Planet Smart City expands Smart Housing portfolio with successful US sale
Author : PNT Bureau
Planet Smart City and Palladium USA sold a 324 unit smart multifamily housing complex in Little Elm, Texas, to a US institutional investor. Developed equally by both the companies, the project integrates innovative solutions in the environment, planning, technology, and social inclusion. Features include an innovation hub, co-working spaces, energy saving systems, and smart locks. Built over a span of 28 months, the project saw over 90% occupancy within merely three months. Sold at an IRR above 30%, it highlights the growing smart housing market. Future projects in Texas are being considered due to positive demographic trends and market success....
Ireland's first 3D-printed homes to be built in Dundalk
Author : PNT Bureau
Harcourt Technologies (HTL) is constructing Ireland's first 3D-printed homes in Dundalk, building three social housing units using a COBOD 3D printer. This innovative method involves extruding concrete layers, significantly speeding up construction and reducing labour needs. The homes, expected to be completed by October, aim to increase efficiency by 25-30%. While current costs are similar to traditional methods, the reduced construction time may lower overall expenses. This project serves as a case study for the potential of 3D printing in construction, offering benefits like faster completion, lower costs, and high-quality, durable structures....
Study reveals STRA has minimal impact on NZ rental and house prices
Author : PNT Bureau
A study by Infometrics, commissioned by Airbnb, found short-term rental accommodations (STRA) have minimal impact on rental and house prices in New Zealand's major urban areas. Population growth and interest rates are the primary factors driving these prices. The analysis, covering Auckland, Wellington, Queenstown-Lakes, and Christchurch, showed STRA's limited effect on rental prices and no significant impact on house prices. For instance, in Queenstown-Lakes, STRA contributed only USD 11 weekly to rent increases compared to USD 101 from population growth. The study underscores the housing supply shortage as the core issue behind rising prices, advocating for strategic planning and policy-making....
Sydney housing crisis: 24% of workers locked out of homeownership
Author : PNT Bureau
A new study by UNSW and UTS highlights Sydney's severe housing affordability crisis, showing that part-time workers, who now make up 23.6% of the workforce, are entirely priced out of the property market. Even full-time workers face significant financial challenges in owning a home. The Australian government has allocated USD 3 billion for social housing and aims to build 1.2 million homes in five years, yet current approval rates fall short. The study emphasizes the need for comprehensive policies to address rising housing costs and the impact of employment types on affordability....
UK housing market divergence: Northern England sees 83% price rise, southern regions stall
Author : PNT Bureau
The latest Zoopla report reveals significant regional disparities in the UK housing market. In the first half of 2024, northern England saw notable price increases, with Oldham, Wakefield, and County Durham leading at 83%, 77%, and 18% growth, respectively. Terraced homes priced below GBP 150,000 in the north experienced a 5% rise in value. Conversely, southern England struggled with stagnation and declines due to high mortgage rates. Prime locations like West-Central London showed some growth, but 27% of properties in the south remained stagnant or decreased in value. This divide presents distinct opportunities and challenges for buyers across regions....
China's land sales revenue falls 18.4% in H1 2024, deepening financial crisis
Author : PNT Bureau
China's government is grappling with a worsening financial crisis as land sales revenue dropped 18.4% in the first half of 2024 compared to the same period last year. This decline, reported by the finance ministry, reflects a sharp downturn from the 14% drop noted in the first five months. Land sales are vital for local government funding, supporting public services and infrastructure. The ongoing property crisis and broader economic slowdown are key factors behind the decline. Fitch Ratings warns that relying on volatile land concession revenue is unsustainable, urging exploration of alternative revenue sources like property tax. The crisis raises concerns about China's economic stability and growth....
Otis Worldwide lowers 2024 sales forecast after 11.4% drop in new equipment sales
Author : PNT Bureau
Otis Worldwide has revised its 2024 net sales forecast downward due to weaker demand for new equipment in North America and China. The company reported an 11.4% drop in quarterly net sales for new equipment, totaling USD 1.42 billion, influenced by slowed U.S. construction and a sluggish Chinese property market. Otis now projects full-year net sales between USD 14.3 billion and USD 14.5 billion, down from USD 14.5 billion to USD 14.8 billion. Despite a 3.2% decrease in total net sales to USD 3.6 billion, Otis increased its profit forecast and reported an adjusted profit of USD 1.06 per share, above expectations....
Elite Merit real estate launches in Dubai with cutting-edge innovations and client-centric approach
Author : PNT Bureau
Elite Merit Real Estate proudly enters the Dubai market, led by founders Shadi Rimeh and Elkhan Salikhov. Committed to transparency and integrity, they aim to revolutionize the industry with a client-first approach. Their mission includes automating 60% of non-sales tasks, offering extensive services, and providing educational resources. By fostering partnerships and financial strategies, Elite Merit strives to make Dubai real estate accessible to a broader audience. "Our goal is to lead by example, setting new benchmarks for ethical practices and professionalism," said CEO Elkhan Salikhov....
Hong Kong government explores new housing ratios amid proposed rent hike
Author : PNT Bureau
The Hong Kong government is exploring different housing ratios by district, including a 50:50 split for areas like the proposed San Tin Technopole. The average waiting time for a government-subsidised rental flat rose to 5.8 years in March. Chief Executive John Lee announced sufficient land has been identified to develop 410,000 public housing units, surpassing the target by 100,000 units. Additionally, the Housing Bureau proposed a 10 percent rent increase effective next year, with Secretary for Housing Winnie Ho assuring that rent assistance measures would help most residents afford the higher costs....
Kenya airports authority receives upgrade proposal from Adani Group for JKIA
Author : PNT Bureau
The Adani Airport Holdings Ltd (AAHL) has proposed a public-private partnership to upgrade Nairobi's Jomo Kenyatta International Airport (JKIA), including a new terminal, a second runway, and refurbishment of existing facilities. Kenya Airports Authority (KAA) confirmed receiving the proposal, emphasising adherence to the Public Private Partnerships Act 2021. The airport, vital for Kenya Airways and the regional exports, ranked seventh in African passenger traffic in 2022. Despite local protests over transparency, KAA assured that the airport isn't being sold and emphasised that funding requires private investment. The proposal will undergo comprehensive reviews and require stakeholder engagement and multiple government approvals....
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