Tiger Woods playing the final hole at St Andrews
Golf leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a Hong Kong joint venture has purchased a company that holds two golf courses and a hotel in Scotland’s St Andrews.
In other news around the region, mainland China’s obsession with building supertall skyscrapers has led to the highest vacancy rates in a decade, while a Singapore developer blames government curbs for an oversupply of housing in the city state.
Elsewhere, Korean investors snap up an office in Poland for $48 million.
Lai Sun JV Buys Fairmont St Andrews
Fairmont St Andrews, one of Scotland’s most prestigious hotels, has been sold to a new Hong Kong property company targeting global investments in the golf and hospitality industries.
The acquisition of St Andrews Bay Development, the five-star hotel’s holding company, marks the first investment for Great Century, which is led by lifelong golf fan CYM Chan. Great Century is a recently formed joint venture between Chan and Hong Kong conglomerate Lai Sun Group. Read more>>
China’s Obsession with Skyscrapers Leads to Record-breaking Vacancies
China’s skyscrapers are making headlines for snaring annual global awards during the nation’s economic boom.
As the nation’s economic growth cools and vacancy rate soars, owners are starting to pay the price for their building frenzy and vanity, with office vacancy rates in 17 major Chinese cities are already at the highest in a decade, according to CBRE. Read more>>
CDL Says Singapore Property Glut is Tied to Official Curbs
Singapore’s property glut is an unintended consequence of government measures to force developers to build and sell apartments quickly or face stiff penalties, according to City Developments Ltd.
The city-state’s second-biggest home builder has come out swinging against a rule that imposes a levy on companies if they don’t complete construction and sell all units within a period of five years from acquiring land. Read more>>
Korean Investors Buy Office in Poland for €43M
German real estate investment fund manager Patrizia Frankfurt Kapitalverwaltungsgesellschaft has sold the Feniks office building in Warsaw for €43 million ($48 million) to Resistance, which is 100 percent owned by Eugene Investment & Securities, represented by asset managers JR AMC and Warburg-HIH.
Feniks is a grade A office building that comprises approximately 8,600 square metres of office space across eight floors. Read more>>
Prestige Group Signs 6-Hotel Deal with Marriott
Marriott International and Indian real estate firm Prestige Group have signed agreements to open six new hotels across India.
Under these agreements, Prestige Group will build new hotels bearing the W, JW Marriott, Tribute Portfolio and Moxy brands across India’s Southern belt, representing nearly 1,000 rooms. Read more>>
Singapore Condo Prices Dip in November
Resale prices for non-landed private homes dipped slightly last month after two straight months of increases.
Condominium resale prices fell 0.1 percent, compared with a 0.8 percent rise in October. Year on year, prices were 1.5 percent higher. Read more>>
Luxury Fashion Brands Booming in Mainland China as They Struggle in HK
International fashion brands are enjoying a boom in mainland China, where a government cut to consumption tax has led to a surge in sales and higher shop rental yields, according to a senior executive at a major retail landlord.
Sales of some luxury brands have been growing up to four times faster in China than they have across the rest of the region, said Christina Hau Shun, assistant director and general manager for retail leasing and operations at Wharf China Estates, a wholly owned subsidiary of Hong Kong-based Wharf Holdings. Read more>>
Hong Kong Developer Selling Luxury Residential Plots in Japan Ski Resort
A Hong Kong-based luxury property developer is making the Hanazono village in Niseko its next launch pad to profitability as the Japanese ski resort town grows in popularity.
Odin Properties sold eight of the 88 plots at the Odin Hills residential project in the popular Hokkaido ski resort at the opening sales in Hong Kong on December 6, according to co-founder Chris Fjelddahl. 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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