Despite recent hikes in stamp duty and other cooling measures in Singapore, another set of hopeful condo owners lead today’s real estate headlines with a proposed S$401 million collective sale in the city’s posh District Nine. Meanwhile, in Hong Kong, a think tank headed by former chief executive Tung Chee-hwa has a plan to add a new island in Hong Kong that could provide homes for over a million people. Keep reading for all these stories and more.
The Regalia, a freehold condo located at 2 River Valley Close, has been put up for public tender.
The District 9 property sits on a freehold site of 63,371 sq ft and commands “prominent corner dual road frontages” of about 150m along River Valley Close and River Valley Road, according to CBRE, the exclusive and sole marketing agent for the collective sale.
The owners have indicated a guide price of $403 million, reflecting a land price of $1,892 per sq ft per plot ratio (psf ppr). Read more>>
Net property income (NPI) for EC World REIT rose 8.2 per cent to S$22.8 million for the second quarter ended June 30, while gross revenue rose 7.6 per cent to S$24.9 million from a year ago.
Income available for distribution rose 3.1 per cent to S$12.4 million, resulting in an increase in distribution per unit (DPU) to 1.57 Singapore cents from 1.54 Singapore cents last year.
The higher revenue and NPI were mainly driven by contributions from the recently acquired Wuhan Meiluote property in China, as well as a stronger yuan during the quarter, EC World REIT said. Read more>>
A think tank led by former chief executive Tung Chee-hwa has said that land reclamation east of Lantau Island could increase Hong Kong’s land supply. The reclamation project proposed on Tuesday would cover 2,200 hectares and is double the size of the government’s proposal.
The report by pro-establishment think tank Our Hong Kong Foundation recommended an artificial island to accommodate up to 400,000 flats and 1.1 million people. The size of the proposed island is equal to 110 Victoria Parks, or half the Kowloon peninsula. Read more>>
Mainland China’s property developers are facing a rising tide of complaints about safety and quality as they rush to build and sell as many properties as possible to cope with declining income in the face of government measures to cool the market.
With caps placed on the prices they can sell at, as well as increasing difficulty in getting funding because of government concerns over rising debt, developers have adopted a “build fast and sell fast” approach that has led to construction site deaths and protests by buyers over poor workmanship. Read more>>
Singapore’s latest round of property curbs are probably enough to cool the market, and may present buying opportunities, the head of the city-state’s biggest developer said.
“With the recent property curbs, we see new situations, new opportunities arising,” CapitaLand Ltd. Chief Executive Officer Lim Ming Yan said in a Bloomberg Television interview Wednesday. Read more>>
As many as 26.4 million square feet of real estate space was sold in the financial year 2018, registering a 50.1 percent growth over the corresponding period a year ago.
The sales value of the area booked also improved to Rs 16,916 crore in the financial year 2018 compared to Rs 12,523 crore a year ago, registering a growth of 35.1 percent for the period under consideration, says ICRA. Read more>>