International News

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Saudi Arabia invests USD 1.3 trillion in real estate and infrastructure projects

Author : PNT Bureau

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....

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Singapore faces challenges in maintaining housing affordability rates

Author : PNT Bureau

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....

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Egypt's housing project for low-income citizens attracts 1.6 million applicants

Author : PNT Bureau

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....

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99 Speed Mart dounder Lee Thiam Wah becomes billionaire after record Malaysian IPO

Author : PNT Bureau

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....

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Spain faces worsening housing crisis amidst rising property prices

Author : PNT Bureau

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....

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Hong Kong investors turn to student accommodation amid rising demand

Author : PNT Bureau

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....

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Toronto real estate faces weakest conditions since 2008 recession

Author : PNT Bureau

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....

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New Zealand construction slump signals potential recession amid rising costs

Author : PNT Bureau

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....

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London's prime boroughs dominate second home market

Author : PNT Bureau

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....

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CapitaLand acquires 50% stake in Singapore's iconic ION Orchard mall

Author : PNT Bureau

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....