Singapore’s housing market is holding up citywide, but developers of luxury projects are being hit hard by cooling measures introduced in December, with a story of price cuts at a CK Asset project in Bukit Timah leading our roundup today.
Also in headlines, China’s real estate sector shrank for a third straight quarter during the first three months of this year and Hong Kong developer Wheelock sold out all available units at its latest Kai Tak project over the weekend after trying out a low-price strategy.
Price cuts are ongoing at the recently launched luxury condominium Perfect Ten in Singapore’s prime District 10, with some discounts exceeding the 5 percent offered just last December. This has raised some eyebrows among industry watchers, given the timing and quantum of certain discounts.
When the freehold 230-unit project was put on the market last 19 December — just three days after Singapore’s new property cooling measures kicked in — the developer, Hong Kong-based CK Asset, offered what it described as a “one-time” discount of 5 percent off the listed prices. Read more>>
China’s property sector contracted for a third straight quarter, a sign that real estate was still dragging on the economy, even before the recent COVID outbreaks and lockdowns began to escalate.
Output in the real estate industry, a key economic contributor, contracted 2 percent in the first quarter from a year ago, China’s National Bureau of Statistics said in a report Tuesday. It was the steepest drop among all sectors, according to the bureau’s detailed breakdown of economic activity from January to March. Read more>>
China’s worst COVID-19 outbreak in two years is prolonging the country’s property slump, starving stressed developers of cash and weighing on the economy.
Only weeks ago, things were looking up for the battered real estate sector after the government pledged to prevent a disorderly collapse. Now the industry is contending with lockdowns in key cities including Shanghai that are keeping prospective homebuyers away. Read more>>
Wheelock Properties’ Monaco Marine in Kai Tak was 10 times oversubscribed as of 3pm yesterday while momentum in both primary and secondary markets returned over the long Easter weekend as COVID subsides.
Ricky Wong, managing director of the developer, said the firm had received around 2,500 checks for the two price lists comprising 224 flats and over 10,000 prospective buyers had visited the show flats over Easter. Read more>>
Sentiment among housing developers in Greater Bangkok dropped in the first quarter this year as they were worried about soaring costs of construction materials impacted by the Russia-Ukraine war.
Vichai Viratkapan, acting director-general of the Real Estate Information Center, said the sentiment index of housing developers on the current situation was 47.1 in the first quarter of 2022, down from 52 in the fourth quarter last year. Read more>>
Embassy Group has leased 85,000 square feet (7,897 square metres) to Acsia Technologies, a software solutions for major car makers, in Embassy Taurus TechZone in Trivandrum, Kerala.
The new facility can accommodate more than 1,000 new employees, reinforcing Trivandrum’s position as one of South India’s preferred business hubs. Acsia has committed space in the upcoming Niagara block in Embassy Taurus TechZone, which is scheduled for handover in April 2023. Read more>>
Almost all of the cities tracked by Knight Frank’s Asia Pacific Prime Office Rental Index recorded stable or increased rents in the past quarter, resulting in the index marking a 0.2 percent year-on-year increase.
Of the 21 out of 23 cities that recorded increases, Shanghai recorded the highest year-on-year rise in Q1 at 4.2 percent. On the flip side, Shenzhen continued to decline, falling 4.5 percent year-on-year. Read more>>