Houston-based real estate investor Hines is planning to develop a $1 billion mixed-use complex in Busan, South Korea, while Boustead Singapore has proposed to privatise its property and construction subsidiary Boustead Projects.
Mixed-use project to be Hines’ largest in Korea
Hines is planning to develop a $1 billion mixed-use complex in Busan, South Korea’s second-largest city, according to a company statement.
Spanning over 180,000 square metres in the city’s Haeun-dae district, the Global Quantum Complex will be Hine’s largest project in Korea and one of the country’s five tallest buildings upon completion.
The 74-storey tower will feature a research facility, office segment, and lifestyle amenities catering to global and domestic corporations and residents. The construction for the project will commence in 2024 and is expected to be completed in 2027.
“South Korea is an important growth market for Hines, and we are looking forward to partnering with the City of Busan as we continue to expand our business to innovative new sectors like quantum computing,” said Ray Lawler, Chief Executive Officer, Asia Pacific at Hines. “As more global companies increase their interest and demand for it, they will now be able to look to Busan and this mixed-use development as their next location for the future.”
The Global Quantum Complex is expected to bring $3.6 billion in economic value and create 18,000 jobs.
Boustead to pay $213m for privatisation of realty unit
Boustead Singapore, an SGX-listed engineering group, has proposed to privatise its property and construction subsidiary Boustead Projects at 90 cents per share, according to a recent regulatory filing.
The premium of its closing price on Monday has set the valuation of Boustead Projects at S$281.9 million ($212.5 million).
Boustead said that profits of Boustead Projects’s engineering and construction business have significantly decreased due to the impact of COVID-19 compared to its historic profit in the pre-pandemic era.
Hence, the group aims to rebuild its subsidiary as a private company “without the additional obligations that come with being a listed company on the Mainboard of the SGX-ST, including but not limited to the compliance costs and time dedicated to regulatory and reporting obligations,” the statement read.
The delisting would allow Boustead Projects to simplify its structure as its parent company takes full control to run the business. The simplification will help it focus on operations and increase competitiveness, enhancing shareholder value.
