The threat of a global economic slowdown is intensifying risks in Hong Kong's home market and the government will monitor housing policies designed to curb prices, said Financial Secretary John Tsang. "The deepening of the European debt crisis and stalling growth in the United States could affect Hong Kong's economy and may bring turmoil to global financial markets," Mr Tsang told lawmakers in Hong Kong...
General
Average capital values across luxury residential markets in Asia dropped 0.2 percent in the third quarter of this year, according to the latest Residential Index from Jones Lang LaSalle (JLL). JLL added that price growth has steadily slowed from the 7.4 percent quarter-on-quarter rise recorded in Q3 2009. In Q3 2011, sales activity cooled further, with fewer launches and sales recorded in most markets...
The Ascott Limited (Ascott), a wholly-owned subsidiary of CapitaLand, has secured a contract from Nusajaya Consolidated Bhd to manage the Somerset Puteri Harbour Iskandar, its first serviced residence in Iskandar, Malaysia. Scheduled to open in 2013, the 204-unit project will be developed in a new joint venture between Malaysian developers UEM Land Bhd and United Malayan Land Bhd. Somerset Puteri Harbour...
Strong application rates are expected for Trivelis, a new Design, Build and Sell Scheme (DBSS) project in Clementi which was launched on Wednesday. Located at Clementi Avenue 4, Trivelis is the first DBSS development in the area. Trivelis is also situated right next to Clementi MRT station and Clementi Mall. E-application started on Wednesday and will last till October 31. As of 9pm, there were about...
The tender for a land parcel at Yishun Avenue 7/Canberra Drive closed on Tuesday with a total of eight bids. The 99-year lease property received a top bid of S$213 million from MCC Land, according to a release by the Housing and Development Board (HDB). The second highest bid of S$197.5 million came from Sunmaster Holdings, while the S$190 million joint bid from Russville Pte Ltd and Low Keng Huat...
Mainboard-listed CDL Hospitality Trusts (HT) has announced a 9.1 per cent increase in its third quarter distribution per unit to 2.77 cents, up from 2.54 cents in the same period last year. The increase was attributed to its performance in its hospitality portfolio and contribution from Studio M Hotel acquired in the second quarter of 2011. The latter added S$2.8 million to its gross revenue. All in, CDL...
Singapore-listed mall developer CapitaMalls Asia (CMA) said it will jointly develop the largest shopping mall in Suzhou, China through a joint venture with a Chinese partner. In a stock exchange filing, the mall developer said it will have a 50 per cent stake in the venture and will share half the costs of around S$686 million. The project development will cost about S$1.3 billion. CMA signed the...
The National Development Ministry has said it is aware of the rich heritage of the Bukit Brown cemetery and is working with civic groups to document graves that will be affected by planned developments. Plans for a new road running through the old cemetery have drawn some criticism for its lack of sensitivity to the area's history. The Singapore Heritage Society has also said it was not consulted. A...
Singapore-listed Chinese developer Yanlord Land Group has bought two adjacent residential sites in the southern Chinese city of Zhuhai for 3 billion yuan (S$598 million) together with Ho Bee Investment and Shanghai Youyou Group. The sites have a combined gross floor area of 499,329 sq m and were purchased at an average 6,000 yuan per sq m, Yanlord said yesterday. Yanlord will own 60 per cent of the joint...
A new Design, Build and Sell Scheme (DBSS) project, Trivelis, will be launched this week at Clementi Ave 4, about five minutes from Clementi Mall and the MRT station. The developer of the project, EL Development Pte Ltd, has also released indicative prices for the units - S$375,000 to S$470,00 for a 3-room flat, S$530,000 to S$650,00 for a 4-room unit, and S$658,00 to S$770,000 for a 5-room flat. More...