The Oakwood Studios serviced apartment complex in Singapore’s Orchard Road area
In today’s roundup of regional news headlines, a serviced apartment complex in Singapore’s Orchard Road area goes up for sale as the public tenders of several city-state sites close without a deal, and China’s biggest banks reel from overdue loans to property firms.
Singapore’s Oakwood Studios Up for Sale at S$170M Guide Price
Freehold serviced apartment complex Oakwood Studios, located at 18 Mount Elizabeth in Singapore’s Orchard Road area, has been put up for sale via an expression of interest exercise with a guide price of S$170 million ($120.8 million), sole marketing agent Edmund Tie & Co said Wednesday.
The property comprises 98 units of studio, one- and two-bedroom apartments and spans a site area of 18,000 square feet (1,672 square metres). This brings the guide price to S$1.7 million per unit, with on-site amenities such as a fitness centre, rooftop swimming pool and communal gardens. Read more>>
Public Tenders of Orchard Bel Air, Oxley Sites End Without Sale
The public tender sale of Orchard Bel Air closed on Tuesday with its owners entering into discussions with potential buyers.
Located at the doorstep of the soon-to-open Orchard Boulevard MRT station, the prime District 10 condominium was put up for sale at S$587.5 million ($417.4 million) on 27 July. Read more>>
China’s Biggest Four Banks Feel Property Pinch From Failing Loans
China’s biggest four banks have been hit by a more than 50 percent increase in overdue loans from the property sector over the past year, as the real estate market’s liquidity crunch spills into the financial sector.
China’s top lenders — the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China — last week reported combined overdue property loans of RMB 136.6 billion ($20 billion) at the end of June, up from RMB 90 billion at the same time last year. Read more>>
Shanghai’s Housing Market Rebounds as Banks Quicken Loan Approvals
An easing of mortgage loan controls amid lower interest rates has given Shanghai’s property market a shot in the arm as the mainland’s commercial hub tries to make up ground lost during its COVID-19 lockdown.
As house prices shoot up, driven by a surge in demand, the battered local economy should benefit because the city government can fast-track approvals for home construction and rake in higher proceeds from land auctions. Read more>>
Is China Heading for Stagnation as Property Slump Goes Japan’s Way?
China’s real estate assets are facing the risk of a protracted pricing decline, if Japan’s experience in dealing with its own property bubble and more than two decades of economic stagnation are anything to go by, analysts said.
The spectre of a real estate crisis blowing up to become a full economic crisis in the world’s second-largest economy looms large, as household consumption and investment are likely to take a severe blow and the fiscal resources of the government are also limited because the funding crunch in the property segment also impacts land sales, a major source of revenue, according to Natixis Corporate and Investment Banking. Read more>>
Luxury Brands Flocking to Canton Road in ‘Iconic’ Tsim Sha Tsui
Tsim Sha Tsui’s Canton Road — once buzzing with tourists — has over the past two years become largely deserted, as the border between Hong Kong and mainland China remained closed to stem the spread of the coronavirus pandemic.
In recent months, however, this retail haven has been showing signs of recovery, with Chinese and Western brands choosing the district for flagship stores or the expansion of their current footprint despite the continued absence of tourists. Read more>>
China GDP Growth to Average 4.5% This Decade: Oxford Economics
China’s GDP will grow an average 4.5 percent over this decade, according to a new forecast by Oxford Economics, meaning China would take longer than other Asian economies, such as Taiwan and South Korea, to catch up with living standards in the developed world.
Annual growth would further slow to about 3 percent on average between 2030 and 2040, according to the baseline forecast by lead economist Adam Slater. Read more>>
HK Rescuers Try to Free Worker Trapped Under Collapsed Tower Crane
Rescuers in Hong Kong were trying to free a worker trapped under a 65-tonne tower crane at a construction site in Sau Mau Ping, hours after it collapsed onto a container, killing two and injuring six others.
Six of the nine workers were inside the container at the Anderson Road site when the crane collapsed at 10.49am on Wednesday, trapping them. Firefighters took about 30 minutes to free the six, with one certified dead at the scene. Read more>>
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