Vietnam continues to be the hot new real estate location in Asia as news appears today of Singapore’s CapitaLand buying a new site near Ho Ch Minh City for a $177 million project. Also in the headlines, Singapore’s collective sale fever continues to rage and the Kwok family seems to be doing pretty well for themselves with their property business. Read on for all these stories and more.
Singapore property company CapitaLand is developing a residential project for $177 million in Vietnam’s Ho Chi Minh City, it said Thursday in an exchange filing.
The 1.45-hectare site will house a 24-storey, 870-unit residential development that will also contain shops. It is the company’s ninth residential development in Ho Chi Minh City and 11th in the country. Read more>>
Iconic condominium Pearlbank Apartments is among four residential developments put up in separate tenders for collective sale yesterday. Its reserve price is $728 million. The other three are Parkway Mansion in Katong, Derby Court near Novena, and Riviera Point along River Valley Road.
Pearlbank, a horse shoe-shaped development in Outram sited near the Central Business District, is 37 storeys high. With its reserve price, the land cost amounts to about $1,505 per sq ft per plot ratio (psf ppr), after factoring in about $195 million for the lease top-up. Read more>>
Hong Kong’s Kwok family, which controls Sun Hung Kai Properties, was ranked third in the latest Forbes magazine’s list of Asia’s richest families released on Wednesday.
With an estimated net worth of US$40.4 billion, the family controlling one of the city’s biggest landlords and real estate developers, topped the list from Hong Kong. Raymond Kwok Ping-luen heads the developer as its chairman and managing director. Read more>>
China’s central government has ordered a small city in Inner Mongolia to halt construction of a Rmb30.5bn ($4.6bn) subway project, signalling Beijing’s willingness to sacrifice growth in order to rein in financial risks.
The city of Baotou had intended to fund 60 per cent of the project’s cost from bank loans and held a groundbreaking ceremony in May, which was attended by Baotou’s top two officials. Read more>>
French retail giant Auchan said it will roll-out unmanned convenience stores across China this year, in partnership with state-owned home appliance company Hisense.
Europe’s eighth-largest retailer said it will open “several hundred” Auchan Minute stores and expects this number to rise quickly over the next few years. Read more>>