>

>

Mapletree Investments and PAG to acquire Hong Kong’s Goldin Financial Global Centre for US$713 mil

By Atiqah Mokhtar

/ EdgeProp Singapore |

January 12, 2023 7:44 PM SGT

Goldin Financial Global Centre (Picture: Mapletree Investments, PAG)

SINGAPORE (EDGEPROP) - Mapltree Investments, together with investment firm PAG, have entered into an agreement to form a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or US$713 million ($948 million).

Read also: Mapletree reports 6.2% y-o-y rise in net profits to $1.96 billion

The 28-storey office tower, located in Kowloon East, Hong Kong was the former headquarters of distressed investment holding company Goldin Financial Holdings. Completed in 2016, it has a total lettable area of 886,703 sq ft. The building was seized by receivers in 2020.

In Jan 12 press release, J-P Toppino, president of PAG, says the acquisition represents “very good value at a significant discount to replacement cost”. “This transaction further expands PAG Real Assets’ footprint in Hong Kong, where we see the ongoing post-Covid recovery creating attractive opportunities for us and our investors,” he adds.

Wong Mun Hoong, regional chief Executive officer, Australia & North Asia, Mapletree, comments that the transaction is a great opportunity to own a high-quality office building in Hong Kong. “With the reopening of the border with China and the easing of travel restrictions, we are confident of the recovery of the office sector in Hong Kong.”

Tags:

Mapletree Investments PAG Goldin Financial Global Centre Hong Kong

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00