SBB reduces debt but faces larger-than-expected Q2 loss in 2024
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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
Author : PNT Bureau
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....
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