CENTURY BRIDGE IN $204M JIANGSU RESIDENTIAL JV AND MORE ASIA REAL ESTATE HEADLINES

Leading today’s roundup, China and Texas-based private equity firm Century Bridge, along with Germany’s Deutsche Finance Group, have teamed up with a mainland developer for a 1,427-unit residential project in eastern China’s Jiangsu province. Also in the headlines, the flexible workspace boom continues with Singapore-based JustCo aiming to build a 100-strong platform of co-working centres across Asia within two and a half years. And the Australian unit of Chinese builder Country Garden has revealed its development plans for a housing site it picked up in suburban Melbourne last year, while Singapore’s Perennial Real Estate has grabbed a majority stake in a housing project in Indonesia.

Century Bridge Invests in $204M Xuzhou Housing Project

Century Bridge announced recently that, together with co-investor Deutsche Finance Group, it has invested $11.1 million in a real estate development for a middle-income, residential project in Xuzhou, China. The investment will be made through a joint venture with Zhongliang Real Estate Group.

The $204 million project includes total gross buildable area of 231,535 square metres on a site of 74,487 square meters/801,780 square feet. Residential use will comprise about 177,573 square metres, or around 1,427 units. 

JustCo Targets 100 Asia Locations by 2020

Co-working space operator JustCo plans to set up 100 centers by 2020 in Asia and is looking to acquire firms that complement its operations, Chief Executive Kong Wan Sing said on Thursday.

“We are tapping into companies’ need for flexibility,” Kong told Reuters in an interview in Bangkok. JustCo opened its first co-working center outside of Singapore in Thailand this year with plans to add offices in Jakarta and Shanghai by year end, towards a goal of 50 centers in Asia by 2019, each with minimum space of 3,000 square meters, he said. 

Country Garden Unveils 4,500-Home Plan in Melbourne Suburb

Chinese-backed developer Country Garden Australia has announced its development plans for the 363-hectare parcel of land it acquired last year for a record $400 million.

The developer has unveiled plans for a 4,500 house masterplanned community that will house 12,500 new residents in Melbourne’s newest suburb, “Mambourin.” The 363-hectare site in Melbourne’s western growth corridor is located 40km from Melbourne’s CBD, and will have an estimated end value of $1.9 billion. 

WeWork Labs Launched at 3 Seoul Co-Working Centres

WeWork, a start-up that provides co-working office space to other start-ups, launched its WeWork Labs accelerator at three of its locations on Friday. “Korea is one of the most exciting places to be an entrepreneur,” said Roee Adler, the global head of WeWork Labs, during a media conference at WeWork Labs Yeoksam Station II in southern Seoul on Thursday.

While WeWork simply offers businesses working space and amenities, WeWork Labs facilitates start-up growth and overseas expansion. The new Labs, in addition to Yeoksam, are coming to WeWork’s locations in Euljiro in central Seoul and Yeouido in western Seoul. A fourth Labs at WeWork’s Seolleung branch is due to open in July. Korea is the first Asian country where WeWork has opened Labs. 

Perennial Unit Picks up 60% Stake in Indonesia Site for $15.6M

Perennial Real Estate Holdings has, through its wholly-owned subsidiary Perennial SL, acquired an effective 60 percent stake in a land parcel located in Sentul City, Bogor Regency, Indonesia, for a consideration of $15.6 million.

This was accomplished with Perennial SL’s acquisition of a 100 percent interest in Sanctuary City, a company that owns a 60 percent stake in the 246,982 square metre land parcel known as PT Bhakti Bangun Harmoni (BBH). The land parcel will be jointly developed into a predominantly-residential development by Perennial with Indonesia’s PT Cipta Harmoni Lestari, which holds the remaining 40 percent interest. 

Greenland USA Shakes up Sales Team at Metropolis in LA

Amid a long construction cycle, the musical chairs continues at Metropolis. The Agency team selling condos at Greenland USA’s three-tower project in Downtown Los Angeles is now handling sales at Tower 2, leaving the remaining unsold units to another agent. The 308-unit tower, which was completed in June, is 80 percent sold, the brokerage said Wednesday.

Lapchih Fan, an agent at LF8 Real Estate, will handle the remaining 60 or so units. James Harris and David Parnes, also at the Agency, are now co-listing all of the penthouses in the development with the Agency Development Group.