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Blackstone Group LP, which is taking part in the refinancing of luxury Singapore properties, is prepared to wait as long as five years for a turnaround in residential prices to see higher returns on the transaction.
Blackstone and Malaysia’s CIMB Bank Bhd. agreed this week to take part in a financing for a luxury hotel, retail and residential development, owned by City Developments Ltd, Singapore’s second-largest developer, on Sentosa island.
Blackstone Group LP (BX) which has put $1 billion of equity this year into Asian real estate, says it’s poised for more deals in the region as maturing funds sell assets and banks retreat amid new regulations.
“As the competition has receded, the investment landscape has become more interesting,” said Chris Heady, the firm’s regional head of real estate investing in Hong Kong. “We believe this competitive dynamic will persist for some time.”
SINGAPORE: Global asset manager Blackstone is intent on expanding its business in Asia. With over US$248 billion assets under management, the firm opened its first Singapore office on Monday at Marina Bay Financial Centre.
Citing Singapore as a “critical hub” for the firm and all of its business in Asia and globally,
