NAR India’s Farook Mahmood believes in the future of property
The leaders of an association of people who sell real estate in India demonstrated their optimism about the future of their industry this week with a prediction that the country’s property sector would grow 30 percent over the next decade. Also in the news today, Singapore-listed Yanlord Land is making another investment in China’s Jiangsu, after a series of deals in the province’s capital of Nanjing and some analysts are starting to doubt whether the Hong Kong government is truly concerned with real estate affordability when it seems determined to only sell land when the market is up.
India’s Real Estate Sector Predicted to Grow 30% in Ten Years
The Indian real estate sector has emerged as the country’s second largest employer and is slated to grow at 30 per cent over the next decade, said Farook Mahmood, Founder President and Vice-Chairman, NAR-India.
Addressing the National Assocation of Realtors (NAR) – India’s 10th Annual Convention 2018, Mahmood said cities like Bengaluru are expected to play a crucial role in furthering the growth of the sector. Read more>>
Yanlord Land Buys 30% of Suzhou Project for RMB 450M
Singapore-listed developer Yanlord Land Group has invested in a private home project in China through a wholly owned subsidiary, it said on Wednesday.
Its Nanjing Renyuan Investment unit paid 450 million yuan (S$89.4 million) for a 30 per cent stake in the project company behind a residential project in the eastern city of Suzhou. The site has a gross floor area of 141,864 square metres (1.53 million square feet), with a maximum plot ratio of 2.5. Read more>>
Cancellation of Peak Sale Shows HK Govt Focus on Land Revenue
The withdrawal of a luxury residential site at The Peak from the city’s tender last week has sparked concern about the government’s pricing strategy at a time of shifting market sentiment.
Analysts said that additional land sites could be withdrawn from tender for failing to meet the government’s reserve price, if officials persist with a high land price policy.
“The government may not have been sensitive enough to the changes in the market, that’s why it set a reserve price more aggressive than what developers expected,” said Joseph Tsang, managing director at JLL. Read more>>
Beijing Buyers Protest Over Design of Vanke “Loft” Homes
Angry homebuyers who protested outside housebuilder China’s Vanke’s headquarters in Beijing last week, have dismissed the company’s claims it had been fully transparent during the sales process at a development in the capital, and have vowed to continue to fight for justice.
Tensions first flared between the two sides after the buyers gained access to their multimillion yuan flats a month ago, only to find what they claim are serious quality issues. Read more>>
JustCo Leases Second Floor of Outram Park Complex in Singapore
Co-working outfit JustCo will move into the entire second floor of Fraser Property’s China Square Central complex, once the building’s current asset enhancement initiative is done.
JustCo aims to open its latest space in the fourth quarter of 2019, adding to its current portfolio of 13 centres in Singapore. Its Marina Square and MacDonald House offices were opened earlier this year. Read more>>
SG Condo Owners Try Again for Collective Sale at 4% Discount
Gilstead Mansion has been relaunched for collective sale at $65 million, or $3 million less than its guide price in June, as owners hope to beat the chill of July’s cooling measures and the clock.
From early next year, new guidelines on the maximum number of units allowed in new private and condominium projects outside the central area will kick in. The revised price translates to $1,524.70 per sq ft per plot ratio, with no development charge payable. Read more>>
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