While Hong Kong’s young people have been voicing their concerns over the city’s future on the streets, real estate investors from the Asian financial hub have been displaying their opinions more privately, as a new study shows an upswing in Singapore acquisitions funded by the Lion City’s rival to the north.
A boom in investment in Southeast Asia’s wealthiest city and throughout the region may also be behind a US architecture firm’s decision to open an office in Singapore, while plans for a new hotel on the city’s Club Street take another step forward this week.
Elsewhere, an Indian developer which serves as the local partner for both Blackstone and WeWork is starting its own co-living brand, and it was standing room only as a US retail giant opened its first store in China. Read on for all these stories and more in today’s headline roundup.
Lured by Singapore’s stable political environment and relatively strong office rentals, Hong Kong investors pumped a total of US$1.4 billion into the Republic’s real estate in the first half of 2019.
This accounted for more than a quarter of the US$5.2 billion in total outbound real estate investment from Hong Kong during the period, making Singapore the top destination, Cushman & Wakefield Research said in its latest report on Greater China outbound investments released on Tuesday. Read more>>
Architecture and urban planning firm The Jerde Partnership announced today that it has formally established a presence in Southeast Asia, and has hired James Chew as Director of Business Development for the region.
Chew – who will be based in Singapore in a new office to be opened by Jerde later this year – will spearhead the firm’s new business efforts in Singapore, Vietnam, Malaysia, Indonesia, the Philippines, and other neighboring countries in the region. This is in addition to Jerde’s already established offices in Shanghai and Hong Kong, which serve the Chinese and Asia Pacific markets, respectively. Read more>>
Singapore mainboard-listed Tiong Seng Holdings has secured a S$130.5 million contract from Midtown Development to develop a 20-storey hotel building at Club Street, it announced on Tuesday.
The development will include shops and restaurants on the ground level, 19 storeys of hotel accommodation and a basement carpark. Site possession is expected to take place within August 2019. Read more>>
The US retail giant Costco is diving into the thorny area of food retail in China with its first store opening this week, but analysts warn it faces a tough ride as it looks to succeed where a series of international retailers have failed.
China has proved a brutal battleground for overseas food retailers in recent years, with many failing to understand consumer habits and tastes as well as local competitors building a stronger presence. Read more>>
Bangalore-headquartered real estate firm Embassy Group has announced that it will soon launch a co-living product under EPDPL Co-Living.
The company plans to start with 20K built-in beds on its existing land portfolio and aims to reach 100K owned and operated beds in the next five years. The co-living brand focuses on growing migrant millennial workforce and students. Read more>>
Hong Kong buying enquiries for expensive Australian and New Zealand homes have ramped up due to anti-government protests in the Chinese-ruled city, according to property agents and real estate data, as wealthy investors look for a safe haven.
Jamie Mi, partner at Melbourne-based Kay & Burton, said the real estate agency was receiving about one-third more enquiries from Hong Kong buyers than usual, with most buyers targeting high-end properties priced above A$5 million ($3.4 million). Read more>>