South Korea Residential Real Estate News

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• July 2023: Skyworld Development Bhd plans to launch new commercial projects in Kuala Lumpur with total estimated gross development values exceeding RM 1 Billion in the current financial year ending March 31, 2024. Skyworld will explore new growth opportunities by expanding its presence from Kuala Lumpur to the state of Selangor.
• January 2023: Gamuda Bhd’s unit is acquiring eight parcels of freehold lands in Rawang, collectively spanning 532 acres for RM360 million. Gamuda Land (Botanic) Sdn Bhd purchased these lands from Kundang Properties Sdn Bhd for a mixed development with a gross development value of RM3.3 billion over ten years. The group said these new lands are targeted for a 2026 launch and will contribute to the group’s earnings over the following six years as Gamuda Land continues to focus on high-value opportunities both in Malaysia and overseas, where it has established its presence, namely Vietnam, Australia, Singapore and the UK.

• February 2023: Coworking major WeWork India has started a new center in Pune with 1,500 desks and a 96,000-square-foot area amid rising demand for flexible office space from corporations. The new facility is located at Raheja Woods IT Tower, developed by K Raheja Corp. This is an asset-light deal, and the company has leased the entire building comprising five floors in this Kalyani Nagar property, spread across a deskspace of 1,500. This is the company's third facility in Pune. WeWork India has a portfolio of over 6.5 million square feet across 44 locations in Delhi-NCR, Mumbai, Bengaluru, Pune, and Hyderabad.
• April 2023: Coworking marketplace Stylework raises USD 2 million at a USD 20 million valued deal. Stylework's impressive growth and innovative approach have caught the attention of the industry, leading to a successful recent Series A1 funding of USD 2 million at a USD 20 million valued deal from institutional investors, including Capriglobal Holdings, QI Ventures & some undisclosed family offices.
• October 2022: Enterprise focussed workspace platform Smartworks announced its entry into Tier-2 cities, with centres in Jaipur and Indore spread across approximately 1.7 lakh sq. ft as part of its expansion plan. The company plans to add another three million sq ft in Tier 1 and Tier 2 cities including Delhi NCR, Bengaluru, Pune, Chennai, Mumbai, Hyderabad, Kochi, Ahmedabad and Coimbatore in this fiscal, bringing its total portfolio to 10 mn sq.ft.

• June 2023: UNDP, UN Women, and UN-Habitat yesterday brought together representatives from local communities, NGOs, development partners, and the private sector to discuss research on urban poverty and the innovative strategies used in a new project building resilience in low-income urban communities. It aims to strengthen residents’ resilience by supporting community-led groups to improve essential services and facilities, upgrade the physical environment of informal settlements, address gender-based violence, and promote livelihoods, skills, and job creation.
• February 2023: The Myanmar National Unity Government (NUG) housing project, Spring Bliss, reached preorders of more than 6,500 apartments within a day. The shadow government seeks to raise funds for the ongoing revolution against the military regime by selling or auctioning off military-owned property. The Spring Bliss houses will be built on land illegally seized by the military in Yangon’s Hlaing Tharyar, South Dagon, and Mingaladon townships.
• January 2022: A 10,000-room public rental housing project was underway in Dhakhinathiri Township of Nay Pyi Taw Council Area, Dagon Myothit (South) Township of Yangon Region and Patheingyi Township of Mandalay Region. Phase 1 of the project is on 171 acres of a land plot in Dagon Myothit (South) Township of Yangon Region, was 48% completed. Phase 1 by the Myanmar Construction Entrepreneurs Federation and Myanmar Licensed Contractors Association includes 194 building units for 3,104 rooms.

• May 2023: Sedco Development has partnered with Hamad M.AlMousa Real Estate Co. to develop a new 1.9 million square meter land development in Al-Qadisiyah, Riyadh. The project is part of SEDCO'S real estate strategy to make Riyadh a key business, commercial, and residential hub.
• April 2023: Dar Al Arkan, one of Saudi Arabia's largest real estate developers, has launched a new residential project in Riyadh called "Ai Masyuf." The project will offer various housing options, including villas, townships, and apartments.

