In today’s roundup of real estate headlines from Asia, Hong Kong’s housing rebound leads the way with home sales reaching new records over the weekend.
Elsewhere in the region, the investors behind an online to offline coffee startup seem eager to cash out before finding out if their innovation can grind out profit, and in Singapore things look bleak for a loss-making department store, but a luxury condo with rooftop yoga and jogging is still managing to pull in shoppers.
There’s also news about the ill-gotten mansion of a fugitive financier and much more awaiting you further down the page.
Hong Kong’s biggest weekend home sale in six years almost sold out, as a double-digit surge in April property transactions gave buyers the confidence that the city’s real estate bull market is here to stay.
A total of 1,148 new flats were offered across the city at Lohas Park, Tai Po and Ho Man Tin. Buyers packed salesrooms to snap up 1,001 new flats, or about 87 per cent of the total, as of 11pm, agents said. Wheelock Properties sold all 500 flats at the Montara project for more than HK$4 billion ($510 million) in total, setting a record for a single day’s turnover. Read more>>
20-Year-Old Affordable Home Sells for $1.27M in HK
Hong Kong homebuyers, desperate to get their hands on property after a short-lived price correction, are chasing real estate in an obscure segment of the market as a bull market takes hold.
On Monday, a 706 square feet flat at the 24-year-old Tivoli Garden in Tsing Yi, New Territories, was sold for HK$10 million ($1.27 million), or HK$14,164 per square foot, making it the most expensive unit converted from government funded abodes under the Sandwich Class Housing Scheme. Read more>>
Luckin Coffee Inc, the ambitious startup that is challenging Starbucks Corp in the race to dominate China’s growing coffee culture, is seeking to raise as much as $510 million in its US initial public offering.
The Xiamen-based company said in a filing on Monday (May 6) that it’s planning to sell 30 million American depositary shares for $15 to $17 each. At that range, it would be the sixth largest of the 53 IPOs on US exchanges so far this year, according to data compiled by Bloomberg. It would also top the company’s earlier plan for a $300 million share sale described previously by people familiar with the matter. Read more>>
Isetan Singapore will not renew its lease with Singapore’s JG Trustee (JGT) for its “loss-making” store in Westgate, the Japanese department store operator said in a regulatory filing on Monday (May 6) before the market opened.
According to the terms of the lease, the company has the option to renew the lease for a period of three years by notifying JGT no later than six months prior to the expiry of the lease on Dec 22, 2019. Read more>>
US prosecutors and representatives of fugitive Malaysian financier Low Taek Jho want to sell a $39 million (RM161.55 million) mansion in Los Angeles he bought in 2012 with money allegedly stolen from the state-owned 1Malaysia Development Berhad (1MDB) investment fund.
The empty mansion above the trendy Sunset Strip is falling into further disrepair by the day and is costing $690,000 a year in taxes, insurance and maintenance, lawyers for the Department of Justice (DoJ) and for Low’s holding company said in a request to sell the property filed last Friday in federal court in Los Angeles. Read more>>
Amber Park sold 115 units at an early-bird average price of S$2,425 ($1,779) per square foot, after the 592-unit East Coast condominium project was launched over the weekend.
This accounted for 77 per cent of the 150 units released by City Developments Limited (CDL) and its joint-venture partner Hong Realty. The take-up was “the strongest launch weekend sales for a freehold project this year,” said CDL in a media statement yesterday. Read more>>