Hong Kong
Sales in Hong Kong?s property market remains sluggish, according to a report from Knight Frank. The real estate services company attributed the low confidence levels to a series of real estate cooling measures imposed by the government.
Data from the Land Registry showed that residential transaction volumes slumped 28.1 percent month-on-month in March, with only 4,534 sales recorded.
Heavy taxation and higher investment costs have virtually excluded investors and non-local buyers from the residential market, said the report. It identified end users as the main drivers of growth.
According to the report, price growth in the luxury market was a mere 0.6 percent, while the mass market saw prices increase 1.2 percent over March.
Meanwhile, luxury rents decreased by 0.4 percent due to increased supply caused by landlords shifting their units to the leasing market, the report said.
?We believe that if Hong Kong?s current inflationary environment with low interest rates is sustained, luxury residential prices will remain stable and fall no more then 10%,? the firm said in the report.
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Singapore
Keppel Land and China?s largest residential property developer, China Vanke have entered into a strategic partnership that will see both companies jointly develop properties in Singapore and China.
According to China Daily, China Vanke will spend S$135.5 million (US$109.7 million) to acquire a 30 percent stake in a residential development project in Singapore. The project will be the Vanke?s first investment in Singapore, the paper reported.
The condominium project is located in Tanah Merah in eastern Singapore on a site that was awarded to Keppel Land for S$434.55 million last year. The project is expected to be launched in the second half of 2013 and once completed will comprise 726 units.
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Malaysia
Gabungan AQRS Bhd recently launched a The Peak@Jalan Temenggong, a serviced apartment development in Iskandar with a gross development value (GDV) of RM600 million (US$197.8 million).
The Peak is Gabungan AQRS? first property project in Iskandar Malaysia. Completed in 2015, it will be built with the concept of ?heritage meets distinction? and it will comprise six 41-storey serviced apartment blocks with a total of 668 units.
?There is still so much potential to grow for the Johor property market as compared with Kuala Lumpur and Penang, where we have seen that the latter has reached a much higher price range,? Ow Chee Cheoon, Gabungan AQRS executive director, told the Sun Daily.
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Philippines
Global Estate Resorts, Inc., has launched Twin Lakes, a 1,149-hectare integrated resort community in Tagaytay. The development is poised to become the country?s first vineyard resort community as well as Tagaytay?s first master planned integrated community, comprising residential villas, condominiums, townhouses, hotel and resort, commercial and retail hubs, as well as sports and leisure facilities.
Along with an actual vineyard, Twin Lakes will be built with four residential villages: Domaine Le Jardin, Domaine Le Montagne, Domaine La Soleil, and Domaine Du Lac. The Vineyard Residences, the development?s luxury condominium property will feature one and two bedroom units.
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Source: http://www.property-report.com/weekly-market-round-up-2-29134
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