Liberty House at 51 Club Street is on a 999-year tenure
In today’s roundup of regional news headlines, a commercial building along Singapore’s Club Street goes on the market, and the city-state’s new private home sales impress in September.
Singapore’s Liberty House at 51 Club Street for Sale at S$120M
Liberty House, a five-storey commercial building at 51 Club Street in Singapore’s Chinatown, has been put up for sale via expression of interest at an indicative price of S$120 million ($84 million).
The figure translates to S$4,155 per square foot on a total gross floor area of 28,876 square feet (2,683 square metres), exclusive marketing agent CBRE said Monday. Read more>>
SG New Private Home Sales More Than Double August Levels
The number of new private homes sold in Singapore in September more than doubled the tally in August, on the back of two major launches that set new price benchmarks for suburban housing.
According to data released by the Urban Redevelopment Authority on Monday, developers in Singapore sold a total of 987 units excluding executive condominiums. This is a 125.3 percent increase from August’s 438 units. Including ECs, 992 units were sold in September, compared with 449 units sold in August. Read more>>
Hong Kong Serviced Apartments Battle Desperate Hotels for Guests
Hong Kong’s serviced apartment operators are taking friendly fire from an unlikely competitor, as hotels that have lost their quarantine income slash prices to fill empty rooms after local authorities relaxed their isolation rules for inbound travellers.
The former quarantine hotels are hurting for guests because few business travellers and tourists have returned, leaving the market flooded with vacant rooms, said Derek Sun Wei-kong, managing director of Signature Homes. Read more>>
Hub Synergy Point Tower on Singapore’s Anson Road Completed
Amid tight office supply, a new office tower has been completed at the corner of Anson Road and Enggor Street in an old part of Singapore’s central business district.
Developed by 72-year-old Ho Kian Cheong, a member of the Ho family of Keck Seng Group, Hub Synergy Point received a temporary occupation permit in August. Unlike most developers of office buildings, Ho began leasing only after the TOP was obtained. Read more>>
Hong Kong Migrants Face Hurdles on Path to UK Homeownership
Rising interest rates, combined with instability in the British pound, could make it much more difficult for newly arrived Hongkongers who have relocated to Britain to get on the nation’s property ladder, according to property experts and advocates for newcomers.
British Prime Minister Liz Truss’s ill-fated plan to address a cost-of-living crisis through a combination of massive borrowing and some of the largest tax cuts in a half-century unnerved financial markets and sparked speculation the Bank of England will make additional interest rate increases. Read more>>
How Singapore and Hong Kong’s Property Cooling Measures Differ
Singapore last month introduced a fresh round of property cooling measures, a concept that might not be too foreign to those watching the Hong Kong real estate market. The Hong Kong government has implemented cooling measures for more than a decade, and Financial Secretary Paul Chan in August said there was “no plan or intention” for them to go anywhere.
Singapore and Hong Kong, however, have two very different property market environments which inform how and when their governments choose to make interventionist moves to moderate housing demand. Read more>>
Despite Travel Recovering, SGX-Listed Hospitality Plays Are Unloved
Singapore’s opening up has led to a rise in international visitor arrivals, as well as hotel room and occupancy rates. Hotels are also buoyed by the return of large-scale events and relaxation of dining-in restrictions.
Perhaps because of optimism in the prospects for hospitality assets, some stapled security holders voted down the proposed privatisation of Frasers Hospitality Trust, which owns hotels and serviced residences in Singapore, the UK, Australia, Malaysia, Germany and Japan, in September. The privatisation offer price of S$0.70 (now $0.49) per stapled security was above FHT’s book value. Read more>>
Limited Office Space in Lion City Could Support Co-Working Demand
Co-working demand in Singapore could remain firm as some firms opt to rein in capital expenditure amid tight vacancies in the office market, rising rents and economic headwinds.
Occupancy has recovered from the troughs seen during the pandemic, when safe distancing measures kept employees home-bound, said several co-working operators. Read more>>
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