• July 2023, Picking up and seeing off at the airport is one of the outstanding services of The Filmore Da Nang, contributing to perfecting the ultimate living space for its residents. This project increased its persuasiveness with solid implementation results during the most difficult period of the recent real estate market, confidently reaching its goal of becoming a desirable luxury apartment complex in Da Nang. Residents of The Filmore Da Nang can use the pick-up and drop-off service from home to Da Nang International Airport, with facilities and service standards equivalent to 5-star hotels and resorts.
• April 2023, Filmore Real Estate Development Joint Stock Company (Filmore Development) has just completed signing a memorandum of understanding (MOU) with POSCO E&C Group. The signing ceremony took place right at POSCO E&C headquarters in Korea. This is the opening event for an important cooperation between the two sides, aiming to exploit investment opportunities - developing luxury apartment projects in Ho Chi Minh City and a number of other fields in Vietnam.

• June 2023: The Primary Health Care Corporation’s (PHCC) Preventive Health Directorate has launched the pilot phase of the Ejlal Home Oral Health Care Services Programme for the Elderly in cooperation with the Home Health Care Services Department.
• August 2023: The second series of the “Hikma” training program is expected to begin early next September and will likely be held in cooperation between the Center for Empowerment and Care of the Elderly “Ihsan” and the Doha Institute for Graduate Studies, which includes four important programs (The Expert Advisor - My Experience, My Knowledge - Bridges - The Performing Identity of the Elderly). ), in an effort to strengthen the communication network between young people and the elderly people.

Feb 2023: The Space, a coworking organization from Saudi Arabia, and Vibes have united with an undisclosed value, creating a connection between 20 coworking sites in eight cities and a network of over 2,000 partners and clients from all around the world.

Dec 2022: Letswork, the Dubai-based subscription service and marketplace for on-demand workspaces, announced that it has raised a USD 2.1 million seed round. It is also soft launching in Riyadh, bringing its total markets to five, along with Portugal, Spain, and Bahrain. Participants in the round included 500 Global, The Space, DTEC Ventures, and other notable angel investors.

• February 2023: Foxconn announced an investment of USD 300 million to expand its manufacturing facility in North Vietnam. Now, the supplier is leasing a new site in the Quang Chau Industrial Park in Bac Giang province, east of Hanoi. A South China Morning Post report reveals that Foxconn has signed a lease with Saigon-Bac Giang Industrial Park Corp for a plot of 111 acres for approximately USD 62.5 million. The lease will run until February 2057.
• June 2023, The world's largest contract electronics maker and assembler, Foxconn, has received approval from Vietnam to invest USD 246 million in two new projects in its northern province of Quang Ninh.
• June 2022: No Va Land Investment Group Joint Stock Company announced the completion of a USD 250 million financing from a consortium led by Warburg Pincus. Through this collaboration, Novaland's strong existing market position in the real estate sector – as exemplified by its excellent track record of development and sales, access to a sizable land bank, and proven execution capabilities – will be complemented by Warburg Pincus' global real estate experience and expertise.

• December 2022: Egyptian developer Urbnlanes Developments, a subsidiary of Emeel Abdalla Investments, will launch a 3-billion-Egyptian-pound (USD 122 million) commercial project in the 5th Settlement, New Cairo, in the first quarter of 2023
• October 2022: Egypt's Afifi Investment Group acquired Uni Sharm Hotel in Sharm El-Sheikh and invested 400 million pounds ($17 million) to modernize the hotel, upgrade it to a 4-star category and introduce commercial and retail elements.

• June 2023: Prologis, Inc. and Blackstone announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for USD 3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today's market rents.
• May 2023: An experiential real estate investment trust, VICI Properties Inc., announced that it had signed agreements to buy the real estate assets of Century Casinos, Inc.'s Century Downs Racetrack and Casino in Calgary, Alberta, Century Casino St. Albert in Edmonton, Alberta, and Century Casino St. Albert in St. Albert, Alberta, for a total purchase price of USD 164.7 million. This move demonstrates both their continued drive to grow abroad and their faith in the Canadian gaming industry. They are also excited to assist Century's asset monetization strategy, which will open up new opportunities for their cooperation.