Thousand Home Site Up for Tender in Singapore and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, a development site expected to yield 1,040 homes goes up for sale in Singapore, Hong Kong’s finance chief digs in his heels as his rent deferral plan takes flak, and offices in Seoul’s Gangnam district tempt investors seeking shelter from volatility.

Thousand-Home Site Added to Singapore’s Government Land Sale Programme

A residential site at Singapore’s Dunman Road has been launched for sale, in a state tender that property watchers say could draw bids of over S$1 billion ($730 million) and up to S$1,400 per square foot per plot ratio.

The Dunman Road parcel comes under the confirmed list of the H1 2022 government land sales programme. In announcing the tender on Monday, the Urban Redevelopment Authority said it would remove a white site at Kampong Bugis from the H1 2022 reserve list with immediate effect, due to delays in the completion of soil remediation works. Read more>>

Hong Kong Finance Chief Defends Rent Deferral Scheme

Hong Kong’s finance chief has doubled down on a rent deferral scheme to help struggling commercial tenants, rejecting the option of dipping into public coffers to subsidise such businesses.

The unprecedented proposal put forward by finance secretary Paul Chan was designed to let small and medium-sized enterprises delay rental payments for up to three months amid a coronavirus-hit economy. Read more>>

Hong Kong Analysts Reverse Forecasts Amid Worsening COVID Outbreak

Hong Kong’s home prices could drop 10 percent in the first half, as the city’s worsening COVID-19 outbreak caused a washout for property sales in the first three months, forcing analysts to reverse their forecasts.

Home prices may fall by 5 percent in 2022, according to property consultancy Colliers, as it reversed its earlier forecast of a 3 percent gain in mass-market homes and a 5 percent increase in the luxury market. Read more>>

Carrianna Group Launches Data Centre in Hong Kong

Hong Kong property firm Carrianna Group has launched a new data centre in its hometown. The company’s facility in Kwai Chung industrial area, jointly invested alongside Jun Gao Holdings and Quentin Tsang, has officially commenced services.

Carrianna Group reportedly acquired the property with a gross floor area of 23,000 square feet (2,100 square metres) — with a 5,000 square foot terrace for chillers and backup generators — and converted it into a data centre and co-working space. Read more>>

Offices in Gangnam Attract Global Investors Amid Market Volatility

South Korean and overseas institutional investors are eyeing offices in Seoul’s Gangnam district amid concerns over inflation and market volatility that the Russia-Ukraine war has increased. The limited partners show interest in the Gangnam-based offices because the properties have proved safe from inflation impact.

 

The rents of small and mid-sized office buildings in downtown Gangnam have jumped by 40 to 50 percent this year, according to Korean investment banking sources. Demand is rising as a number of companies aim to settle in the downtown area and Gangnam-based tech firms and gaming developers seek to expand their office space. Read more>> 

Singapore Luxury Apartment Sales Doubled in 2021

The increase in additional buyer’s stamp duty rates for foreigners and property investors could cause Singapore’s luxury residential market to lose some steam this year after buoyant volumes and prices in 2021, CBRE analysts said.

The Good Class Bungalow segment enjoyed a banner year in 2021 as volumes and prices climbed to fresh highs. It posted a stellar performance in the first half of the year and held steady in the second half despite year-end festivities and diminished supply. Read more>>

Hatten Land Says It Can Repay $49M Debt With Unsold Properties

Singapore-listed Hatten Land says borrowings of MYR 206 million ($49 million) due in a year could be repaid, as its unsold, completed properties are worth a “substantial value”.

In its response to queries from the Singapore Exchange, Hatten Land said last Friday that the estimated market value of its development properties — excluding those of Gold Mart — stood at MYR 780.8 million as of 30 June 2021. Read more>>

Visa Rules Scupper Plan for Hong Kong Refuge City in Ireland

A Hong Kong real estate businessman who had proposed to build a city in Ireland to host 50,000 emigrants said he has abandoned the project over the state’s immigration laws.

Ivan Ko, the founder of Victoria Harbour Group, an international investment firm, wanted to find a 50 square kilometre (19.3 square mile) site between Dublin and Belfast to create a new city, named 21st Century New City. Read more>>

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