Winkworth reports 20% revenue growth as London housing market rebounds
Winkworth reports a 20% revenue increase to GBP 5.1 million in the first half of the year, with pre-tax profits rising by 26% to GBP 1 million. London's housing market has outperformed the national average, with sales income up by 11%, reflecting renewed interest in city living without significant price hikes. Winkworth's CEO, Agace, attributed the improved performance to more properties entering the market and transactions returning to normal levels. While the housing market had slowed due to higher interest rates, it recovered in early 2024, driven by expectations of lower borrowing costs and positive economic conditions, with optimism for further growth ahead....
Saudi Arabia invests USD 1.3 trillion in real estate and infrastructure projects
Saudi Arabia is making a significant shift in its economic strategy by investing over USD 1.3 trillion in real estate and infrastructure projects. This ambitious plan includes major developments like Neom, Diriyah Gate, and Qiddiya, all designed to reduce the country's dependency on oil. By 2030, Saudi Arabia aims to attract USD 100 billion in foreign direct investment and welcome 150 million tourists annually. The projects will add 362,000 new hotel rooms and various giga developments along the western seaboard. Despite challenges such as labour shortages and supply chain issues, these initiatives are positioning Saudi Arabia to become the world's largest construction market....
Singapore faces challenges in maintaining housing affordability rates
Singapore is closely monitoring both private and public housing resale markets after introducing new cooling measures in August to improve public flat affordability rates. The Ministry of National Development stated it will act decisively if prices deviate from economic fundamentals. This response followed a parliamentary question about possible further restrictions in the private condominium market. In July, private home sales hit their highest since March, recovering from a weak first half of the year. The government continues efforts to increase supply of private housing as concerns over affordability and rising private home prices persist in the Singaporean real estate market....
Egypt's housing project for low-income citizens attracts 1.6 million applicants
Egypt has launched the world's largest low-income housing project, the "Housing for All Egyptians" initiative, which spans all governorates, including both existing and new cities. Led by Minister Sherif El-Sherbiny, the initiative aims to provide affordable, contemporary housing, with over one million units already completed or under development. Since 2014, the project has received 1.6 million applications, and mortgage financing has reached EGP 74 billion. The project also includes middle-income housing and is designed to stimulate social and economic growth. The average cost of a dwelling unit is EGP 185,000, with beneficiaries mainly coming from the business sector, government, and freelance professions....
99 Speed Mart dounder Lee Thiam Wah becomes billionaire after record Malaysian IPO
Lee Thiam Wah, founder of 99 Speed Mart, has become a billionaire following Malaysia's largest IPO in seven years. His company, which operates over 2,600 convenience stores nationwide, raised USD 531 million, boosting his net worth to USD 3.3 billion. This IPO has positioned Kuala Lumpur as a key market in Southeast Asia, reflecting strong investor confidence. Analysts view the listing as a significant moment for Malaysia's IPO landscape, potentially driving further growth in the country's consumer and capital markets....
Spain's housing crisis worsens as rising property costs strain affordability. Housing prices increased by 7.8% overall, with new builds seeing an 11.2% year-on-year surge. Rural regions like Navarra and Aragon faced the largest hikes, exceeding 10%, while other areas saw moderate rises. Pre-owned homes rose by 3.7%, the highest quarterly growth since 2015. Prime Minister Pedro Sanchez vowed government action, focusing on balancing tourism and addressing speculation. Prospective homeowners, especially first-time buyers, are increasingly discouraged as owning property becomes more unattainable. Government intervention is seen as crucial to addressing the crisis and its impact on residents....
Hong Kong investors turn to student accommodation amid rising demand
Hong Kong's demand for student accommodation is surging, driven by an influx of mainland Chinese students and government efforts to double the number of non-local students. With only 38,000 government-funded hostel beds available for nearly 74,000 non-local students, the demand for accommodation is expected to reach 175,000 beds by 2028, leaving a shortage of 120,000 beds. Investors are capitalizing on this trend by converting properties into student housing, with rent prices approaching record highs. The market is thriving, with more hotels and co-living operators joining in to meet the growing demand for student accommodation....
