Month: September 2024

Adrian Cheng Chi-kong, a third-generation leader of one of Hong Kong’s largest conglomerates, will be stepping down as chief executive of New World Development and taking on a non-executive role in the company, sources have confirmed.

Born in 1979, Cheng will transition into the role of non-executive vice-chairman, relinquishing his position as CEO. Sources say that Eric Ma Siu-cheung, former Hong Kong Secretary for Development and current chief operating officer at New World, will likely be promoted to CEO as the company announces its full-year financial results on Thursday.

According to one source, Ma had recently instructed colleagues to review the financial situation of the company’s subsidiaries for possible restructuring.

New World is expected to report a loss of between HK$19 billion (US$2.44 billion) and HK$20 billion for the financial year ended June 30, which would be its biggest loss since Cheng’s grandfather founded the company over 50 years ago. …

Assessing the potential rental yield is crucial when considering investing in a condo. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condo rental yields can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. To gain a better understanding of a particular condo’s rental potential, conducting thorough market research and seeking guidance from real estate agents are valuable steps to take. Looking into reputable sources like Singapore Condo can also provide valuable insights.

Singapore’s proposed Johor-Singapore Special Economic Zone (JS-SEZ) is set to benefit industries such as data centres, electronics, and renewable energy, according to DBS research. The JS-SEZ aims to facilitate cross-border economic activities between the two states and was first announced last October …

Brilliance Capital, the sole marketing agent, announced that a state-of-the-art light industrial building located at 4 Ubi View in the Paya Lebar-Ubi industrial area is now available for sale through an expression of interest (EOI) exercise. This five-storey building, with a land area of approximately 22,321 sq ft and a gross floor area of about 44,775 sq ft, is an attractive investment opportunity.

Situated in a thriving industrial area, this private leasehold property is zoned under “Business 1” with a plot ratio of 2.0. With a lease of 60 years that started in January 1999, this property still has 34 years remaining on its lease. As it is not a residential property, both foreigners and companies are eligible to purchase it without incurring additional buyer’s or seller’s stamp duty.

The building is conveniently accessible via major expressways such as the PIE and CTE, and is also within walking distance from …

K11 Musea, a popular shopping destination in Hong Kong’s thriving Tsim Sha Tsui area, is expanding its luxury retail space by more than 30,000 sq ft. The ambitious expansion plans were announced by mall operator K11 Group in a recent press release. According to the statement, six existing brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels – will be revamping and expanding their stores within the next four years. In addition, luxury brand Prada is set to open a new store in the mall.

Investing in a Condo in Singapore has emerged as a favored option for both local and foreign investors, given the city-state’s strong economy, stable political climate, and exceptional quality of life. With its dynamic real estate market, Singapore presents a plethora of opportunities, with Condos being the prime choice due to their convenience, facilities, and potential for substantial returns. …

A Grade A office unit at the prestigious Samsung Hub on Church Street in the CBD has recently been sold for a staggering $14.8 million. According to Knight Frank Singapore, who brokered the deal, the unit occupies a high floor and boasts a spacious 3,595 sq ft. This means that the unit was sold for $4,117 per square foot (psf).

Previous reports from EdgeProp Singapore in July had revealed that a similar-sized unit at Samsung Hub was on the market with a guide price of $4,350 psf, amounting to approximately $15.6 million.

The 30-storey Samsung Hub is a 999-year leasehold commercial development situated in the heart of the CBD. It is strategically located near major financial institutions and corporate headquarters, making it a prime location for businesses. The building is also conveniently close to the Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) and the Telok Ayer …

Accor, a leading player in the global hospitality industry, has recently announced a partnership with Fragrance Group and Global Premium Hotels to introduce two new properties that will feature three hotels in total. These properties are scheduled to open by 2027.

As an international investor, it is crucial to have a clear understanding of the rules and limitations surrounding property ownership in Singapore. Unlike owning landed properties, the purchase of condos is relatively less restricted for foreigners. Nonetheless, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% on their initial property purchase. Despite this extra expense, the stability and potential for growth in Singapore’s real estate market remain a strong draw for foreign investment. In fact, many foreigners are actively seeking out opportunities to invest in Singapore Condos due to their appeal in the market.

One of the properties, located on Hoe Chiang Road, will …

On September 23rd, Marriott International officially opened its two new serviced apartments in Bangkok, Thailand. The properties, the Marriott Executive Apartments Bangkok Sukhumvit 101 and the Marriott Executive Apartments Bangkok Sukhumvit 50, are both located in the prime business district of South Sukhumvit. The area is home to popular attractions such as the Bangkok International Trade and Exhibition Centre and Southeast Asia’s largest technology and start-up hub, True Digital Park.

The Marriott Executive Apartments Bangkok Sukhumvit 101 offers a total of 140 rooms, including studios and one- to two-bedroom apartments. The 72-key Marriott Executive Apartments Bangkok Sukhumvit 50, on the other hand, is located just 800 meters from On Nut train station and offers a range of options from studio rooms to three-bedroom suites. According to cluster general manager Denis Richter, both properties have already received positive feedback from international travelers, locals, and expatriates living in Thailand.

The serviced apartments …

According to recent data published by JLL on September 23, the gross effective rent for CBD Grade A offices in 3Q2024 has remained steady at $11.50 psf per month (pm), following a 0.7% q-o-q growth in 2Q2024. This marks a slowdown from the 1.4% q-o-q growth seen in 1Q2024.

This rental growth plateau aligns with the second consecutive quarter of increasing vacancy rates for Grade A offices in the CBD, reaching 8.3% q-o-q in 3Q2024. The main contributing factor to this rise is the recent completion of the IOI Central Boulevard Towers (IOICBT). JLL observes that tenants are becoming more resistant to rental hikes in light of this upward trend in vacancy rates. Excluding the IOICBT, the CBD Grade A vacancy rate would have remained relatively tight, similar to the post-pandemic low of 5.3% in 1Q2024.

However, the global economic slowdown and delay in US interest rate cuts have resulted …

Singapore has long been known for its affluent population, and real estate has been a cornerstone of wealth accumulation for its residents. With its stable and consistent value appreciation, the country’s thriving property market continually attracts investors from all around the world. However, in recent years, investors have begun to diversify their portfolios, turning to alternative assets like equities and cryptocurrencies to complement their real estate investments.

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When it comes to investing in condos in Singapore, one must also take into account the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to control speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign investors and those purchasing multiple properties. While these measures may initially impact the profitability of condo investments, they ultimately contribute to the market’s long-term …

A prime 1,593 sq ft strata office unit at Havelock II, situated at 2 Havelock Road, is set to go under the hammer at the next property auction conducted by SRI on September 25. This owner’s sale has a suggested price of $2.63 million, equivalent to a rate of $1,651 per square foot for the strata area, which includes an extra 11 sq ft of space.

The up for sale unit is a corner unit on the seventh floor, and it has been constructed to a regular design with facilities such as meeting rooms, a washroom, and an open work area. According to Mok Sze Sze, the managing partner of auctions at SRI, this corner unit receives an ample amount of natural light and is also equipped with an independent air conditioning system. The pictures of the unit depict the bare unit before it was outfitted for the present tenants.…