Ascot Acquires a Hotel in the Asakusa Area of Tokyo

Japan-based Ascot Co., Ltd.(“ACL”) has acquired a hotel in the Asakusa area of Tokyo’s Taito Ward. The acquisition is done through a special purpose company (SPC) in September 2022, and will be part of ACL private placement fund. The 13-storey property that was completed in June 2020 is located 4-minute walk away from the Tokyo Metro Asakusa Station. As of February 2023, ACL has won the Good Design Award for seven consecutive years, with a total of 18 developments.

Hotel at Temple Street Hong Kong Sold for HKD88 Million

Tang Shing Bor Family has recently sold the hotel at 129-131 Temple Street, Hong Kong for HKD88 million. Located at Jordan, the property can be accessed on foot from the Austin MTR Station and the Hong Kong West Kowloon Station. The 18-storey property has a land area of 1,182 square feet and a gross floor area of 10,471 square feet. The 37-key property was previously leased to A3 Hotel and Paris Hotel, and currently is taken over by the LINKo Residence with a monthly rent of HKD230,000. 

LHN Limited acquires Singapore Office block for SGD80 million for Co-Living Venture

Singapore-based LHN Limited (“LHN”) acquires the Singapore Commercial Office block for SGD80 million, at a 5.9% discount from the original asking price of SGD85 million. LHN’s co-living division Coliwoo has signed an agreement for the en-block purchase of the GSM Building opposite of the Nanyang Academy of Fine Arts at the corner of Waterloo Street and Middle Road. The 12,003 square-foot leasehold commercial site currently still has 59 years remaining on its lease. The project site is located at 141 Middle Road and is currently split into 31 strata-titled office spaces on the upper levels and two retail units on the ground floor. The site is within 10-minute walking distance of the Bencoolen, Bras Basah, and Bugis MRT stations and Singapore Management University. This is reportedly Coliwoo’s third purchase in the past six months, with the company planning to convert the assets into a mixed-use building with serviced apartments and commercial units. The property has been approved by Singapore’s Urban Redevelopment Authority (URA) for up to 50,411 square feet of floor area.

The Inauguration of Project Hanimaadhoo International Airport Expansion

Maldives President Ibrahim Mohamed Solih and the Minister of External Affairs of the Republic of India, Dr Subrahmanyam Jaishankar has inaugurated the expansion project for Hanimaadhoo International Airport. The Hanimaadhoo International Airport development project (“HIADP”) has been awarded to India based JMC PROJECTS (INDIA) Ltd. for approximately USD136 million. Funded under the USD800 million concessional Line of Credit extended by the Government of India, HIADP will include a terminal with the capacity to cater for 1.3 million passengers per year and will have a 2.46 kilometre new runway, which is expected to be operational by 2024. President Solih mentioned that this mega project would see economic prosperity through increasing tourism facilities, drive job creation in the northern atolls, and transform the region into an economic hub.

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