Toronto real estate faces weakest conditions since 2008 recession
Toronto's housing market remains sluggish, with recent Bank of Canada interest rate cuts failing to spark a recovery. National Bank economist Darren King notes that market conditions in the Greater Toronto Area are at their weakest since the 2008 recession, excluding the pandemic period. Despite a slight 0.6 percent increase in home sales in August, they are still 32 percent below pre-pandemic levels. While economists expect sales to eventually rise with continued rate cuts, average price growth may lag. Condo listings have surged 30 percent above normal, while sales are 25 percent lower than before the pandemic....
New Zealand construction slump signals potential recession amid rising costs
New Zealand's residential construction has hit a four-year low, signalling potential economic recession as higher interest rates reduce spending and investment. Construction activity declined for the seventh consecutive quarter, with overall building falling 0.2% in the second quarter of 2023. Rising costs of materials and finance have deterred buyers and developers, resulting in a 22% drop in home-building approvals over the past year. Fletcher Building, the nation's largest supplier of construction materials, anticipates a further 10% decline in volumes by June 2025. Economists expect a second-quarter GDP contraction, with official data due on 19 Sept....
London's prime boroughs dominate second home market
New research by Benham and Reeves reveals that Cornwall has the highest number of second homes in the UK, with 9,425 properties. However, the highest market value for second homes is found in London's Kensington and Chelsea, and Westminster boroughs. Across England and Wales, there are 141,245 second homes, with flats being the most popular property type, especially in London where they comprise 87% of second homes. The total market value of second homes stands at £42.761 billion, with Kensington and Chelsea alone valued at over £6 billion. This highlights the differing dynamics between quantity and value in the UK property market....
CapitaLand acquires 50% stake in Singapore's iconic ION Orchard mall
CapitaLand Integrated Commercial Trust (CICT) has announced the acquisition of a 50% stake in Singapore's iconic ION Orchard mall for SGD1.85 billion. This deal will give CICT full ownership of the entity holding the 50% interest in the mall, known for its mix of luxury and essential brands. The acquisition also includes a 50% stake in ION Orchard Link, an underground retail link. The move is expected to strengthen CICT's luxury retail presence and be DPU accretive. To finance the acquisition, CICT plans to raise around SGD1.1 billion through equity fundraising, with completion expected by Q4 2024....
UK's Vistry to repurchase shares valued at USD 171 million
British homebuilder Vistry announced a GBP 130 million (USD 171 million) share buyback last week, following a 7% increase in half-year earnings driven by strong demand for affordable homes. The Bank of England's August rate cut, its first in over four years, could offer relief to builders and homebuyers, with the new Labour government's planning reforms improving sector sentiment. Vistry, which earns a significant portion of its revenue from partnerships with local authorities and government bodies, has now returned GBP 285 million of its GBP 1 billion capital return target to shareholders over three years. Its adjusted pre-tax profit for the six months to 30 June rose to GBP 186.2 million from GBP 174 million....
New home prices in China are growing slowly despite the government policies
China Index Academy revealed that new home prices in the country are growing at a slow pace. The data noted that new home prices across 100 cities dropped from 0.13% in July to 0.11% in August. In 2021, the Chinese government enforced strict regulations to reduce debt levels among developers that caused a liquidity crisis. This has also led to many developers defaulting and halting construction activities. The property researcher said that the market will see some improvement with further implementation and effectiveness of supportive policies....
Singapore lowers Loan-to-value limit to stabilize public housing resale market
Singapore has lowered the loan-to-value (LTV) limit for public housing loans from 80% to 75%, aiming to cool the overheated resale market. Resale home prices have risen over 4% this year due to high demand and limited supply. To offset the impact on first-time buyers, the government increased the maximum housing grant from SGD 80,000 to SGD 120,000. Over 80% of Singaporeans live in public housing, so affordability is a key concern. The measures seek to balance housing affordability and demand management in the resale market, where the median 3-bedroom flat price is around SGD 500,000 in the central area....
