Luxury property leads the way in Mingtiandi’s roundup of real estate headlines today with the news that the chairman of a Singapore-listed developer is selling his Singapore bungalow for $167 million, while car-sized living spaces generated revenue of HK$1.67 billion in the first half of the year for one of Hong Kong’s largest builders.
In other news around the region, the founder of Alibaba is said to be building his own mansion in Singapore, while a city in mainland China implements a computerised system to keep down house prices, and a Hong Kong-based developer becomes the first in the city to secure a sustainability-linked loan.
Elsewhere, the body of India’s financially-troubled Coffee King has been found in Mangaluru.
A Good Class Bungalow (GCB) on a sprawling freehold site in the Nassim area has been sold for a record S$230 million ($167 million).
The Business Times reported that the property along Nassim Road was sold by a private company owned by Wing Tai Holdings chairman Cheng Wai Keung and his wife Helen.
The price works out to S$2,721 per square foot on a land area of 84,543 square feet (7,854 metres). Read more>>
Henderson Land Development has emerged as Hong Kong’s largest developer of “micro flats” in the first half, underscoring the popularity of cheaper housing among investors and those seeking to get a start on the housing ladder.
Henderson, controlled by Hong Kong billionaire Lee Shau-kee, sold 351 micro flats, typically defined as units with a floor area less than 200 square feet, in the six months ended in June, generating revenue of HK$1.67 billion ($213 million), according to data provider Dataelements. Read more>>
Swire Properties has secured its first sustainability-linked loan, making it the first company of its type in Hong Kong to launch such a financing mechanism against its year-on-year environmental, social, and governance (ESG) performance.
The company reached an agreement with Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) to convert an existing five-year revolving credit facility of HKD$500 million (dated August 2017) into a sustainability-linked loan, with the interest rate being indexed against the Company’s ESG performance. Read more>>
Singapore seems to be a hotspot for the world’s richest to buy a property.
Most recently, billionaire Sir James Dyson bought two properties in Singapore. The first was Singapore’s biggest penthouse at Tanjong Pagar, which was valued at over $100 million. Two weeks later, the Dyson founder bought a bungalow facing Botanic Gardens, which is speculated to cost over $41 million. And now Alibaba co-founder Jack Ma might be building — not buying — a house in Singapore. Read more>>
Thai beverage and retail conglomerate TCC Group has started what is described as the biggest real estate project in Thailand’s capital, envisioning it as a new landmark in the city.
The 167,000 sq.-meter complex, named One Bangkok, will partially open in 2023, when the construction of the first building and some surrounding areas is completed. Read more>>
Dalian, one of the most developed cities in China’s north, is going to unprecedented lengths to keep a lid on home prices.
According to an official news agency report Wednesday that quoted a local-government statement, all home builders in the city must now seek sales approval by inputting an apartment’s proposed price into a centralized computer system. Prices must be lower than the bottom price for similar dwellings sold in May and June, and any higher prices won’t be be entertained. Read more>>
V G Siddhartha, a tycoon who beat Starbucks to dominate India’s retail coffee industry but faced personal financial troubles, was found dead on Wednesday, the police said.
The police had carried out an exhaustive search for Mr. Siddhartha, founder of the popular chain Cafe Coffee Day, who was last seen Monday evening on a waterfront bridge outside the coastal city of Mangaluru, in southern India. Fishermen spotted his body floating near the shoreline on Wednesday morning. Read more>>