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Billion-dollar building? Big deal. As local corporations expand and international companies enter the Asian market, demand for commercial real estate is soaring. In the past year and a half, there have been five separate billion-dollar real estate deals in Asia. If Morgan Stanley buys Seoul's Daewoo Building for $1 billion, that will make six.
By Maya Roney
It wouldn't be the New York-based investment firm's first pricey foray into Asia's real estate market: In April, Morgan paid $2.4 billion for 13 luxury hotels from All Nippon Airways—Japan's largest real estate deal ever by an overseas investor and Asia's biggest of the past 18 months. Also in Japan, and specifically Tokyo—the second most-expensive office market in the world behind London, according to CB Richard Ellis—Pacific Century Place sold for $1.71 billion last September, and the Shuwa-Shiba Park building fetched $1.24 billion in June, 2006.
Hong Kong is also a hot market for big buildings, and Singapore is growing fast, but it's the undervalued cities, such as Seoul and Shanghai, that are likely to see much of the action in 2007 and 2008.
The following slides highlight Asia's biggest recent real estate deals; all transaction prices are in U.S. dollars.
Using Post-Its plus Zone and Sector tool to generate consensus about the 'Core', 'Important' and 'Would Be Nice To Include' elements of a Permaculture Intro Course
Students undergo lab and facility training as part of Intro to Engineering".
Photo by Douglas Fraser.