Beijing to develop 122-storey skyscraper
Beijing is expected to develop a 122-floor skyscraper in the city’s CBD by 2015, making it the highest building in the Chinese capital, according to Xinhua news agency.Beijing’s newest skyscraper will comprise offices, apartment units and a hotel, as well as four underground levels...
Continue Reading • 27 Dec 2010
$36m record bungalow deal fizzles out
This year’s $36 million record deal for a bungalow in Sentosa Cove appears to have fallen through, with the buyer forfeiting the $500,000 deposit and more.According to a report from Lianhe Zaobao, Mr. Shen Bin, the buyer of the 14,983 sq ft, 99-year leasehold site located on Paradise Island...
Continue Reading • 27 Dec 2010
Aussie luxury home prices to drop next year
Prices of luxury homes in Australia may decline next year after listings of properties worth over A$1 million climbed by 40 percent, which is more than the average for this year, said the Real Estate Institute of Australia.“There's about a 5 percent gap in what sellers expect and what...
Continue Reading • 23 Dec 2010
US mortgage demand lowest in nearly a year
Mortgage applications in the US have dropped to its lowest level in nearly a year, as a series of interest rate increases took a significant toll on demand, according to the Mortgage Bankers Association (MBA).The industry group said the seasonally-adjusted mortgage application index dropped 18.6...
Continue Reading • 23 Dec 2010
HK's property market to continue growing
Despite the Hong Kong government’s series of cooling measures, as well as record high property prices and a volatile global financial condition, the city-state’s property market will likely continue its upward swing next year.Though a short break is expected to be seen in the first...
Continue Reading • 23 Dec 2010
UEM Land gets approval for proposed Sunrise acquisition
UEM Land Holdings Bhd has obtained the approval of shareholders for the proposed acquisition of real estate developer Sunrise Bhd for RM2.80 per share or RM1.39 billion.“The extraordinary general meeting (EGM) resolution for the takeover has been passed by shareholders along with the...
Continue Reading • 23 Dec 2010
Ho Bee sells another property for $48.5m
Ho Bee Investment has sold the Platinum 28, a nine-storey freehold high-tech industrial building located at 28 Genting Lane.The sale price is $48.5 million, which works out to around $591 psf for a net lettable area of 82,041 sq ft. Completed about two years ago, the project is now over 90...
Continue Reading • 23 Dec 2010
Singapore economic growth down to 5.2% next year
While an economic growth of 14.8 percent is expected to be seen in Singapore this year, financial services provider HSBC said the slowdown in growth next year at 5.2 percent is mostly due to the small contributions coming from net exports and a lowering in inventories, as the world restocking...
Continue Reading • 23 Dec 2010
More than a third of Punggol's Privé sold
Home buyers on Friday signed deals for over one third of the 680 apartments at the Privé, the first executive condominium project in Punggol.The project’s developers, NTUC Choice Homes Co-operative and Chip Eng Seng, had processed more than 270 sales options and said they were...
Continue Reading • 22 Dec 2010
First-time borrowers in the UK not benefitting from mortgage affordability
First-time mortgage borrowers in the UK are not currently being offered affordable loan terms, according to a source from property firm Savills.First-time home buyers will often need to put a substantial deposit and pay higher interest rates for their home, said Lucian Cook, director of...
Continue Reading • 22 Dec 2010
Landed homes' cap values climb faster than condos, apartments
Average capital values of Singapore landed homes have increased at a faster rate than those of private apartments or condominiums in the fourth quarter and the whole of 2010, according to latest figures from DTZ.DTZ’s analysis pertained only to resale non-landed and landed homes, or those...
Continue Reading • 22 Dec 2010
Wilmar to invest in China property market
Wilmar International plans to invest up to 889 million yuan ($175.6 million) in Yingkou City, China to develop three commercial, residential and hotel sites.The company said it has signed a master joint venture (JV) agreement with Kerry Properties and Shangri-La Asia to develop and manage hotels...
Continue Reading • 22 Dec 2010
More REIT listings next year
Real estate investment trust (REIT) listings could surge more strongly in 2011, with at least six initial offerings (IPO) coming up in Singapore if equity markets stay firm, said a senior banker at HSBC.These REITS are expected to be of a “decent size”, potentially raising between...
Continue Reading • 22 Dec 2010
Crowne Plaza debuts in Bangkok
The Crowne Plaza Hotels & Resorts brand is making its debut in Bangkok’s CBD. “This hotel provides the perfect launch pad for the Crowne Plaza brand in Thailand,” said Mark Winterton, general manager of Crowne Plaza Bangkok Lumpini Park.Providing panoramic views of the city,...
Continue Reading • 22 Dec 2010
Foreign developers to benefit from China property measures
The cooling measures implemented in China may actually be making it easier for foreign property developers to enter the Chinese market, according to Channel News Asia.The property measures may be putting off some Chinese developers from starting projects, which is good for foreign property...
Continue Reading • 22 Dec 2010
The Ritz-Carlton Residences Singapore celebrates topping out
The Ritz-Carlton Residences Singapore, the first Ritz-Carlton Residences in Asia, had its symbolic topping out ceremony on Monday to celebrate the structural completion of the 36-storey bespoke residence.“Today’s celebration marks a significant milestone for Hayden Properties and...
Continue Reading • 22 Dec 2010
CBRE to manage Sathorn Square in Bangkok
The world’s leading real estate services firm CB Richard Ellis (CBRE) has been appointed the property manager of Sathorn Square.Aliwassa Pathnadabutr, managing director of CBRE has signed a property management contract with Chris Delaney, chairman and executive director of Golden Land...
Continue Reading • 22 Dec 2010
Singapore's collective sales market booming
The total amount of collective sales transactions in Singapore in the first 11 months of the year reached S$862.3 million, up from S$176.3 million in 2009, according to data released by the URA.So far, the most expensive transaction in the en bloc market this year was the Meng Gardens Apartments,...
Continue Reading • 21 Dec 2010
Mortgage stress in Australia increases this year
The number of borrowers in Australia who are behind by one month or more in their mortgage payment has increased considerably in the 12 months to September, according to research released by Fitch RatingsThe agency said one percent of borrowers were a month or more behind in their scheduled...
Continue Reading • 21 Dec 2010
HK, Singapore are Asia's most investor-friendly economies
Hong Kong and Singapore are the top two most investor-friendly economies in the Asia Pacific underpinned by effective governments, “generous tax breaks” and openness to trade, according to a survey conducted by Singapore-based consulting firm Vriens & Partners Pte.Hong Kong takes...
Continue Reading • 21 Dec 2010