Prices of luxury condominiums in central Bangkok rose by 11.5 percent during 2011, according to the country’s Agency for Real Estate Affairs (AREA). A survey last month noted average prices now stand at THB 145,000 per sq m (S$5,804 per sq m) at developments in the Ploenchit, Chidlom, Pathunwan and Ratchathewi prime areas of the Thai capital, with some 1,953 units currently on the market. Sopon...
Overseas Property
China's December home prices posted their worst performance last year, with only two of the 70 cities tracked posting gains, and may drop further as Beijing sticks to its campaign to bring housing costs back to levels that the government considers reasonable. Prices in 52 of 70 cities monitored by the government declined from the previous month, the National Statistics Bureau said yesterday. New home...
The Chinese capital city of Beijing will maintain restrictions on home purchases this year to continue to cool the property market, the Dow Jones news agency reported Friday, citing the city's Mayor. Housing prices in the city fell 11.3 per cent last year, while private home sales fell 14 per cent in the period. First-time home buyers accounted for nearly 90 per cent of all sales last year, said Beijing...
Frasers Hospitality, the serviced apartment arm of listed Fraser and Neave, broke ground yesterday for its second property in Jakarta. Frasers will manage 210 ultra-deluxe apartments in the property, Frasers Suites Kuningan, at Ciptutra World 2. Located in the heart of Jakarta's golden triangle, it comprises twin towers of 45 storeys each. The complex, which also includes the W Hotel, is expected to be...
The head of CapitaLand Group says second-tier cities in China hold a great deal of potential for property development. Chief executive Liew Mun Leong told Channel NewsAsia he is on the lookout for value properties in China to grow the Singapore-based company, despite Chinese government measures to cool investment. He pointed to a 30 percent growth last year in tenant sales in second-tier Chinese cities...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has secured a new management contract for its first Citadines Apart'hotel in Surabaya, Indonesia. In a filing with the Singapore Exchange, it says the 288-unit Citadines Marvell Surabaya is scheduled to open in 2014. Ascott is the largest international serviced residence owner-operator in Indonesia, with over 2,100 apartment units...
A consortium led by CapitaLand is pumping in 21 billion yuan (S$4.3 billion) into developing a prime site in Chongqing, China. It has signed a cooperation agreement with the Chongqing government. Under the deal, the CapitaLand-led consortium will develop the site in the heart of Chongqing's Yuzhong District into a landmark mixed development. The development, located on a prime site in Chaotianmen, will...
Luxury home prices in central London rose for a 14th consecutive month in December amid tight supply and demand from overseas buyers seeking safer investments, Knight Frank said. Values of houses and apartments that cost an average of £3.7 million (S$7.4 million) rose by an average of 0.8 per cent from a month earlier, the broker said in a report yesterday. Prices are now 7 per cent higher than their...
China may look to roll out its property tax scheme to the cities of Guangzhou, Nanjing, and some second and third tier cities in the country's midwest, the Shanghai Securities News reported on Friday, quoting a government researcher. The government "won't rule out the possibility of implementing the tax" in Guangzhou, Nanjing, and second and third tier cities in the midwest region, said Mr Jia Kang, head...
CDL China Ltd, a wholly-owned subsidiary and the China division of Singapore's City Developments Limited (CDL), has acquired its third site in the past 13 months. The land is located in the southwestern city of Chongqing and has a gross floor area of approximately 1.2 million square feet. CDL said it is zoned for residential and commercial purposes. The company plans to build 900 residential units and a...