SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop into the city’s tallest building. The A$42.3 million (S$48 million) deal is for a freehold low-rise commercial building in downtown Melbourne which has a total land area of about 2,625 square metres. In a statement on Wednesday, Aspial said the property has two active planning permits, of which one...
Overseas Property
Despite rising interest rates and a capital gains tax to be implemented in the UK in 2015, Singaporean investors' appetite for properties in London remains strong. In addition, buyers are getting younger too. A serious housing shortage has pushed up average property prices in London by over 25 per cent over the last four years. Colliers International expects London property prices to ease over the...
More Singapore investors are giving the Philippines property market a second look as they search for fresh opportunities. Market watchers said the uptrend in property prices has spurred growing interest in the Philippines property sector. Prices of condominiums in the Philippines have gone up by as much as 20 per cent this year, outperforming the annual average of about five to eight per cent growth,...
Some of the world’s biggest institutional investors, including Singapore’s Global Logistic Properties (GLP), are snapping up more and more Japanese real estate. The reason? Not Abenomics but the massive shortage of modern warehouse facilities that has resulted in very low vacancy rates. Prime Minister Shinzo Abe’s pro-growth strategies have been lauded by some market observers as the impetus...
Ms Chu Kin Lan has already closed six out of 11 offices of her Hong Kong real estate agency, whose Chinese name translates as Precious Prosperity, and let go of half of her 70 employees amid the city’s toughest curbs on home buying in its history. But the worst pain may be still to come. As many as 10,000 real estate agents are forecast to lose their jobs, according to Centaline Property Agency, as...
Singaporeans seemed undeterred by the recent property tax rules announced by the Malaysian government. More than half of the 192 indicative bookings for the latest project in Medini Iskandar -- Paradiso Nuova -- came from Singaporeans. Its developers say they are confident that the Medini properties will be exempted from the new cooling measures but analysts note that it might be best to wait for...
Companies controlled by Mr Li Ka-shing, Asia’s richest man, have slowed land purchases in Hong Kong and China, as prices have escalated to what he said are unhealthily high levels. “Land prices in Hong Kong are high and already showing signs of an unhealthy situation. Land prices in China have surged, and we’re unable to win auctions for land,” he said, according to a statement yesterday from...
Hutchison Whampoa, the conglomerate controlled by Mr Li Ka-shing, Asia’s richest man, has sold a house in Hong Kong’s Victoria Peak for HK$740 million (S$119 million). The 6,863 sq-ft house at the seven-home, 28 Barker Road project was sold to an unidentified buyer, according to the developer’s website. The price is the second-highest paid in the city after a house on Pollock’s Path in The Peak...
Property prices in Malaysia's southern Johor economic region, also known as Iskandar, are expected to stabilise following property cooling measures announced in October's budget. With growth averaging 8 per cent a year, Iskandar has attracted over US$40 billion of investment since 2006. Property and manufacturing, accounts for 44 per cent of the total investment. Buoyed by foreign buying, especially...
New York's Museum of Modern Art (MoMa) is about to get the luxury touch, thanks to Singapore-based property developer, Pontiac Land. The company, controlled by the four Kwee brothers - whose net worth is estimated by Forbes at around US$5.3 billion - plans to invest in a 72-story luxury residential tower adjacent to the famous art museum. The 750,000 square feet building will be designed by Pritzker...