Travel dominates today’s real estate headlines as Singapore opens its much-anticipated fourth terminal at Changi airport, and Anbang kicks off its long-delayed renovation of the Waldorf Astoria. Elsewhere in the news, some of China’s richest people picked up another $44 billion this year, and there’s much more if you just keep reading.
Changi Airport’s Terminal 4, which opened on Tuesday (Oct 31), welcomed its first flight as Cathay Pacific Airways CX659 from Hong Kong landed at 5.25am.
Passengers who were on the flight were given a goodie tote bag containing a plush toy, fan, and cardholder. They also received orchids upon disembarking from the plane and were greeted with a performance by local instrumental band Lorong Boys at the baggage belt. Read more>>
The unsettling silence that has fallen over the Waldorf Astoria will soon be broken — by a bunch of construction noise.
The historic Park Avenue hotel, which has been shuttered since March awaiting a massive $2 billion renovation, has finally hired a demolition crew to begin the project next month, The Post has learned. Read more>>
Nowhere on Earth is wealth being created faster than in China’s mainland property market. The collective net worth of the country’s richest developers has rocketed since the start of the year, adding $44.3 billion to the fortunes of seven real estate tycoons.
As China’s regulators move to tame a frenzied property market, investors are betting that the largest companies will squeeze out smaller competitors and extend their dominance in a consolidating industry. Read more>>
As the froth comes off China’s home prices, there are increasing signs that some property developers, particularly those with a heavy debt load, are becoming less aggressive.
They are reducing balance sheet leverage, buying land through joint ventures with other property companies to reduce risk, or diversifying into other businesses. Read more>>
Meliá Hotels International has signed agreements for several new hotels with major local partners, bringing the total number of hotels in the region to 45. Of the 44 hotels in operation or in the pre-opening phase, 16 are in Indonesia, 10 in China, seven in Vietnam, four in Thailand, five in Malaysia, one in Mongolia and one in Myanmar. Meliá expects to add more new hotels by the end of the year.
In China, the company will add a new hotel under the Meliá Hotels & Resorts brand in Shandong province. In Thailand, the company has added two new Meliá Hotels & Resorts: the Meliá Chiang Mai and Innside Bangkok Sukhumvit, the company’s second hotel in the capital after the Meliá Bangkok, which was signed in 2016. Read more>>
The Urban Redevelopment Authority (URA) on Tuesday (Oct 31) released two residential sites that could potentially yield a combined 250 homes.
The two sites are located at Chong Kuo Road, off Sembawang Road, and at Cuscaden Road, URA said in a press release. Both sites were released under the 2nd Half 2017 Government Land Sales (GLS) Programme. Read more>>