Overseas buyers of tropical condos in Country Garden’s $100 billion Forest City project in Malaysia no longer need to worry about losing their homes – they just won’t be able to live in them, according to the latest update from Malaysian prime minister Mahahtir Mohammed. Also in the news today, the first Singapore land sale following the city’s cooling measures gets a cold reception, and investment banks are predicting a 13 percent drop in Hong Kong home prices. Keep reading for all these stories and more.
Malaysian Prime Minister Mahathir Mohamad said on Tuesday (Sept 4) that foreigners can buy residential units at Johor’s controversial Forest City development but they will not be issued visas to live there.
“They can buy the property, but we won’t give them visas to come and live here,” Tun Mahathir told reporters after an event at the National Art Gallery, reported the Malay Mail. Read more>>
Singapore’s first government land sales after cooling measures were put in place attracted tepid interest from developers, except for a hybrid commercial/affordable housing site in the city’s far north.
The hybrid site, which is zoned for what city authorities call Executive Condos (EC) pulled in nine bids, which reached as high as S$271 million. There were just five bids for a plot on Dairy Farm Road, and just three offers came in for a Jalan Jurong Kechil site, sharply down from the record 24 bids submitted last year for a nearby Toh Tuck Road plot that now houses Daintree Residence. Read more>>
Runaway price growth in the world’s least-affordable housing market may be near an end.
Residential property prices will fall 13 per cent next year, wiping out all of this year’s gain, as mortgage rates rise, according to Joyce Kwock, head of Hong Kong property research at Nomura International (HK) Ltd. Read more>>
Kerry Properties Limited announced to the Hong Kong stock exchange this week that it had won a tender for a commercial site int the Fujian provincial capital of Fuzhou for RMB 2.48 billion.
The site in the city’s Zhanglan Village covers 128,336 square metres, and is approved for construction of up to 343,854 square metres of residential, office and retail space in terms of gross floor area. Read more>>
Frasers Logistics and Industrial Trust (FLT) has acquired a pair of prime industrial properties in Australia from Frasers Property Australia Pty Limited, a wholly-owned subsidiary of sponsor Frasers Property Limited for a total of A$62.6 million (S$62.3 million).
The properties, both with 100 per cent occupancy rates, are located in the Australian states of New South Wales (NSW) and Queensland. The New South Wales property has a remaining land use tenure of 88.9 years, a weighted average lease expiry of seven years, and a gross leasable area (GLA) of 20,078 square metres. Read more>>
The controlling family behind Sun Hung Kai Properties has managed to offer starter homes in East London in the form of 400 square foot studio flats beginning for as little as HK$4 million (US$509,606), or roughly a 37.5 per cent discount to similar properties on offer in urban districts of Hong Kong.
Kwok Family Interests holds a 50 per cent stake in the residential development Goodluck Hope, which is set for the sales launch of its second phase in Hong Kong and London on Friday. Prices in the project, which is being developed in partnership with Ireland’s Ballymore Group, are set to rise by 3 to 5 per cent increase from the first phase. Read more>>