Property developer City Developments Limited (CDL) is in talks to sell a land site in shopping belt Jalan Bukit Bintang for a price tag of more than RM3,000 ($1,282) per square feet (psf), a fee that could become Malaysia's most expensive land deal, according to the Malaysian newspaper Business Times. The sale of the land parcel in downtown Kuala Lumpur could top Malaysian developer Sunrise Berhad's...
Overseas Property
While local residents complain about escalating property prices from Guangzhou to Beijing, the comparative value for money still tempts foreign investors, especially those who have lived and worked in Chinese cities for a long time. With China's growing importance as a major international financial power coupled with the property boom post-Olympics and post-World Expo, more and more foreign buyers are...
Hongkong Land has posted a net profit of nearly US$$1.4 billion for the first six months of its fiscal year. This overturns a loss of US$402.4 million in the year ago period while revenue for the same period stood in at US$765.1 million. This was a 46.7 per cent increase when compared to the same period a year ago. The group attributes the growth to relatively robust demand for office and retail space...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has expanded its presence into Bali, Indonesia. It has won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to manage a 174-unit serviced residence in Kuta, to be called Citadines Bali Kuta. The new serviced residence, which is targeted to open in 2012, will be located on the main arterial road of Jalan Raya Kuta,...
Sale brings in HK$8b for firm, partners as demand stays strong Sun Hung Kai Properties Ltd, the world's biggest developer by market value, has sold 300 flats at an apartment project in Hong Kong's Island South district over the past two weekends. The sale at the Larvotto project has brought in a total of HK$8 billion (S$1.4 billion) in revenue for Sun Hung Kai and partners Kerry Properties Ltd and...
CapitaLand's Australian unit, Australand, said on Tuesday that it returned to the black for the first half this year. Australand's net profit for the six months ended in June came in at 72.2 million Aussie dollars. That's a reversal of the 268.8 million Aussie dollar loss it incurred over the same period last year. Much of the improvement was due to investment property revaluation gains of 11.7 million...
Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake. The...
Sun Hung Kai may put up another 50 apartments for sale this week Sun Hung Kai Properties Ltd, the world's biggest developer by market value, will put another 50 luxury apartments up for sale in Hong Kong after buyers snapped up all 92 flats in a first batch put up for sale over the weekend. The company sold the apartments at its Larvotto project at an average of about HK$40 million (S$7.1 million) per...
Mainboard-listed Amara Holdings' hospitality arm, Amara Hotels & Resorts, says it will develop its first hotel in central Bangkok. The 272-room hotel will be located on Surawong Road, an area known for its rich and colourful local entertainment and shopping activities, as well as the financial district of Bangkok. Amara says the location was also chosen for its convenient access to and from...
Govt may fine-tune property policy as economy softens in the coming months Investors who bet that China will declare an early end to its property tightening campaign are doing so at their own peril. While the government is likely to fine-tune property policy as the economy softens in the coming months, it is not about to reverse tightening measures that it believes are critical to safeguarding China's...