the latest data from JTC for the fourth quarter of 2024 indicates a market that is “losing steam”. While the All Industrial rental index recorded a 17th consecutive quarter of growth, it only rose by 0.5% quarter-on-quarter (q-o-q) and the total growth for the year was 3.5%, a significant decline from the 8.9% growth in 2023. The price index also saw a q-o-q increase of 0.5% in the fourth quarter, down from 1.2% in the previous quarter. This led to a 2.1% overall increase in industrial property prices last year, less than half of the 5.1% growth seen in 2022.

The report attributes the muted outlook to a surge in industrial space supply this year, which is expected to be 2.5 times higher compared to the previous year. This increase has caused an imbalance between supply and demand, resulting in slower precommitments for upcoming supply and lower occupancy for completed projects. The higher supply, coupled with cautiousness among occupiers due to high interest rates and escalating operating expenses, is expected to continue dampening rental growth. In addition, global trade protectionism has introduced uncertainty to the market, which could impact business confidence and investment decisions.

However, Colliers remains optimistic about the demand for industrial space, particularly in the semiconductors, logistics, and advanced manufacturing sectors. The firm also anticipates a gradual ramp-up in industrial leasing activities as policies become clearer and market sentiments improve, supported by the ongoing upturn in the chip cycle. In the short term, with the expected increase in supply and the projected moderation in rents, this could be a favorable year for tenants with more options available in the market. New industrial developments with modern specifications may also attract businesses to relocate from older, ageing manufacturing spaces.

Nicolas Menville, executive director and head of Singapore-based industrial clients for Colliers, advises individuals to check current listings and compare past transactions in terms of rental and sale prices to better understand market trends.…

The Tan Boon Liat Building, a well-known industrial property situated at 315 Outram Road, is being put up for collective sale through a public tender process at a reserve price of $1.15 billion. The freehold site, which is conveniently located next to the upcoming Havelock MRT Station on the new Thomson-East Coast Line (TEL), comprises two separate land plots that are designated for “Business 1” use and have a combined site area of approximately 175,655 square feet.

The iconic 15-storey building is currently home to several furniture and home décor stores, making it a popular destination for shoppers and businesses alike. The property’s advisor and marketing agent, Cushman & Wakefield, has revealed that the Urban Redevelopment Authority (URA) has issued an Outline Planning Advice on January 22, recommending that the site be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9. This represents a significant increase from the current plot ratio of 3.1 and would allow for a 50% increase in the total gross floor area (GFA) of the site, according to Cushman & Wakefield.

The URA has also suggested that a few remnant state land plots be amalgamated into the main plot, subject to the relevant authorities’ approval. These land plots are estimated to measure about 20,451 square feet, and together with the bonus GFA entitlement, could potentially result in a total GFA of over 1.06 million square feet. Furthermore, the first storey will be able to accommodate a commercial GFA of up to around 16,146 square feet.

In terms of residential allocation, a minimum GFA of approximately 161,459 square feet must be reserved for Serviced Apartments II (SA2), where a minimum stay of three months is required. The allowable heights for the new development range from 130m to 180m.

Based on the reserve price, which includes land betterment charges on rezoning, the estimated premium payable on the remnant state land, and the 10% bonus GFA applicable to the residential portion, the land rate is estimated to be around $1,888 per square foot per plot ratio.

Recent industrial sales transactions at Tan Boon Liat Building (Source: EdgeProp Buddy)

Christina Sim, senior director of capital markets at Cushman & Wakefield, is confident that the site will be attractive to developers due to its freehold tenure and prime location on the TEL, which is likely to be a major draw for homebuyers. She also notes that the absence of Additional Buyer’s Stamp Duty (ABSD) will be a significant advantage for potential buyers, as the original site has a “Business 1” zoning.

The public tender for the site will close on March 18 at 3pm.…

The most luxurious penthouse at Park Nova has recently been sold, surpassing the previous record price for the development. The five-bedroom unit, located on the 20th floor and spanning 5,899 sq ft, was sold by the developer for an impressive $38.888 million, or $6,593 psf, as per a caveat lodged on Jan 21 on the URA Realis database.

