Excessive success leads today’s real estate news from around the region with Singapore’s sales of new homes falling by nearly half in August after homebuyers snatched up most available developer inventory. Builders in mainland China also had reason to cheer as relaxation of governmental policies fuel a rebound in share prices while landlords in Hong Kong see the office market plumb new lows.
The number of private homes sold in August slid to nearly half the amount sold a month ago, as developers held back launches during the Hungry Ghost month – when sales activities tend to slow.
Developers sold a total of 437 units excluding executive condominiums (ECs), 47.6 percent lower than the 834 units sold in July 2022, according to data released by the Urban Redevelopment Authority (URA) on Thursday (Sep 15). Read more>>
Shares of Chinese property developers rallied on Thursday on hopes that cities in the mainland will roll out more relaxation measures to boost the embattled sector. The Hang Seng Mainland Properties Index in Hong Kong jumped more than 5 percent in morning trading, while China’s CSI Real Estate Index rose more than 4 percent.
The southern Chinese city of Guangzhou will allow bigger reductions in home prices – of up to 20percent from 6 percent previously – Chinese financial news outlet Yicai reported on Thursday, the biggest cut by any top-tier city in the country. Read more>>
The amount of vacant top-tier office space has more than doubled in Hong Kong over the last three years as companies downsize operations. Researchers warn that demand could remain soft even if pandemic controls are lifted.
The data adds to warnings that Hong Kong’s lustre as a business hub has been dulled by political unrest and a subsequent crackdown. Pandemic curbs have also kept the city internationally isolated while rivals reopen. Read more>>
Dissenting owners of the Chuan Park en bloc sale have filed their objections to the Strata Titles Board (STB), alleging that its Collective Sale Committee (CSC) and marketing agent ERA Realty failed to disclose material facts relating to a higher development baseline for the condominium – which translates into a “deep discount” for the buyers – among other issues.
The dissenters, which The Business Times (BT) understands comprise 10 subsidiary proprietors (SPs), say Chuan Park owners were told that the 37,215.6 square metre (sq m) site’s plot ratio is 2.1 under the Urban Redevelopment Authority’s (URA) Master Plan 2019, which translates to a maximum gross floor area of 78,152.76 sq m. Read more>>
SGX-listed property firm Low Keng Huat has sunk into the red with a S$24.1 million ($17 million) loss for the half year through July, from a S$25.1 million net profit in the year-ago period.
Net loss for H1 FY2023 was mainly due to slower property sales for the development segment and the S$23.3 million loss on disposal of investment in associates, the company said in its financial statement filed to the bourse on Wednesday (Sep 14). Read more>>
ByteDance, the Beijing-based parent company of TikTok, has recently launched an offline real estate agency called “Xiaomai” for the Chinese market, opening several related stores in Fuzhou, Fujian Province.
This new brand will also open physical locations in Lanzhou, Gansu Province, Foshan, Guangdong Province and Xiamen, Fujian Province, according to a report by Tech Planet on September 15. Xiaomai mainly provides consumers with a variety of real estate brokerage services including second-hand housing sales and new housing sales. Read more>>
A sixth price list has been released for Southland in Wong Chuk Hang, developed by Road King Infrastructure (1098) and MTR Corporation (0066).
The project will also open show flats today. Of 80 flats on the sixth list, the cheapest is HK$8.87 million and the average price is HK$36,862 per sq ft after discounts. Read more>>
A freehold residential redevelopment site at 303/305 Pasir Panjang Road has been put up for sale by tender at an indicative guide price in excess of S$18 million.
In a press statement on Wednesday (Sep 14), sole marketing agent Knight Frank Singapore said the guide price works out to S$1,099 per square feet (psf) based on its land area of 16,379 square feet (sq ft). For a proposed redevelopment of the site up to a gross plot ratio of 1.4 for apartments, the land rate works out to about S$1,308 psf per plot ratio (psf ppr) inclusive of land betterment charge. Read more>>