Adani Group establishes division to develop Nairobi Airport
Adani Enterprises has established a wholly-owned subsidiary in Kenya, Airports Infrastructure PLC (AIP), as part of its bid to acquire Jomo Kenyatta International Airport in Nairobi. Owned by Abu Dhabi-based Global Airports Operator LLC, AIP will handle all aspects of airport management. Although the exact investment amount is undisclosed, sources suggest it could reach up to USD 810 million if due diligence is successful. This would mark the Adani Group's first international airport venture. The company plans to invest USD 100 billion over the next decade, with USD 21 billion for airports, and aims to surpass INR 1 trillion in EBITDA this financial year....
Aldar Properties unveils an exclusive villa community on Yas Island
Aldar Properties has unveiled Yas Riva, an exclusive villa community on Yas Island, offering canal-front and canal-accessible homes. The development blends sleek, modern architecture with serene waterfront living. Canal-front villas feature private docks, while inland homes offer contemporary design and access to landscaped parks and gardens. Yas Riva provides an array of amenities, including a health-and-wellness centre, outdoor recreation areas, and customisable outdoor pods. Located near Yas Island's premier attractions, the community underscores its commitment to sustainability. It aims for prestigious Estidama and Fitwel ratings through eco-friendly construction practices, epitomising both luxury and responsible living....
China to reduce mortgage rates in two phases to protect banks
China is planning a phased reduction of interest rates on USD 5.3 trillion worth of mortgages to ease financial pressure on households and bolster the economy. Regulators propose cutting mortgage rates by around 80 basis points in two stages, starting soon and continuing into next year. The move aims to stabilise the housing market while protecting banks, which are already facing profit margin declines. Analysts predict the cuts could boost consumer spending, with households potentially saving up to 300 billion yuan annually. However, banks, especially state-run lenders, may experience further margin contraction due to the rate reductions....
Federal Reserve forecasts decline in housing inflation, signalling economic relief
A recent Federal Reserve paper suggests a likely decrease in housing inflation over the next year, a development seen as beneficial for the US economy. Published on September 3 by the Federal Reserve Bank of San Francisco, the research highlights factors such as increased housing supply and potential monetary policy adjustments that could ease inflationary pressures. The anticipated decline in housing costs may boost consumer spending and economic growth, while offering the Fed greater flexibility in monetary policy. Stakeholders in the property and finance sectors will need to adapt their strategies to align with these evolving economic conditions....
Blackstone acquires 80% share in european logistics fund
Blackstone has agreed to purchase an 80% stake in a €1,1 billion (£950 million) European warehouse portfolio from Burstone, a Johannesburg-listed company formerly known as Investec's property fund. The portfolio includes properties in Germany, France, and the Netherlands. Burstone will receive €250 million in cash from the sale, which will fund its business expansion, and retain a 20% stake while its European team continues managing the portfolio. This acquisition aligns with Blackstone's strategy of investing in the warehouse sector, highlighted by its recent recapitalisation of Mile way, a last-mile logistics firm. The warehouse sector continues to thrive amid the e-commerce boom....
UNDP and WASP collaborate to built 3D-printed homes in Colombia using local waste materials
The UNDP is advancing sustainable housing in Colombia using WASP's Crane WASP, a large-format 3D printer that constructs buildings from natural materials like local dirt and agricultural waste. This versatile, mobile printer is ideal for challenging terrains and addressing housing shortages in rural areas such as forests, deserts, and mountains. With 3.7 million Colombian households facing a housing deficit, this technology offers a sustainable solution by eliminating the need for concrete and reducing energy consumption. The collaboration showcases innovative approaches to global challenges, potentially serving as a model for sustainable development in other regions....
