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In this edition of Mingtiandi’s regional news roundup, Alibaba’s Lazada e-commerce unit leases an expanse of Singapore office space, China plugs loopholes exploited by buyers to load up on multiple properties, and Hyundai mulls a major design change for its planned Seoul headquarters.
Singapore’s ARA Asset Management and its partners from the UK’s Chelsfield have cashed in on the upswing in Singapore’s e-commerce market by leasing more than half of a recently renovated office project to a unit of Alibaba.
Lazada, an online marketplace owned by the mainland e-commerce giant, has leased 140,000 square feet (13,006 square metres) at 5One Central in Bras Basah, according to recent leasing data. ARA and Chelsfield had teamed up to buy the 241,000 square foot project (then known as the Manulife Centre) for $408.8 million in early 2019. ....

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