The recent sale of the Leela Kempinski Kovalam has made headlines as one of the top 10 hotel deals in Asia over the past year, according to data provided by the US-based research firm Real Capital Analytics.
Real Capital keeps a close eye on and analyzes real estate transactions exceeding $10 million, spanning various sectors such as apartments, hotels, retail, industrial, office spaces, and development projects globally. Notably, it has highlighted Noida as a prime location for real estate sales in the development site category due to a significant deal with the Wave Group for a large mixed-use project. Alongside this, Mumbai and Bangalore have also been spotlighted as active office markets within Asia. In the realm of apartments, Delhi and Mumbai emerged as prominent players in the market for the year ending March 31, 2012.
The Leela Kovalam transaction, valued at approximately Rs 500 crore, was the 10th largest hotel sale in Asia during the one-year evaluation period. This cherished property on Kovalam Beach was sold to Saudi industrialist Ravi Pillai last August.
Other major hotel players across Asia that have engaged in high-value property sales include Japan Hotel, LaSalle, Kingdom Holding, Hines, and Shui On Group.
While Indian firms have not made an appearance in the global top 10 concerning high-value real estate transactions in the recently completed financial year, several have proudly claimed their spots in the Asian rankings.
In the development site sector, Noida—an industrial hub adjacent to Delhi—holds the fifth position on the sellers' list in Asia, attributed to a deal involving industrialist Ponty Chadha-promoted Wave Group. This deal for the Wave Mega City Centre is estimated at around $1.4 billion (approximately Rs 7,140 crore at current exchange rates), as reported by Doug Murphy, the director of analytics at Real Capital.
When it comes to office spaces, cities like Bangalore and Mumbai are recognized as dynamic Asian markets. Murphy stated, "There were numerous locations for office sales in Bangalore and Mumbai, with the largest being the Embassy Manyata Business Park transaction in Bangalore, totaling around $537 million (Rs 2,738 crore), and the Citibank building in Mumbai at about $224 million (Rs 1,142 crore)". Both of these significant transactions occurred in August 2011.
Regarding apartment markets in Asia, Delhi and Mumbai continue to shine. Delhi ranks sixth, while Mumbai follows closely at the eighth position. Tokyo claims the top spot for high-value apartment deals, trailed by Singapore, Hong Kong, Osaka, Beijing, Delhi, Fukuoka, Mumbai, Nagoya, and Kuala Lumpur.
On the retail front, India has not secured a place in the top rankings for deals within Asia. However, Chennai is recognized as an active hotel market, sitting in the eighth position. Singapore leads this sector as the most active hotel market in Asia, followed by Hong Kong, Shanghai, Tokyo, Beijing, Seoul, Osaka, Chennai, Kuala Lumpur, and Suzhou.