In today’s roundup of regional news headlines, Hong Kong’s sagging home prices stabilised in March as the latest COVID wave ebbed, beleaguered mainland developer China Evergrande plans a sales blitz for the long May Day holiday, and Singapore industrial rents and prices continue to climb.
Declines in Hong Kong private home prices slowed in March as a COVID wave in the city stabilised and the government foreshadowed an easing of social restrictions, official data showed.
Prices in the world’s most unaffordable housing market were 0.7 percent lower in March than in the previous month, according to the data. That compared with a revised monthly fall of 2 percent seen in February. Read more>>
Embattled China Evergrande is targeting sales of RMB 1 billion ($152.3 million) during China’s Golden Week holiday, a person with knowledge of the matter said, as the property developer offers apartments at discounts nationwide.
With $300 billion in liabilities, Evergrande has been struggling to resume construction work and deliver homes to buyers, saying this month that building had resumed at 95 percent of its projects. Read more>>
Hong Kong developers are wasting no time to rush new residential homes for sale in the coming days, after the government’s decision to ease COVID-19 curbs in the city helped reinvigorate the housing market from a three-month lull.
More than 800 flats from four projects in Kowloon and the New Territories will be made available in the coming two weeks, according to data compiled from impending property launches. Wheelock Properties collected at least HK$3 billion ($382 million) last weekend, the first major sales launch in the city since late January. Read more>>
Rents and prices of Singapore industrial developments continued to rise in the first quarter of 2022, although overall occupancy rates dipped, according to JTC’s quarterly market report released Thursday.
Industrial space prices rose 2.1 percent on the quarter and 5.6 percent on the year. Prices were up 2.3 percent and 1.8 percent respectively on a quarterly basis in the multiple-user and single-user factory segments. Read more>>
AIMS APAC REIT posted a 4.8 percent year-on-year fall in its distribution per unit to S$0.0471 ($0.034) for its second half ended 31 March, as distributions to unitholders declined 3.8 percent to S$33.6 million for the period.
The distributions fell largely due to the distributions related to the S$250 million perpetual securities issued in September 2021 for the acquisition of retail company Woolworths’ headquarters in Australia, the trust’s manager said Wednesday. Read more>>
A freehold land parcel on Devonshire Road in Singapore’s District 9, with approval for hotel use, is being put on the market again at an indicative price of S$50 million ($36 million) this time.
The site, currently vacant land spanning five plots at 6, 8 and 10 Devonshire Road and 130 Killiney Road, has a combined site area of 498.9 square metres (5,370 square feet). It is zoned for hotel use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority’s Master Plan. Read more>>
Frasers Centrepoint Trust’s net property income rose 3.8 percent year-on-year to S$130.48 million ($94 million) in the first half of financial 2022 ended on 31 March.
The trust’s manager said the income growth was due to the decrease in property expenses stemming from a lower net allowance for doubtful debts and other property expenses. Read more>>