IKEA addicts will have to wait a while for their next furniture fix
Ready-to-assemble furniture leads the way in Mingtiandi’s roundup of Asia real estate headlines with the news that the world’s largest retailer of flat-packed tables and chairs has temporarily closed all of its stores in China amid the coronavirus outbreak.
In other news around the region, the world’s most unaffordable city will continue to see property sales rise by ten percent despite the Wuhan virus and political uncertainties, while a court in Singapore gives homebuyers some relief after a condo developer goes bust. In another bit of good news for the Lion City, Colliers is predicting that property deals in Singapore will increase by 6 percent this year.
Ikea Closes All Stores in China Amid Virus Contagion Fears
Ikea is shutting down all of its stores across China as the deadly Wuhan coronavirus outbreak escalates. The furniture store will “temporarily close” its dozens of brick-and-mortar stores in mainland China starting Thursday, a spokeswoman for Ikea China said in a statement.
“We will pay close attention to the epidemic situation, and the stores will be closed until further notice,” she said, adding that Ikea’s online shopping service will continue to operate.
Ikea has 30 stores across China, including one in Wuhan, the epicenter of the coronavirus outbreak, according to the company’s website. Read more>>
Dasin Retail Trust Cuts hours, Closes Karaoke Lounges at China Malls
Dasin Retail Trust has taken precautions in view of the coronavirus outbreak, including shortening the business hours at its five malls in China.
It has also temporarily closed crowded places in the malls, such as cinemas, karaoke lounges, ice skating rinks and bookstores. Read more>>
Colliers Expects Singapore Property Deals to Surpass S$31B in 2020
Singapore property investment sales could increase by six percent to S$31.3 billion ($23 billion) in 2020 from S$29.5 billion in 2019, real estate services firm Colliers International said in its latest report.
Investment sales volumes fell 12.7 percent last year “largely due to the pullback in the residential property sector as cooling measures continued to bite”, said Colliers. Read more>>
Suntec REIT Prices S$200M 7-Year Notes at 2.95%
Suntec Real Estate Investment Trust has launched S$200 million ($147 million) worth of new notes, to be issued under the $1.5 billion euro medium-term note programme. The notes are due in 2027 and will carry a coupon fixed at 2.95 per cent per annum, Suntec REIT said.
Net proceeds from the issue will be used by Suntec Reit and its subsidiaries to finance or refinance acquisitions and/or investments. They will also go into funding any asset enhancement works, refinancing existing borrowings and for general corporate purposes. Read more>>
Agency Foresees 10% Jump in Hong Kong Property Sales
A rebound in the second quarter is likely to lift overall property sales in Hong Kong 10 per cent higher in the Year of the Rat despite uncertainties such as the deadly Wuhan virus outbreak and intermittent protests, according to Ricacorp Properties.
The property agency expects transactions of flats, commercial and industrial units to rise to 79,300 from around 72,100, a second straight year of declining volumes in the just-concluded Year of the Pig. Read more>>
Greater Bay Area Property Tours Postponed
Regular tours of cities covered by Beijing’s Greater Bay Area development plan by Hong Kong homebuyers will be delayed by the spread of the Wuhan coronavirus, reducing transaction volumes in this area by up to 15 percent year on year, analysts said.
Because of the epidemic, based on safety reasons, Hong Kong-based agent Midland Realty said it will postpone property tours until further notice. Read more>>
Court Sides with Singapore Homebuyers after Developer Goes Bust
Home buyers left in the lurch after a developer went bust will now have priority claims to their incomplete homes, ahead of other unsecured creditors like contractors.
The High Court has ruled that the claims of buyers of the incomplete Sycamore Tree condominium will rank above those of the other unsecured creditors, including contractors who are owed money by the project’s developer, Astoria Development. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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