A bungalow on Singapore’s Dalvey Road has sold for over $67M
Singapore stories lead today’s real estate news from around the region as a member of one of Taiwan’s richest families buys a stand-alone bungalow for over $67 million despite home prices falling for the second month in a row. Meanwhile, up in Shanghai, one of Hong Kong’s biggest brokerages is cutting salaries and there are many more stories waiting for you in today’s list of top headlines.
Cathay Life Heir Buys SG Bungalow for S$94M
The estate of the late Lim Kim San has sold a freehold good-class bungalow (GCB) in Dalvey Road for $93.9 million – or $1,804 per square foot based on the 52,059 square foot land area. The elevated site is large enough to be redeveloped into three bungalows.
The buyer is understood to be a Singaporean member of the Tsai family of Taiwan. The family controls Homax Equity, a vehicle that its founder, billionaire Tsai Tseng-yu, has used to make real estate investments since he struck out on his own in 2010, after having sold his shares in Cathay Financial Holding to his brothers. Read more>>
Orchard Road Shops Hit the Market for S$51M
Dozens of shops in a commercial building in the prime Orchard area are up for collective sale. The guide price for the 59 units in Ming Arcade – a freehold strata-titled block near the junction of Orchard and Cuscaden roads – is $51 million, or about $4,470 per sq ft.
Ming Arcade, which was completed in the 1980s, has a total of 88 units on 10 floors, including three basement levels. Located in the Orchard Road shopping belt, it is near a number of private medical facilities, including the Camden and Gleneagles medical centres. Read more>>
SG Home Prices Slide for Second Straight Month
Resale prices of private non-landed homes in Singapore declined for the second straight month in September following the latest round of cooling measures, flash estimates by real estate portal SRX Property on Tuesday (Oct 9) showed.
Condominiums and private apartment resale prices dipped by 0.2 per cent in September from the previous month. This follows the 0.3 per cent decline in August, which was slightly wider than the 0.2 per cent drop earlier estimated by SRX. Read more>>
CSCEC Condo Project Shut Down By Myanmar Partner
While the Myanmar government is doing all it can to court investment from China to prop up the country’s sluggish economy, the military is shutting down selected projects involving Chinese investors.
The Irrawaddy reported on October 4 that the Ministry of Commerce wants to create a string of ‘economic cooperation zones’ along the border with China as part of Beijing’s Belt and Road Initiative (BRI) to develop the infrastructure across the region. Read more>>
Centaline Cuts Salaries to Survive Shanghai Downturn
As the housing industry continues to face downward pressure, real estate giant Centaline Property Agency’s Shanghai branch says it has had to slash salaries and employee benefits, The Paper reported.
The full attendance award for all positions in the company was temporarily cancelled. While the communication allowance, seniority pay and commuting subsidy were halved. Read more>>
Country Garden Promises Affordable Homes in Malaysia
Forest City said it is looking to build affordable housing that is tailor-made to suit local tastes and needs within the next three years.
Forest City’s spokesman Ng Zhu Hann told a Malaysian news portal that the Housing Ministry had given suggestions to build products that cater to and can be afforded by Malaysians. “They hope we can come up with products that are custom-made, not only in terms of pricing but also flavour and design. Read more>>
HK Gives Naughty MTR Contractors a One-Year Time Out
Four contractors embroiled in a construction scandal on Hong Kong’s HK$97.1 billion (US$12.39 billion) Sha Tin to Central rail link have been barred from bidding for government contracts for up to a year, city officials said on Monday.
A penalty had been issued to Leighton Contractors (Asia) for “construction issues associated with Hung Hom station”, the Development Bureau said. Read more>>
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