WeWork Opens Third HK Location in Taikoo Shing and More Asia Real Estate Headlines

Hong Kong and Singapore dominate today’s real estate headlines in the region as WeWork opens its third location along the fragrant harbour and yet another set of condo owners try for a collective sale in the Lion City. Meanwhile, the powers that be are such nice folks in Hong Kong that they won’t even let disgraced officials at public transport companies leave their jobs if they want to, and pricier mortgages may soon add to the city’s housing woes. Read on for all these stories and more.

WeWork Opens Third HK Location in Taikoo Shing

WeWork’s third location in Hong Kong taps into themes of community and social interaction through unique design features at a massive 54,000 square foot location in Taikoo Shing, providing work space that can help foster creativity and networking opportunities, according to a company spokesman.

The new centre occupies four floors in Cityplaza Three, an upscale retail and commercial complex owned by Swire Properties. Read more>>

CEO of Hong Kong’s MTR to Leave Amid Construction Scandal

Hong Kong’s rail operator said on Tuesday it would revamp its top management team following several high-profile departures over the scandal-hit Sha Tin to Central rail link, the city’s most expensive rail project.

MTR Corp chairman Frederick Ma Si-hang said he had tried to resign for a second time on Monday “on the grounds of accountability,” but the government rejected it, asking him to stay until a new chief executive was appointed. Read more>>

Citibank Becomes First Major Bank to Raise Mortgage Rates in HK

Citibank will raise its mortgage rate for new borrowers in Hong Kong, making it the first major bank to bring the curtain down on more than a decade of cheap funding to buy property.

The American lender has increased the interest rate on its home loans by 10 basis points, equivalent to an extra HK$50 a month for every HK$1 million of mortgage. For an average mortgage size in Hong Kong of HK$4 million, the increase means new homeowners will pay about HK$200 per month more on a 30-year loan. Read more>>

Condo Complex on SG’s River Valley Road Aims for S$58M Collective Sale

Owners of St Thomas Ville, located along 38 St Thomas Walk, are eyeing bids in excess of $58 million for their District 9 property in a collective sale. Over 80 per cent of the owners have consented to the sale, said sole marketing agent JLL in a media release on Monday (Aug 6).

The freehold 12-storey site just off River Valley Road comprises 23 apartments built on a regular shaped plot. The 11,407 sq ft site is zoned “residential” under the Urban Redevelopment Authority’s 2014 masterplan, with a gross plot ratio of 2.8 and an allowable height of up to 36 storeys, JLL said. Read more>>

Singapore Condo Resale Prices Rise 1% in July to Reach New High

Continuing a pattern seen in recent months, resale prices of non-landed homes rose last month to a new record though sales volume remained far off its peak, according to data from real estate portal SRX Property released on Tuesday.

Resale prices of condominiums and private apartments climbed 1 per cent in July from the previous month, SRX’s flash estimates showed. Compared to a year ago, resale prices are up by 12.3 per cent from July 2017, and have increased by 9 per cent so far this year, said SRX. Read more>>

Sasseur REIT Beats Forecast with First Distribution

Sasseur Real Estate Investment Trust (Reit) announced a distribution per unit (DPU) of 1.587 cents in its first financial results after its mainboard listing on March 28.

Its DPU – recorded from March 28 to June 30 – was 4.6 per cent higher than what was forecast in its prospectus, as was its distributable income to unit holders, which at $18.74 million was higher than the $17.91 million forecast. Read more>>

SG Industrial Site Goes Up for Tender Starting at S$20.7M

Singapore’s JTC on Monday (Aug 6) said that it has accepted an application to put up an industrial site at Corporation Drive for sale by public tender. The land parcel was made available for application through the Reserve List system under the second half 2018 Industrial Government Land Sales programme.

JTC said it had received an application with a committed bid price of at least $20.7 million. Read more>>

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