Daiwa House chief executive and president Keiichi Yoshii
Daiwa House Industry is the latest Japanese builder looking to make a big bet on the US residential market, with that story leading today’s headline roundup. Also in the news, Hong Kong’s biggest developer sells new homes at a discount and the financial hub’s government pauses commercial land sales for a seventh straight quarter.
Daiwa House in Talks for $500M Investment in Arizona’s Alliance Residential
Japanese homebuilder Daiwa House Industry is in talks to invest about $500 million in US developer Alliance Residential, according to a person with knowledge of the matter.
A transaction hasn’t been finalised, terms could change and talks could still fall through, said the person, who asked not to be identified citing private information. Read more>>
Sun Hung Kai Sells 204 Hong Kong Apartments at 20% Discount
Sun Hung Kai Properties, Hong Kong’s biggest developer, sold more than 200 apartments in one day after it offered the units at a discount to boost sales.
All of the 204 homes available for purchase at the Cullinan Sky project — located in the Kai Tak area of the city’s former airport — were sold Saturday, according to a representative. The first batch of flats in the 906-unit development was priced 20 percent lower than offerings at nearby new projects. Read more>>
Hong Kong Pauses Commercial Land Sales for Seventh Straight Quarter
Hong Kong said Friday that it would not offer any commercial land for sale again in the quarter from October to December, the seventh in a row, as low demand keeps office vacancy rates high.
Development Secretary Bernadette Linn added that the government could miss its target of supplying land to build 13,200 flats in the current financial year ending in March, as it plans to sell just one small residential site this quarter. Read more>>
Shanghai Home Sales Rebound After Policy Moves
Real estate showrooms appeared just as crowded as some tourist haunts in Shanghai over the National Day “golden week” break, after central authorities’ stimulus efforts and loosened buying rules triggered a rebound in home sales interest in China’s biggest city.
Sales brokers said Shanghai’s revival could be a bellwether for other top-tier cities as they lure homebuyers from across the country. But the same might not apply for other localities, which could be left behind despite the improving sentiment, they said. Read more>>
Vietnam’s Novaland Rejects Truong My Lan Demand for $100M Debt Repayment
Vietnam developer Novaland has rejected a demand by property tycoon Truong My Lan to pay her VND 2.5 trillion ($100 million), saying there is no legal basis for it.
At her ongoing trial she told the People’s Court of HCMC that Novaland owed her the money for participating in an urban development project called Suntec City in the southern province of Long An in 2022. Read more>>
UOL Singapore Project Sells Half of Units on Launch Weekend
Freehold Singapore condominium Meyer Blue moved 114 units — slightly more than half of its 226 total — over its launch weekend at an average price of S$3,260 ($2,499) per square foot.
Prices ranged from S$2 million for a two-bedder (from 667 square feet (62 square metres)), just under S$3 million for a three-bedder (990 square feet), S$4.5 million for a four-bedder (1,518 square feet) and S$5.6 million for a five-bedder (1,905 square feet). Read more>>
Singapore Pushes Property Agents to Flag Money Laundering
Singapore is urging the country’s real estate agents, gemstone dealers and luxury car sellers to be more proactive in flagging suspicious customers, part of the country’s move to fight money laundering.
Authorities are requesting such so-called gatekeepers to improve information sharing and understanding as part of a broad framework to strengthen supervision just over a year after a record S$3 billion ($2.3 billion) criminal case. Read more>>
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