UK housing market gains momentum amid property shortage and push for faster home-building
The UK housing market shows signs of new momentum, with a recent Lloyds Bank survey reporting a surge in construction sector confidence. The Royal Institution of Chartered Surveyors noted that expected sales over the next three months are the strongest since January 2020. Despite this, a shortage of available properties is likely to keep house prices supported in the medium term. The new government has pledged to accelerate home-building, announcing the creation of an expert group to fast-track housing projects stalled by planning and regulatory hurdles, aiming to address the housing supply crisis....
SBB reduces debt but faces larger-than-expected Q2 loss in 2024
Swedish property group SBB reported a Q2 2024 loss of 3.5 billion crowns (USD 343.79 million), marking its ninth consecutive quarterly loss, but an improvement from a 10 billion crown loss a year earlier. The company, burdened by debt from property acquisitions, also wrote down 1.6 billion crowns in property value. Despite ongoing restructuring, CEO Leiv Synnes expressed optimism, forecasting a recovery in property prices and a return-to-profitability in the second half of 2024, aided by anticipated interest rate cuts. SBB's net debt decreased to 49 billion crowns, and the company successfully refinanced some debt through private bonds....
Blackstone set to expand in Asia-Pacific with major AirTrunk acquisition
Blackstone Inc. is reportedly finalising a major acquisition of Australian data centre operator AirTrunk in a deal exceeding AUD 20 billion (USD 13.5 billion), including debt. This transaction, one of the year's largest in digital infrastructure, would significantly strengthen Blackstone's presence in the Asia-Pacific cloud services market. Blackstone outbid rivals and is now negotiating with AirTrunk's current owners, Macquarie Group and PSP Investments. The deal reflects growing investor interest in data centres, driven by increasing demand for digital services across the region. Completion of the acquisition is anticipated soon....
U.S. housing affordability hits 1985 lows, Texas faces severe challenges
Housing affordability in the U.S. is at its lowest since 1985, with Texas experiencing particularly acute issues. The Texas Comptroller's report, the Housing Affordability Challenge, reveals that high demand, rising insurance costs, and increasing mortgage rates are straining residents. Despite Texas leading in new housing permits, rapid population growth is outpacing construction, driving up home prices. Solutions include updating zoning codes and incentivizing affordable housing development. The crisis risks economic segregation and reduced community diversity, underscoring the need for collaborative efforts to ensure housing remains accessible for all Americans....
Porsche Design reveals USD 15 million Sky villas in Bangkok's luxury tower
Porsche Design has partnered with Ananda Development to launch the Porsche Design Tower Bangkok on Sukhumvit 38, marking its first luxury real estate venture in Asia. This 22-unit tower will feature "Sky Villas" ranging from 525 to 1,135 square metres, with prices starting at USD 15 million and reaching up to USD 40 million. Construction begins next year, with completion set for late 2028. The tower will offer unique features such as luxury car garages and a spiral access ramp. The project reflects a trend of luxury brands entering the real estate market, aiming to cater to high-net-worth individuals in major Asian cities....
Taiwan's housing loans hit 18-year high with NT 10.6 trillion surge in July
In July, Taiwan's domestic banks reached an 18-year high in housing loans, totaling NT USD10.6 trillion (USD 331.25 billion), with a remarkable year-on-year growth rate of 10.82%. This surge is driven by post-pandemic economic recovery, increased housing demand, and competitive construction projects. Construction loans also rose to nearly NT USD 3.72 trillion (USD 116.25 billion), fueled by government-backed urban renewal initiatives and rising costs. Despite robust demand, stringent regulations and internal guidelines are in place to manage risks associated with real estate loan concentration. The surge in loans highlights the strength and resilience of Taiwan's housing and construction sectors as they continue to grow....
