Most of the capital's luxury real estate projects are encountering poor sales even in the back-to-boom market, industry insiders revealed. Nearly 70 per cent of the property for sale in the 30 most expensive developments remain on the market, where some have languished for more than four years, according to Beijing Times. Figures from the Beijing real estate trading management website, an official portal...
Overseas Property
Unruffled by the moribund United States housing sector, New York's residential property market is booming. With mortgage rates and property prices at historic lows, the city's affluent residents are cashing on the economic conjuncture to get a pad at bargain values. Real estate agencies are reporting a surge in activity in private home sales in the Big Apple in recent months. "Right now we are actually...
Beverley Kirby gave up trying to buy a house on her own in London's Chelsea area after twice getting burned by owners reneging on agreements to sell to her. The night before Ms Kirby was due to sign for one £4.5 million (S$9.5 million) house a year ago, she was trumped by an offer that was £500,000 higher. The aborted deal cost her £4,000 in fees and left her with a few months to vacate the apartment...
Pru Asset launches China equity fund, says property sector there not a bubble Some market experts expect equity funds targeting China to enjoy yearly double-digit returns for the next five years. Four China-focused equity funds in Singapore recorded returns of up to 7 per cent in the three months to mid-August. And Prudential Asset Management is hoping to get in on the act with a new China equity fund...
If ever a building threaded itself into the hallowed history of New York City, it is the red brick town house at 41 Charlton Street, framed by lustrous wrought-iron railings topped with little pineapples, a symbol of hospitality. Built in 1827 by John Jacob Astor, it occupies what was originally the site of Richmond Hill, the Georgian mansion that served as Aaron Burr's country seat. Over the decades the...
Mainboard-listed luxury resorts operator Banyan Tree says one of its subsidiaries is selling a hotel asset in Thailand for some S$110 million. The subsidiary, Laguna Resorts & Hotels, is selling the "Dusit Thani Laguna Phuket" in Phuket to Dusit Thani Public Company. The expected gain on disposal for Banyan Tree is about S$68.4 million. The excess of the sale proceeds over the book value is expected...
Beijing's efforts to deter property speculators look to be paying off China's property prices rose at the slowest pace in six months in July as the government clamped down on speculation to prevent asset bubbles and keep housing affordable. Prices in 70 major cities climbed 10.3 per cent from a year earlier, the Statistic Bureau's newspaper, China Information News, reported this morning. That was less...
CapitaLand said its Ascott Residence Trust or Ascott REIT has entered into an agreement to sell a rental housing property, Country Woods, in Jakarta for S$33.9 million. It said this is the highest price submitted in a competitive bidding process and is 60 per cent above the property's valuation as at June 30. It added that Ascott REIT is expected to enjoy an estimated net gain of S$5.7 million from the...
Sydney undersupplied, but Melbourne is where potential lies Singaporean property buyers who may be looking for opportunities to invest Down Under should consider picking up Melbourne residential properties given the high housing demand and potential for price appreciation there. "Australia remains in chronic undersupply in housing," said Mr Bob Johnston the managing director of Australand, the...