Leading our collection of news from around the region today, mainland corporates may have slowed down in the race to occupy Hong Kong’s prime office space but some of these same companies are now taking over in the competition to pay the highest rents for homes in the world’s most expensive real estate market. And this Hunger for pricey rental homes comes at the same time that market data shows home sales in the city dropping 30 percent last month. Meanwhile down in Singapore, the city government is releasing for sale an industrial site near Sembawang MRT, and a mixed-use project developed by LaSalle joint venture celebrates its topping out. All these stories and more await you in Mingtiandi’s roundup of news from around the region.
Corporate tenants from the mainland have overtaken their Western peers as the dominant force in Hong Kong’s luxury residential leasing sector, as a growing number of Chinese firms establish offices in the city.
The top-end of the luxury residential leasing market has seen an uptick in demand in recent months, as companies look to Hong Kong as a financing and trade hub, analysts said. Read more>>
Property sales in Hong Kong plunged more than 30 per cent year on year in February as investors and homebuyers stayed on the sidelines, unsure whether prices were likely to fall further.
A total of 5,002 property transactions for flats, offices and car parks worth HK$41.9 billion (US$5.3 billion) was reported last month, down from HK$62.6 billion in February 2018, according to data from Centaline Property. Read more>>
Singapore’s Jurong Town Corporation (JTC) on Monday March 4 said it has accepted an application to put up an industrial site in Singapore’s Gambas Way (Plot 2) for sale by public tender.
The land parcel is on the reserve list under the first half 2019 Industrial Government Land Sales (IGLS) Programme. Zoned for “Business-2” development, or heavier industrial use, the site comes with a 30-year tenure and a maximum permissible gross plot ratio of 2.5. Read more>>
Lifestyle International Holdings, the operator of Hong Kong’s popular Sogo department stores, saw its net profit plunge by a half last year even as sales and turnover grew.
Total proceeds from sales jumped 14 percent to HK$11.7 billion ($1.5 billion), while turnover grew 16 percent to HK$4.36 billion ($555 million), company said . However that was not enough to prevent net profit falling by almost 50 percent to HK$1.69 billion ($215 million). Read more>>
Lum Chang-LaSalle, a joint venture of Lum Chang Holdings Ltd. and LaSalle Investment Management, recently celebrated the topping out of Tekka Place, a mixed-use destination in Singapore’s Serangoon planning area.
The project will feature the 320-unit Citadines Rochor serviced residences, as well as 70,000 square feet of retail. The project is a redevelopment of the former The Verge shopping mall and is on schedule for completion in the fourth quarter. Read more>>
The Shangri-La Group has recently announced that it has started construction work of Phase II of Shangri-La Hotel, Fuzhou – a new mixed-use development complex – located at the centre of Fuzhou, China.
This project will serve as a high-end commercial complex comprising a hotel, shopping mall, Food & Beverage outlets, office building and basement parking space. It will cater to the growing travel, business, leisure and lifestyle needs of today’s modern consumers. The complex is scheduled for completion in 2022. Read more>>
Canada’s Brookfield Asset Management Inc. is scouting for investment opportunities in emerging real estate asset classes in India, particularly rental housing and warehousing, a senior company executive said.
The company, which is set to enter the hospitality segment, is exploring more options in the real estate sector to expand its portfolio beyond commercial office space, said Ankur Gupta, senior vice-president at Brookfield Asset Management. Read more>>