by Willie Tan | Aug 14, 2024 | News
Bangkok Shopping Centers Report Strong Recovery in H2 2023, Driven by Foreign Tourism
The Bangkok shopping centre sector has shown a robust recovery in the second half of 2023, largely fueled by an influx of international tourists, according to RETalk Asia. Despite challenges from e-commerce competition and the COVID-19 crisis, shopping centres, including those managed by Central and Robinson groups, now hold about 27% of the market. Hypermarkets account for 28%, while The Mall Group, Siam Piwat, LH Group, Seacon Square, and Future Park hold smaller shares.
Real Estate Careers in Malaysia Surge Amid Market Recovery
Malaysia’s real estate sector is witnessing significant career growth as the market recovers, reports Bernama. AFZ Realty Sdn Bhd Managing Director, Afizan Mohktar, highlighted the rising demand for real estate consultants, who are crucial in sustaining property development and driving industry progress.
Indian Developer Zoya Developments to Invest AED2 Billion in UAE Market
Indian real estate developer Zoya Developments has announced its entry into the UAE market, with plans to invest over AED2 billion in the next three years, as reported by PropertyNews.ae. Their first Dubai project, located in the Furjan area, is set for completion by 2026 and aims to set new benchmarks in residential living with modern design and smart home technology. Zoya Developments, renowned in India for delivering over 100,000 units and developing more than two million square feet of prime real estate, will focus on prime locations in Dubai, including Furjan, Dubai Islands, and JVT.
Source: PropertyGuru Asia Property Awards
by Willie Tan | Nov 10, 2023 | News
CapitaLand Investment (CLI) and Pruksa Holding (PSH), Thailand’s prominent real estate entity, have disclosed the inception and successful initial closure of the CapitaLand Wellness Fund (C-WELL), a pioneering real estate fund centered around wellness and healthcare. In a collaborative effort, CLI and PSH have committed an initial equity investment of $350 million, aiming for a target equity size of $500 million. An option to expand this equity to $1 billion exists, with a projected asset value of $2.9 billion upon full deployment.
C-WELL represents the second collaborative venture between CLI and PSH, following the introduction of the CapitaLand SEA Logistics Fund the previous year. Positioned as a Southeast Asia-focused value-add fund, the newly established fund will concentrate initially on Singapore, Thailand, and Malaysia. Its investment focus encompasses single- or mixed-use assets within the wellness spectrum, encompassing residential, lodging, senior living, clinics, medical suites, and hospital facilities, along with wellness and lifestyle-oriented living solutions.
Additionally, the fund will allocate resources for strategic development opportunities in the broader Asia Pacific region. C-WELL adopts an operator-agnostic approach to investment, ensuring broad accessibility and diversity among its user base.
C-WELL’s primary objective is to meet the increasing needs of aging populations by developing purpose-built environments that foster wellness, comfort, and an elevated quality of life. This is particularly pertinent as both Thailand and Singapore are anticipated to transition into “super-aged” societies, with the senior population aged 65 and above projected to exceed 21% and 24%, respectively, by 2030.
In alignment with its asset-light strategy, CLI will maintain a sponsor stake in C-WELL, contributing to its funds under management and fee-related earnings, according to Patricia Goh, CLI CEO of Southeast Asia Investment. Meanwhile, Uten Lohachitpitaks, CEO of PSH Group, highlights the company’s commitment to elevating the lives of the elderly through multi-sectoral and community-level care initiatives in purpose-driven spaces. He emphasizes that the partnership with CLI is more than a mere investment, underscoring their dedication to redefining standards for wellness-focused real estate where individuals can thrive.
