NWD Sells Hong Kong Homes at Eight-Year Low Price and More Asia Real Estate Headlines

New World Development and Far East Consortium are marketing a residential project at the lowest prices in eight years, with that story leading Mingtiandi’s headline roundup today. Also making the list, Malaysia’s Johor has attracted more than 50 data centres in the past two years and China Evergrande receives more guidance from the Hong Kong stock exchange.

New World Sells Hong Kong Apartments at Lowest Price in Eight Years

Hong Kong developers New World Development and Far East Consortium International are selling a residential project at the lowest price in eight years for the district, as competition for buyers intensifies amid high inventory.

The pair are marketing the first batch of apartments in The Pavilia Forest I at an average of HK$17,188 ($2,200) per square foot, the cheapest in the middle-class neighbourhood of Kai Tak in eight years, according to Midland Realty. The pricing also represents an almost 30 percent discount to other projects in the area. Read more>>

Malaysia’s Johor Attracted 50 Data Centres in the Past Two Years

Johor’s infrastructure and ample power capacity have seen the state attract more than 50 data centres in the past two years, says local politician Onn Hafiz Ghazi.

He noted that Sedenak Tech Park, in Kulai, alone boasts a capacity of over one gigawatt and provides the necessary power infrastructure to support data centre operations. Read more>>

China Evergrande Gets Fresh Guidance on Stock

China Evergrande received additional resumption guidance from the Hong Kong stock exchange on 27 June. The stock has been suspended since 29 January and will remain suspended until further notice.

The resumption guidance includes the withdrawal or lifting of the winding-up order against the developer, as well as any liquidators discharged; demonstrations of its compliance with Rule 13.24; and disclosure of all material information to the market. Read more>>

China’s Top Builders Spent 40% Less on Land in First Half

China’s top 100 developers’ spending on purchasing land fell 40 percent in the first six months of 2024 from a year earlier, with builders still facing a drop in sales, investment and financing despite the country issuing market-supporting policies.

The developers spent RMB 420.4 billion ($57.8 billion) buying land in the six months ended 30 June, according to the latest data released by the China Residence Information Circle’s research centre. Read more>>

Frasers Hospitality to Add 20 New Properties Over Next Four Years

Frasers Hospitality, a business unit of Singapore-listed Frasers Property, says it aims to add 20 new properties to its portfolio over the next four years.

This includes the nine properties that the unit already plans to open in the next two years across China and Vietnam. Read more>>

PE Investment in India Real Estate Stages 2024 Comeback

Private equity investment in India’s real estate sector, which peaked in 2019, is now making a comeback and expected to reach $5 billion to $5.5 billion in 2024, according to Savills.

PE investment in the real estate sector in India touched $1.7 billion in the first half of the year, a 42 percent rise on the same period last year, per a report by the consultancy. Read more>>

Singapore to Roll Out at Least 2,000 New Private Homes in Q3 Launches

Some 2,300 new private homes in Singapore are expected to be marketed in the third quarter of 2024, with up to nine project launches said to be lined up between now and the end of September.

Coming up this weekend is the preview of Kassia, a freehold 276-unit condo project at Flora Drive in the Upper Changi region, with prices starting from S$883,000 ($653,606). Read more>>

China’s CICC Wants to Expand Into Southeast Asia

China International Capital Corp intends to create offices in Indonesia and Malaysia as part of its goal to increase its footprint in Southeast Asia, as local deal activity has been slow.

Established in 1995, the Beijing-based investment bank is currently present in seven global financial hubs beyond China’s borders, including Hong Kong, New York, London and Singapore. Read more>>