Saudi Arabia launches Aquellum, a 330-foot upside-down skyscraper
Developers in Saudi Arabia have unveiled Aquellum, an ultra-luxury, upside-down skyscraper nestled into the Gulf of Aqaba's mountainside. Rising 330 feet, this underground city promises a futuristic blend of high-end retail, art galleries, and performance venues, all set within a 1,500-foot-tall mountain range. Guests will access Aquellum via a floating marina and underground canal, entering a high-tech community with digital and VR experiences. Part of Saudi Vision 2030, Aquellum aims to revolutionise tourism by merging luxury, technology, and sustainability, setting new standards for global luxury travel....
Dubai's green spine 64-kilometre solar-powered highway will reduce CO2 emissions by 1 million tonnes
Dubai is launching the Green Spine, a 64-kilometre photovoltaic highway along Sheikh Mohammed Bin Zayed Expressway, designed to transform transportation into a sustainable system. Managed by Urb, this project will feature a photovoltaic park producing 300 MW of clean energy, enough to power 130,000 homes. It includes electric trams, bioswales for rainwater management, and over a million trees and native plants to enhance biodiversity. With cycling paths and pedestrian walkways, the Green Spine aims to reduce CO2 emissions by over one million tonnes, setting a global benchmark for sustainable urban infrastructure....
Europe's first underwater museum in Canary Islands to feature sculptures by Jason deCaires Taylor with EUR 700,000 budget
The Canary Islands are set to debut Europe's first underwater museum, the Museo Atlantico Lanzarote, led by British sculptor Jason deCaires Taylor. Located off Las Coloradas Beach, this EUR 700,000 project will feature cement sculptures modelled after local residents to support marine life and coral growth. Scheduled for completion in two years, the museum will allocate 2% of revenue to ecological research. Despite Taylor's innovative approach to art and environmental conservation, the project faces criticism over its lack of public consultation and funding allocation. Taylor's previous underwater museums in Grenada and Cancun have earned international acclaim, and this initiative aims to blend art with ecological restoration....
Singapore's new-home sales rise slightly in June amid weakest H1 in 20 years
In June 2024, Singapore's new-home sales increased slightly to 228 units from 221 in May, but the first half of the year remains the weakest in two decades, with fewer than 2,000 units sold. Contributing factors include high interest rates and government cooling measures, leading to cautious buyer sentiment. Despite this, private home prices have risen for four consecutive quarters, and public housing sales have hit new highs. Analysts predict that reduced mortgage rates could boost sales, but immediate impacts may be limited. The market continues to face challenges, including subdued interest in recent launches....
Warburg Pincus and Lendlease secure SGD 1.6 billion industrial portfolio in Singapore
Warburg Pincus and Lendlease's joint venture has acquired Singapore property assets valued at SGD 1.6 billion (USD 1.2 billion), marking one of the city's largest private industrial asset deals. The portfolio, focused on life sciences and R&D facilities, was purchased from entities linked to Blackstone and Soilbuild Group. Launched in July, the joint venture aims to capitalize on the rising demand for specialized real estate in Asia-Pacific, combining Warburg Pincus's investment expertise and Lendlease's real estate development skills. This acquisition highlights Singapore's role as a life sciences hub and the joint venture's growth potential in the region....
Unicorn Bay Investments backs Logan Group with USD 1 billion loan to support restructuring
Logan Group, a major real estate developer, has secured a crucial loan of over USD 1 billion through Unicorn Bay (Hong Kong) Investments, a firm in which it holds a 50% stake. This financial lifeline is part of Logan Group's restructuring efforts aimed at managing its debt and stabilizing operations amidst the downturn in China's real estate market. The sector has been hit hard by tighter regulations, slowing demand, and rising debt, putting significant pressure on developers. The loan provides Logan Group with essential liquidity to meet debt obligations and fund ongoing projects, positioning the company to navigate these challenging times. While the loan offers temporary relief, Logan Group's long-term success will depend on its ability to complete restructuring, manage its debt, and adapt to volatile market conditions....
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