Surging US home foreclosures rose to another record in May, according to a survey Friday which showed home foreclosure actions hit a fresh all-time high of 261,255. A building up for auction in Baltimore The survey by research firm RealtyTrac said the percentage of foreclosure actions -- including default, auction sale notices and bank repossessions -- rose seven percent from the prior month and spiked...
Overseas Property
Mainboard-listed Yanlord Land Group said 60 per cent of the first batch of 130 apartment units, launched in Shanghai Yanlord Riverside City Phase Three, were sold during the opening weekend earlier this month. This translates to an initial sale of 77 units. The average selling price per square metre rose 13% to about RMB 39,000, compared with the RMB 34,500sqm in Phase Two sold in January this year. The...
Raffles Hotels & Resorts is set to open in Moscow in 2011. The 130-room Raffles Moscow will be managed by Raffles under a long-term contract that may last more than 20 years. An agreement was sealed with its partner ALT Corporation, witnessed by Senior Minister Goh Chok Tong who is currently on a visit to Moscow. Raffles Hotel said the new property will be located in Moscow's business district, near...
The Iskandar Malaysia project will go ahead as planned, Malaysia's High Commissioner to Singapore N Parameswaran said on Thursday. Malaysian Prime Minister Abdullah Badawi's poor showing in the recent general elections has left investors concerned about his pet project - Iskandar Malaysia, which was launched in late 2006. However, the High Commissioner noted that the project - a special economic zone...
Singapore’s Frasers Hospitality is expanding into Indonesia for the first time. It has announced plans for 270 luxury service apartments and penthouses to be housed within the Ciputra World Jakarta development (picture), which is slated for completion by mid-2011. Fraser Suites Jakarta will be located in a 30-storey tower, with leisure and fitness facilities such as a swimming pool, tennis courts and...
Parkway Trust Management , the manager of Parkway Life Real Estate Investment Trust, is investing in two nursing homes in Japan for some S$34m. One of the homes is located in Yokohama City, Kanagawa Prefecture and the other is in Ibaraki City, Osaka. The vendor of both properties is nursing home operator ZECS Community Co. Under the sale and leaseback agreements, ZECS CC will lease back 100% of the...
Mapletree Investment, the real estate branch of Singapore investment firm Temasek, has signed an agreement with China's Guangzhou Southern-Donald Technology to build seven blocks of high-end service apartments and a retail mall. Mapletree will hold 80 per cent of the US$320 million project. The development in Nanhai District of Foshan City, Guangdong Province, will be the third investment of the newly...
Mainboard-listed Banyan Tree Holdings has signed a management contract for an Angsana Resort & Spa in the island of Saint Lucia in the Caribbean. Banyan Tree said the Angsana Resort & Spa Saint Lucia is the group's fourth foray into the Caribbean. Angsana Saint Lucia is an integrated resort project that will comprise a full scale resort with related facilities and amenities including a marina and...
A FAMILY feud at Sun Hung Kai Properties, one of Hong Kong's biggest developers, is shaping up to become a feisty legal battle for boardroom control. The woes of the Kwok family have taken a dramatic twist after the chairman of Sun Hung Kai Properties, who took leave of absence in February, filed a writ against the company and his brothers. At the time, Sun Hung Kai Properties said Walter Kwok was taking...
SINGAPORE-LISTED Gallant Ventures is making another effort to add more buzz to its Bintan projects by announcing a slew of new investments, including infrastructure, worth some $500 million. This time around it’s not only the well-heeled it’s trying to draw to its pristine beaches, but also the middle-income investors. It has been talking to Singapore’s Housing Development Board and National Trades...