WeWork Southeast Asia boss Turochas Fuad is ready to open in two more countries
Flexible office phenomenon WeWork hits the headlines again today as the co-working pioneer announces impending openings in a pair of new Southeast Asian markets – the Philippines and Vietnam. Also in the news, Chinese gadget maker Xiaomi has decided to try its hand at real estate, through a tie-up with China Resources Land and Hong Kong’s top developers are working on new financing strategies to convince buyers to keep shopping for homes.
WeWork Opening in Manila and HCMC
U.S. coworking space provider WeWork is expanding its business into the Philippines and Vietnam as it strives to build a presence in the region’s largest economies by year-end.
The company revealed on Thursday that its first site in the Philippines will be in Bonifacio Global City business district in Metro Manila. The site will occupy two floors of Uptown Bonifacio Tower Three and can accommodate 800 members. Read more>>
Xiaomi Teams with CR Land for Beijing Office Project
Developer of mobile devices and Internet of Things (IoT) products, Xiao Mi Corp. <1810:HK> has teamed up with real estate developer, China Resources Land Ltd <1190:HK> to purchase a plot of land in Beijing’s suburbs.
The two companies had successfully bid for an 11.58-acre plot of land in Changping district for USD 390 million, as seen in the statement released by the Beijing Municipal Commission for City Planning and Land Resources Management on Monday. Read more>>
Hong Kong Developers Offer Flexible Payment Plans as Sales Wane
As Hong Kong’s property market takes a turn for the worse, some developers are coming up with novel payment schemes to offload flats amid fears sentiment could sour further.
On Wednesday, Wheelock Properties announced a deferred payment plan along with steep discounts across five of its developments – Monterey, Capri, Napa, One Homantin and Island Residence. The scheme is effective from November 17 up to the end of the year. Read more>>
India’s Godrej Properties Cuts Net Debt by Half
Realty firm Godrej Properties has reduced its net debt by 51 per cent in last one year to Rs 1,539 crore mainly with the help of better sales bookings. The net debt of Gordej Properties — the real estate arm of Godrej group — stood at Rs 1,539 crore as on September 30, 2018 as against Rs 3,137 crore a year-ago, according to an investors’ presentation for the second quarter of this fiscal.
The average borrowing cost stood at 7.88 per cent as on September 30, 2018 as against 8.1 per cent a year-ago. Net debt-equity ratio has also reduced to 0.6 from 2.08 during the period under review. Read more>>
Perennial Real Estate Profits Nearly Triple on Net Fair Value Gain
A NET fair-value gain gave a fillip to results for Perennial Real Estate Holdings (Perennial) in its third quarter, causing net profit to nearly triple to S$48.3 million from the previous year.
For the three months ended Sept 30, revenue for the real estate and healthcare player expanded 8.7 per cent to S$22.2 million from the previous year, thanks to factors like Capitol Singapore and Perennial International Health and Medical Hub (PIHMH) which started contributing since 2Q 2018, an acquisition fee earned from the healthcare joint venture as a better showing from its Perennial Qingyang Mall and Perennial Jihua Mall. Read more>>
Freehold Singapore Commercial Building Hits the Market for S$23.5M
A seven-storey freehold commercial building, Merchants Building, at 76 South Bridge Road has been put up for collective sale by tender with a reserve price of $23.5 million.
Merchants Building has a land area of 104.5 sq m. Under the Urban Redevelopment Authority’s Master Plan 2014, it is zoned “commercial” with a gross plot ratio of 4.2. The property is located on an envelope control site within the secondary settlement of Upper Circular Conservation Area in the Central Business District. The gross floor area is estimated to be about 7,760 sq ft. Read more>>
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