Singapore home prices have been sliding for nearly four years
Singapore home prices have now been falling for nearly four years as the market keeps looking for a bottom, but developers in the Lion City continue to compete for sites. On the mainland, home sales in Shanghai continue to climb even after curbs were put in place earlier this year, but in second-tier cities, officials are allowing conversion of excess commercial buildings into homes as markets suffer. Read on for all these stories and more.
SG Home Prices Fall for Record 11 Quarters
Singapore home prices dropped for an 11th quarter, posting the longest losing streak on record, as the government holds steadfast on cooling measures it has rolled out since 2009, for fear of reigniting the market.
An index tracking private residential prices fell 0.4 per cent in the three months ended June 30 from the previous quarter, capping the longest series of quarterly losses since 1975 when prices were first published, according to preliminary data from the Urban Redevelopment Authority Friday. Read more>>
New Home Sales in Shanghai Jumped 21% Last Week
Sales of new homes in Shanghai rose to the highest in three months last week as an impact from earlier government tightening measures was weakening.
The area of new homes sold, excluding government-subsidized affordable housing, surged 21 percent from the previous week to 395,400 square meters, as the pace extended for the third straight week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. Read more>>
CSCEC Appointed on Fu Wah’s Kiwi Hotel Project
China State Construction Engineering Corporation (CSCEC) will help local contractor Hawkins build the NZ$200m Park Hyatt Auckland in the city’s Wynyard Quarter.
CSCEC was appointed by the hotel’s developer, Beijing based Fu Wah International Group. The seven-storey hotel will have a total floor area of 29,000 sq m, 195 rooms, event spaces, a spa and a 25-m pool. Read more>>
Chiwayland Buys Sydney Site for A$40M
Chiwayland International has acquired a 114,270 square metre land parcel in Caddens located in the heart of Penrith in Sydney for A$40 million (S$40.1 million).
The group intends to develop about 400 apartments and 364 townhouses on the plot. This is their seventh property development project since entering the Australian real estate market in 2014.
The project will be carried out in three phases and is slated for completion by 2020. The first phase involves the development of a row of townhouses with the second and third being the development of the apartments. Read more>>
Guocoland Wins 450 Unit SG Site with S$595M Bid
A 99-year leasehold private housing site at the corner of Martin Place and River Valley Close offered by Urban Redevelopment Authority (URA) has attracted 13 bids at a state tender that closed on Tuesday.
The highest bid, from GuocoLand unit First Bedok Land, was for S$595.1 million or S$1,239 per square foot per plot ratio (psf ppr). The second highest bid, from a four-way partnership involving Hong Leong Holdings’ Intrepid Investments, City Developments’ unit Verwood Holdings, TID Residential and Garden Estates, was at S$588 million or S$1,224.22 psf ppr. Read more>>
China Allows Conversion of Excess Commercial Buildings into Homes
China officially allowed developers to convert commercial property into residential leasing units starting June this year as a way to ease the serious oversupply of commercial buildings, but analysts don’t see it solving the problem anytime soon.
While excess housing inventory has troubled the Chinese government since late last year, unsold commercial space could be a bigger headache. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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