Seoul’s prime office market hit a new high last year, said JLL
In today’s roundup of regional news headlines, JLL reports that Seoul office deal volume hit a record level last year, creditors move to seize the assets of the firm at the centre of Amazon’s legal battles in India, and a rising number of Hongkongers are making a new home in Taiwan.
Seoul Office Deals Hit Record $14B in 2021 Says JLL
Investments in Grade A office assets in Seoul hit a record high of KRW 17.1 trillion ($14.2 billion) in 2021, topping the year-earlier total of KRW 16.6 trillion. Office capital markets transactions in Seoul were active in part because of low interest rates and ample liquidity, the report said.
On the leasing side, net absorption area, or the net change in the amount of grade A office space leased in the city, reached a record 55,345 square metres last year, JLL said in its Korea Property Digest report. Read more>>
Banks Move to Seize Assets of India’s Future Retail
Lenders to Future Retail, the company being fought over by Reliance Industries and Amazon, have told India’s Supreme Court that its assets should be put up for auction after it missed payments.
They also said they have started classifying loans to the country’s second-largest retailer as non-performing and would have to make combined provisions of INR 80 billion-90 billion ($1.1 billion-$1.2 billion) due to the non-payment. Read more>>
Suntec City Achieves Sustainable Building Certification
The office portion of Singapore’s Suntec City has been awarded Green Mark Platinum status by the city-state’s Building and Construction Authority.
The award reflects the range of initiatives implemented at Suntec City, involving energy and waste management, usage of green materials in the upgrading of the office towers, the implementation of smart facility management and collaboration with tenants on green initiatives and activities. Read more>>
Fate of Manila Real Estate Market May Hang on Presidential Contest
The Philippine presidential election in May is likely to delay any investment decisions by investors and developers, as they wait and see if the new administration will be business-friendly, analysts say.
This in turn will potentially worsen a market that is already reeling from the impact of the coronavirus pandemic. Read more>>
Hongkongers Snap Up Property in Taiwan Amid Relocation Wave
The growing number of Hongkongers moving to Taiwan is likely to boost housing demand in the self-ruled island in the coming years, according to an analyst.
Hong Kong residents accounted for at least a third of homes bought by foreigners in 2019 and 2020, according to the latest available data. Read more>>
COVID-Zero Measures Could Depress Hong Kong Shop Prices by 20%
The prices of Hong Kong’s street-level shops could slump by as much as 20 percent if the coronavirus outbreak persists throughout the year, with retail and catering operators most at risk, according to market observers.
Owners have cut prices by 5 to 10 percent on average since the outbreak of the omicron coronavirus strain, said Edwin Lee, founder and CEO of Bridgeway Prime Shop Fund Management. Read more>>
Indian Developer DLF Raises Sales Guidance for 2021-22
DLF Ltd, one of the biggest developers in India, has raised its residential gross sales guidance for 2021-22 from INR 4,000 crore ($534 million) to INR 6,000-6,500 crore.
The developer achieved INR 4,544 crore of gross sales between April and December 2021, and it expects INR 2,000-2,500 crore in the current quarter. Read more>>
Korean Housing Price Decline Expected to Accelerate
South Korea’s finance minister said Thursday that the country’s housing prices are expected to pick up their declining pace amid the central bank’s rate hike and tighter lending rules.
Hong Nam-ki said the government is committed to implementing its current real estate policy with a focus on increasing the home supply in a bid to stabilise housing prices. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply