CapitaLand Malaysia Trust Buying Johor Assets and More Asia Real Estate Headlines

Yong Su-Lin, CEO of CapitaLand Malaysia REIT Management

CapitaLand’s Malaysia REIT agrees to buy three industrial properties in Johor, with that deal leading today’s headline roundup. Also making the list, GLP’s Japan REIT breaks ground on a Greater Tokyo project and Australia’s Salter Brothers eyes an Asia Pacific hotel IPO.

CapitaLand Malaysia Trust Buying Johor Industrial Assets for $16M
Singapore-listed CapitaLand Malaysia Trust on Wednesday signed a conditional agreement to acquire three Johor properties for MYR 72 million ($16 million) from local builder Gromutual.

The trio of single-storey factories are located in Senai Airport City, an industrial hub in the Senai region, which is part of Malaysia’s Johor-Singapore Special Economic Zone. Read more>>

GLP J-REIT Redeveloping Greater Tokyo Warehouse
The manager of GLP J-REIT announced Tuesday that it has broken ground on the development of its GLP Narashino II project near Tokyo.

The project is redeveloping a 55,185 square metre (594,006 square foot) site in Chiba prefecture’s Narashino City into a 127,680 square metre, five-storey warehouse, which is expected to be completed in December 2026. Read more>>

Melbourne’s Salter Brothers Said Aiming for 2026 IPO of APAC Hotels
Melbourne-based fund manager Salter Brothers is advancing plans to list a hotel vehicle by 2026, with hopes to build its portfolio into the largest in Asia Pacific as it expands to more than A$3 billion ($1.9 billion) in assets over the next five years.

The company is privately working up a scheme that will see it first raise funds via a convertible note to wealthy investors early next year and then undertake an initial public offering of key hotels by early 2026. Read more>>

Hong Kong Retail Closing Wave Continues
More restaurant operators in Hong Kong are shutting down or taking their business elsewhere amid an increasingly challenging retail environment as local residents spend their money outside the city and mainland Chinese tourists scrimp on their shopping and dining.

Eggslut will pull out this month, less than two years after opening in Fashion Walk in Causeway Bay, the Los Angeles-based sandwich chain said Tuesday. Transformers: The Ark Restaurant will shut its hamburger and pizza outlet in Soundwill Plaza on Russell Street on 8 February and relocate to Shenzhen, it said Wednesday. Read more>>

MCL Land, CSC Land JV Launches Condo Sales in Singapore
MCL Land and CSC Land will start previews for their Clementi project Elta on Friday, with prices starting at S$1.16 million ($860,000) for one-bedroom units.

Located in Clementi Avenue 1, the 99-year leasehold development will house 501 units in two 39-storey blocks. The smallest units, one-bedders at 506 square feet (47 square metres), are priced from S$1.16 million, or S$2,288 per square foot. Read more>>

Frasers Hospitality Trust Sees Revenue Rise as Travel Booms
Frasers Hospitality Trust recorded an increase in revenue per available room across its portfolio in the quarter to the end of December, boosted by sustained travel demand in all key markets.

Singapore-listed FHT is a stapled group comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust. Read more>>

AI Boom Seen Boosting Keppel Profits
The AI boom helped Singapore-based asset manager and operator Keppel post rising 2024 profits, as companies flocked to build more data centres to power AI services.

Keppel reported a 2024 net profit from continuing operations of S$1.06 billion ($783.7 million), up 5 percent. Profits at the firm’s connectivity arm, which handles its data centres, surged 45 percent to reach S$184 million, making up 17 percent of Keppel’s annual profit. Read more>>

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