CapitaLand's wholly-owned subsidiary, The Ascott has extended its footprint to Frankfurt, Germany's financial and transportation hub. It will invest S$50 million to acquire a turnkey serviced residence property in the city, which is slated to open in 2014. This follows the company's expansion into Germany's second largest city, Hamburg, in January when it signed a sale and purchase agreement for...
Overseas Property
CapitaLand's wholly-owned subsidiary, The Ascott, has clinched a contract from China Overseas Property to manage the first international brand of serviced residences in Macau. The premier serviced residence, slated to open in 2014, is to be named Ascott Paragon Macau. Ascott said the residence is not only its first entry into Macau, but it also strengthens the group's leadership position as the largest...
Tianjin Eco-city has signed six new investment deals and secured strategic partnerships, bringing in total new investments amounting to about 500 million yuan. Singapore Senior Minister Goh Chok Tong witnessed the signing ceremony in Tianjin on Sunday. Companies involved in the signing include General Motors, Keppel Integrated Engineering, LHT Holdings, Panasonic, Philips, and Sky Communication. The new...
Effective 1 May, real estate agencies in Hong Kong could have their licenses permanently revoked if they violate new regulations on the sales of primary residential properties, according to the Estate Agents Authority. The authority has updated its guidelines for property sales in order to prevent the recurrence of cases similar to The Icon scandal. According to the latest regulations, sales agencies are...
Mainboard-listed Ying Li International Real Estate said it has signed on key tenants and is set to launch its retail mall, in the heart of the CBD area of the Chinese city of Chongqing, in the fourth quarter of this year. The company has signed up China's leading cinema and entertainment group, Poly Cinema, as one of the key tenants of the IFC mall. It will be the entertainment group's flagship cinema...
Global home prices climbed only 2.8 percent last year, as more markets saw negative growth in the fourth quarter, according to the Global House Price Index 4Q 2010 by global real estate agent Knight Frank. Asia Pacific recorded the highest price increases at 7.5 percent per annum, followed by the Middle East at 5.3 percent and South America at 3.8 percent. However, 41 percent of the total markets...
European companies in China ranked Shanghai as the most attractive city to locate their Asia-Pacific headquarters as the Chinese city provides companies with direct access to the region's biggest market, a survey showed yesterday. Hong Kong and Singapore ranked the second and third most preferred locations out of 15 cities examined in the survey, which was conducted by the European Union Chamber of...
When Macarena Chiriboga came to Bali in 2009, she had just finished a master's degree in architecture in the United States, doing her thesis on the use of bamboo as a building material. The trip was meant to be a vacation. But drawn by the unusual architecture of a school on the island - the Green School, whose buildings are all made from bamboo - she was soon back, and is now designing buildings for the...
The central Chinese government has sent eight “special” teams to evaluate the effects of the real estate tightening measures implemented across the country, in a move to prevent a housing bubble from creating social unrest. “The key point (of the move) is probably to reiterate that the government is serious about property controls and will work firmly to stabilise property prices,” according to an...
China's revenue from the sale of land rights last year totalled 2.9 trillion yuan (S$564 billion), but only 1.6 per cent went towards the construction of low-rental housing units, far below the proportion recommended by the Ministry of Finance, the China Business News reported yesterday, citing its own calculations. China spent 46.3 billion yuan on the construction of low-rental housing units last year,...