Authorities in Singapore are ready to keep pouring more homes into the city-state’s housing market with two more sites added to the government land sale plan this week. Also in the news today, UBS predicts another 10 percent drop in Hong Kong home prices next year and Singapore’s Amara Hotels may soon go private.
Two residential sites in Holland Drive and Upper Bukit Timah are now available for application, the Urban Redevelopment Authority said on Thursday.
The 99-year leasehold sites can yield more than 1,000 private housing units in total and have been released under the Government Land Sales programme’s reserve list for the second half of 2023. Read more>>
Home seekers in Hong Kong can anticipate even more favourable deals in the coming year, according to UBS, as house prices continue to slide. The Swiss investment bank expects home prices to decline by 10 percent in 2024 as high interest rates dent demand and an abundance of housing stock boosts supply.
The unfavourable economic environment and high borrowing costs are likely to prompt developers — many already facing a shortage of cash — to offer flats at discounted rates, UBS said Thursday. Read more>>
Amara Holdings on Tuesday received a voluntary cash offer at S$0.60 ($0.45) per share from a consortium linked to Albert Teo, the hotel group’s chief executive, other members of his family and private equity investor Dymon Asia.
The offer price is final and represents a premium of 53.8 percent over Amara’s share price of S$0.39 on 15 June, before the company announced that its key shareholders were in talks over a possible transaction. Amara most recently transacted at S$0.46 before a trading halt was called on 10 November. Read more>>
A court auction to sell vast commercial land plots owned by defaulted Shimao Group in Shenzhen failed for a second time on Thursday as there were no bidders, highlighting weak demand in China’s property market.
Twelve land plots totalling 243,602 square metres (2.6 million square feet), together with some uncompleted buildings on them, have asked for RMB 10.4 billion ($1.4 billion), 20 percent lower than the RMB 13 billion starting price in the first auction in July, according to e-commerce company JD.com’s online auction platform. Read more>>
US investment giant Carlyle Group has lowered the target for its latest pan-Asia private equity fund by at least 30 percent from its original $8.5 billion, three people with knowledge of the matter said, as a slowing global economy and geopolitical tensions dull investors’ appetite.
Carlyle, which started raising its sixth Asia-focused fund in mid-2022, has bagged less than $3 billion so far, two of the sources said. Read more>>
City Developments Limited’s subsidiaries, CDL Investments New Zealand (CDI), and Millennium and Copthorne Hotels New Zealand (MCK), have each been fined NZ$50,000 ($29,791) by the NZ Markets Disciplinary Tribunal.
The penalties are related to both companies’ listing rule breaches between 2018 and 2020, said CDL on Thursday. Read more>>
Moody’s has stripped mainland Chinese developer Longfor Group Holdings of its investment-grade credit ratings, citing a negative sales outlook because of sluggish home sales and funding conditions.
The credit ratings agency downgraded Longfor, one of the top 10 mainland Chinese developers by sales, from Baa3 to Ba2. Read more>>
Co-working major WeWork India on Thursday said it has taken on 272,000 square feet (25,270 square metre) of office space in Bengaluru and Hyderabad to open two new facilities comprising about 4,000 desks.
In a statement, WeWork India said the company is expanding its presence in South India and has added two new buildings with over 4,000 desks. Read more>>