This sale not only sets a new record for the highest price ever recorded for a unit at Park Nova, but also for the highest psf-price based on caveats lodged. The previous records were held by a 4,499 sq ft penthouse that was sold in May 2021 for $26.026 million ($5,784 psf).

The transaction also marks the second-highest psf-price ever registered for a condo unit in Singapore, with the current record holder being a unit at The Marq on Paterson Hill. Back in 2011, a four-bedroom unit on the 20th floor of The Marq, measuring 3,089 sq ft, was sold for $20.54 million ($6,650 psf).

By searching for the latest new launches, one would be able to find out the transaction prices and available units. The Park Nova penthouse that was sold on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case that has been put up for sale. It was previously reported to have been sold in 2021 for $34.438 million ($5,838 psf).

According to caveats, this is the third unit at Park Nova that the developer has sold within a month. On Jan 17, a four-bedroom apartment measuring 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf). Prior to that, on Dec 27, a 2,896 sq ft unit on the 18th floor was sold for $15.99 million ($5,522 psf).

The latest sales transactions at Park Nova (Source: EdgeProp Buddy) serve as a testament to the popularity of the 54-unit luxury freehold condo, which is located at the junction of Orchard Boulevard and Tomlinson Road in the prime district of 10. Developed by Shun Tak Holdings from Hong Kong, the development received its temporary occupation permit in November last year. Interested buyers can check out the latest listings for Park Nova properties and ask Buddy for more information. They can also request for the site plan, diagrammatic chart, and project summary of Park Nova condo, as well as compare the price trend of new launch condos versus ECs, the total number of units in Park Nova, and generate a price trend graph for new launch condos in District 10.…

CapitaLand Investment (CLI) is entering the data centre market in Japan with its latest acquisition of a freehold land parcel in Osaka. The development of the data centre, which will entail a total investment of over US$700 million or $944.3 million, marks CLI’s first foray into the country.

The data centre, which will have a power capacity of 50 megawatts (MW), is set to be geared towards supporting artificial intelligence (AI) capabilities. CLI has announced that it plans to integrate energy-saving solutions such as advanced cooling technologies and adopt industry best practices in temperature management.

In line with CLI’s commitment to sustainability, the data centre will also prioritize the use of products with zero ozone depletion potential or with global warming potential (GWP) of less than 100, minimizing its environmental footprint.

According to Manohar Khiatani, senior executive director of CLI and head of the group’s data centre business, the acquisition aligns with CLI’s digitalization investment theme and strengthens its geographical presence in Japan, which is one of its key markets. “CLI’s strong balance sheet gives us the distinct advantage to strategically invest in quality assets such as data centres for our future private funds,” he adds. He also notes that Japan is a Tier 1 data centre market with tremendous growth potential.

With a projected compound annual growth rate (CAGR) of 10%, the Japanese data centre market is expected to reach US$38.7 billion by 2038, up from US$23.8 billion in 2023. Khiatani also highlights that Japan is the largest data centre market in Asia Pacific outside of China, with a capacity of 1.4 gigawatts.

“Our acquisition is well-positioned to capture the demand in Osaka’s established data centre cluster, with major cloud service providers such as Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle already having a presence in the area,” Khiatani states.

Michelle Lee, managing director, private funds (data centre) at CLI, notes that the demand for data centres is set to see double-digit growth, outpacing new supply. She adds that there is strong institutional interest in data centre investments, with 97% of investors planning to increase their overall investment in this sector.

Since October 2020, CLI has raised approximately US$600 million for its data centre development funds in Asia. According to Lee, this recent acquisition in Japan will help the group build on its momentum and identify “compelling investment pipeline opportunities” for its private fund investors.

With this latest acquisition, CLI has added 23 data centres to its global portfolio in 2021 alone. CapitaLand Group now boasts a total of 27 data centres across Asia and Europe, with a combined power capacity of around 800 MW and assets under management of approximately $6 billion on a completed basis.

On Feb 3, shares in CLI closed 4 cents lower, or 1.63%, down at $2.42.…