While the humans of Singapore are still having to struggle with the coronavirus, the city-states housing market seems to be recovering rapidly with prices for new homes gathering pace in the three months ending yesterday.
Also, in the news, billionaire Wang Jianlin has found a local government in rural Guangdong province ready to foot the bill for a new resort development and Warburg Pincus dives deeper into India with a $110 million investment in a real estate finance firm.
Despite the Covid-19 pandemic and a recession, prices of private homes in Singapore picked up in the third quarter as the city entered phase two of its reopening following a nearly two-month-long circuit breaker.
The overall price index for private residential properties rose by 0.8 per cent, faster than the 0.3 per cent rise in the second quarter, flash estimates from the Urban Redevelopment Authority (URA) on Thursday (Oct 1) showed. Read more>>
Dalian Wanda Group, controlled by Chinese billionaire Wang Jianlin, is embarking on an ambitious plan in the Greater Bay Area by teaming up with the Zhaoqing municipal government to develop a tourist resort.
The resort will include holiday and leisure centres, sporting, exhibition and cultural centres and a retail mall. A Dalian Wanda group official confirmed the partnership but declined to comment on the investment outlay. Read more>>
There’s a saying in Hong Kong property circles that if the city’s richest man, Li Ka-shing, is selling, you don’t want to be the buyer.
Now, a group of investors who paid US$5.2 billion for Li’s stake in The Center almost three years ago — making it the world’s most expensive skyscraper — is finding out why. After initially making quick profits flipping floors in the 73-story tower, the combination of anti-government protests, the coronavirus pandemic and escalating US-China tensions has seen vacancies surge, rents drop and dealmaking dry up. Read more>>
Raffles Education Corp (REC) substantial shareholder Oei Hong Leong has sued the company in relation to its plan to raise its stake in a Chinese property firm.
Tycoon Mr Oei, who owns 13.05 per cent of REC, and his firm Oei Hong Leong Art Museum have commenced an originating summons in the High Court of Singapore, the mainboard-listed private education provider said in a filing late Wednesday night (Sept 30). Read more>>
US-based private equity major Warburg Pincus will invest close to Rs 800 crore (about $110 million) to acquire about 30% stake in Mumbai-based affordable housing finance company Home First Finance Company (HFFC), two people aware of the development told The Economic Times.
Existing institutional investors including True North Capital and Bessemer Ventures may sell part of their stakes as part of the deal. Read more>>
New World Development (NWD) is seeing the fruits of its digital experiments to overcome the Covid-19 crisis after scoring substantial sales from online channels while footfall and tourist arrivals suffered amid lockdown and travel restrictions.
The Hong Kong developer has generated more than HK$10.5 billion (US$1.6 billion) in retail revenue from its network of shopping centres in the city and property projects in mainland China since March. The amount included HK$300 million from its flagship mall in Tsim Sha Tsui and 9 billion yuan (US$1.32 billion) from its Shenzhen Prince Bay housing project in Shekou. Read more>>
Thai billionaire Charoen Sirivadhanabhakdi, whose family built its fortune around real estate, food and beverages, is betting on a boom in online shopping, video conferencing and food delivery to drive demand for data storage services, his newest venture.
Frasers Property (Thailand), controlled by Mr Charoen, is investing 7.3 billion baht (S$314.9 million) in building a data centre in Bangkok as it sees “robust demand” from companies and individual consumers, according to Supparat Sivapetchranat, chief executive officer of STT GDC (Thailand), a Frasers unit. Read more>>