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International Realty News & Trends

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  • Re : International Realty News & Trends

    City Developments JV to buy Singapore residential site for $667 million

    CDL and its joint venture partner Hong Realty won the tender in a collective sale of Amber Park and will redevelop the site into a luxury condominiumREUTERS | October 04, 2017, 15:30 IST

    SINGAPORE: City Developments Ltd (CDL) and joint venture partner Hong Realty will buy a freehold residential site on Singapore's east coast for S$906.7 million ($667 million), adding to this year's property deal frenzy in the city-state.

    CDL and Hong Realty won the tender in a collective sale of Amber Park, a 200-unit condominium. They plan to redevelop the site into a luxury condominium with four 25-storey blocks, with close to 800 units and a basement car park, CDL said in a statement.

    CDL was also the original developer of Amber Park, which was completed in 1986.

    JLL, the sole marketing agent, said the deal was Singapore's largest freehold collective sale by dollar value. This was the fourth time that the property was offered for collective sale.

    Brokerage Jefferies said in August that its discussions with developers suggested that en bloc sales volumes would be close to S$6 billion this year.

    Signs are growing that Singapore's residential market is improving -- private home prices rose for the first time in four years in the third quarter, official data showed on Monday.

    City Developments and Hong Realty are both part of Singapore-headquarterd Hong Leong Group, headed by billionaire Kwek Leng Beng.












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    • Re : International Realty News & Trends

      Homes have stopped being places that offered the resident a living room, a bedroom, a kitchen, a bathroom and a balcony. Today's homebuyers do not like boundaries. They want an undefined space which they can use the way they want to. We popularly know this space as multipurpose, flexi or bonus space.

      Why flexi rooms?

      Think of a room in the property. And now, think of this room being used as an entertainment zone by the family. Sometimes, you could turn this space into a play area for your children. On days when you feel like, you could turn this space into a quite reading zone; on other days, this could be turned into a perfect party zone. This one undefined space provides you with indefinite opportunities. There is more. This bonus space lets homebuyers customise it the way they want to and when they want to.

      No boundaries

      As the name suggests, flexi rooms need to have provisions that are flexible and movable. Try to separate it not from a concrete but a movable wall; install furniture that is multipurpose and movable; have storage no matter what the purpose and provisions to be placed so that it can be used for multi-purposes and for a long time to come.

      According to various international architects and interior designers, these rooms are placed close to the living room, bathroom and kitchen, so that these amenities are easily accessible when the room is in in use.

      The many benefits

      We all could benefit a great deal from having at our disposal some additional space that can be used the way we want. However, Young couples, who are just starting off with their lives would greatly profit if they have a bonus room in their home. As their families grow in future, flexi rooms would come handy.

      Then, investing in a property with bonus space is monetarily beneficial, too. Flexi rooms are a surprise element of a home that can act as the major selling point in a property. You would not find it hard to get buyers who are looking for undefined spaces in their homes, in case you plan to sell the property in future.

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      • Re : International Realty News & Trends

        UK house prices rise at fastest annual rate in Sept: Halifax

        House prices rose 0.8 % on the month in September alone, beating all economists' forecasts in a Reuters poll, and house prices in the three months to September were 4.0 % higher versus average expectations of a 3.6 % riseREUTERS | October 06, 2017, 19:00 IST


        LONDON: British house prices regained momentum in September and recorded the fastest annual rise since February as buyers shrugged off the possibility of higher Bank of England interest rates, figures from major mortgage lender Halifax showed on Friday.

        House prices rose 0.8 % on the month in September alone, beating all economists' forecasts in a Reuters poll, and house prices in the three months to September were 4.0 % higher versus average expectations of a 3.6 % rise.

        "Prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand," said Russell Galley, managing director of Halifax's community bank.

        "There has been recent speculation on the possibility of a rise in the Bank of England base rate. We do not anticipate this will have a significant effect on transaction volumes," he added.

        Halifax is part of Lloyds Banking Group. (Editing by Alistair Smout)











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        • Re : International Realty News & Trends

          Pricey property leaves Hong Kong families struggling to buy own home

          In a research note, Morgan Stanley estimates only about 170,000 households can benefit from the plan which lets in those whose monthly income fall within a narrow band of HK$26,000 to HK$34,000 per person or HK$52,000 to $68,000 per household.Reuters | October 12, 2017, 15:00 IST

          HONG KONG: When Hong Kong Chief Executive Carrie Lam officially announced a new "Starter Homes" scheme on Wednesday to help middle-class families own their first home, 27-year-old bank employee Jeffrey Chan was left unmoved.

          The combined income of Chan and his fiancee is about HK$7,000 ($897.01) short of what they need to qualify to buy a subsidised apartment under the new scheme. They will have to continue renting for now.

          In a research note, Morgan Stanley estimates only about 170,000 households can benefit from the plan which lets in those whose monthly income fall within a narrow band of HK$26,000 to HK$34,000 per person or HK$52,000 to $68,000 per household.

          "It's still very difficult to buy a flat. It made no difference after she spoke," Chan, a middle office associate at an American investment bank, told Reuters. "Property is ridiculously expensive now."

          Chan hadn't expected a lucky break, so he wasn't disappointed when he didn't get one.

          Like most people in Hong Kong, owning his own home is a life goal for Chan, and with a monthly salary of about HK$40,000, he already earns more than 85 percent of Hong Kong's workforce where the median income is HK$17,000.

          But buying a flat is out of Chan's reach as home prices surged to a historic high in August, with apartments across the territory now costing an average of roughly HK$12,000 per square foot (HK$130,000 per square metre), according to property agency Midland Realty.

          A recent UBS report reckoned Hong Kong was the world's most expensive city for apartments where the average living space is just 150 square feet (14 square metres) per person.

          Lam also said the scheme would stipulate in certain land leases that developers would need to build a number of "starter homes" units on top of private units, but gave few other details in her maiden policy address, other than launching the first 1,000 units by the end of next year.

          "So far the quantity is not much, so it won't have an impact on the price of small units, but if it regularly introduces some 2,000 or 3,000 units per year, then it will have an impact," said Thomas Lam, a senior director at global property consultancy Knight Frank in Hong Kong.

          While Hong Kong's private home prices surged over 160 percent over the last decade, the price hike was especially steep with apartments smaller than 40 square meters (430 square feet) - the kind that Chan would aim to buy - skyrocketing roughly 200 percent over a decade.

          A skilled service worker in Hong Kong would need to work 20 years, the longest period of time in a list of 20 cities in the world, before being able to afford a 650 square feet (60 square meters) flat near the city centre, the UBS report said.

          The authorities have tried a raft of measures to cool property prices, but Hong Kong's chief executive Lam conceded that the government had "no magic wands".

          "Ultimately we can't expect the government to do everything for us and we have to rely on ourselves" Chan said. "If I keep working hard, it should be okay." ($1 = 7.8037 Hong Kong dollars)








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