SRE Group’s One Steuart Lane should look like this a little later
A cross-border development unit of China Minsheng Investment has broken ground on its first project in San Francisco, where home will costs at least $2.5 million just to build. Also in the news, the “charitable foundation” which HNA set up to inherit the shareholdings of its acknowledged dummy directors now says it won’t seek the tax exempt status usually granted to charities and yet another set of Singapore home owners are set to try their luck at flogging their homes before the market turns. Read on for all these stories and more.
China’s SRE Group Breaks Ground on SF “Ultra-Luxury” Tower
Most new housing built in San Francisco bills itself as “luxury” because the sky-high costs of development requires developers to target the upper-end of the market. But now a new niche is on the rise: the ultra-luxury condo.
The latest project in this vein, One Steuart Lane, recently broke ground at 75 Howard St., where the 120 condos will each need to fetch at least $2.5 million just for the developer to break even. Read More>>
“Charity” That Controls HNA Opts Not to Seek Tax Exempt Status
The Hainan Chihang Foundation, a charity linked to Chinese airline-to-property conglomerate HNA Group [HNAIRC.UL], is not seeking a tax exempt status, it said on Sunday.
Responding to a report in German weekly Wirtschaftswoche which said that the U.S. tax authorities would likely deny a such tax exempt status, a spokesman for the charitable foundation said that the Hainan Chihang Foundation was incorporated and would comply with all tax laws. Read More>>
Condo Complex Near SG’s Farrer Park Hopes for S$230M Collective Sale
Kentish Green in Oxford Road has joined the bandwagon of developments here trying for a collective sale. The owners have set a reserve price of $230 million for the 59,143 sq ft site.
The 122-unit condominium is located near Farrer Park MRT station. Based on the reserve price, each owner will net between $1.736 million and $2.086 million from a successful sale. Read More>>
Mainland Developers Gear Up Share Buy-Backs
Amid falling share prices in China since the turn of the year, the average price-to-earnings ratio among real estate stocks has fallen to a three-year low of 11x prompting several firms in the sector to take measures such as share repurchasing over the past month.
The sharp decline of real estate stock prices is not completely the result of market trends. In terms of the fundamentals, China’s real estate industry is going through a rough time, with the prospects for profitability overshadowed by various negative factors such as deleveraging, industry regulations, and the tightening of the shantytown renovation policies. Read More>>
HK Villa Project Cuts Prices by 25% After Vacancy Tax Rolled Out
Several Hong Kong developers are cutting prices for the first time in three years, slashing as much as 25 per cent off their quotations, becoming the first casualties of the city government’s vacancy tax that was imposed to deter hoarding and boost supply.
Paliburg Holdings and Regal International, two builders behind the Casa Regalia project, have knocked HK$10 million off the price tag of one of their 12 unsold villas in Yuen Long to HK$29.4 million (US$3.74 million). The villas, each measuring more than 2,000 square feet (186 square metres), have remained unsold since their completion in April 2016. Read More>>
Kempinski Ready to Open New Bali Resort in Q4
Kempinski will open the Apurva Kempinski Bali in the fourth quarter of 2018 as the company’s second hotel in Indonesia.
The beachfront Kempinski resort has 475 guestrooms, suites and villas. Architect Budiman Hendropurnomo of Denton Corker Marshall and interior designer Rudy Dodo of Trivium Design Group partnered to design the property. Read More>>
LWK & Partners Unveils Design of Vanke Hangzhou Project
LWK & Partners has recently released their design for “Olympic Vanke Centre” in Hangzhou, China. Occupying 13,969 sqm at the city’s CBD and next to its 2022 Asian Games Village, the Centre, to be completed in 2021, includes two office towers sharing one podium for amenities and underground service area.
LWK Director and principal architect of the project, Ferdinand Cheung believes that Olympic Vanke Centre “will be an icon on the city’s elevation, and will stand to be an example of a rational response to environmental needs for commercial architectures.” Read More>>
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