Klepierre to acquire Italy's RomaEst mall for approximately USD 217 million
Author : PNT Bureau
Klepierre, a French mall owner, is expanding in Europe by acquiring Rome's RomaEst shopping centre for over 200 million euros. This deal, finalised last week, strengthens its presence in Italy, its second-largest market. RomaEst, Italy's sixth most visited mall, attracts 10 million visitors annually. Klepierre's strategy focuses on consolidating holdings in major European cities while selling smaller assets. This acquisition is expected to boost Klepierre's earnings and financial performance without affecting its debt metrics or ratings....
British Land projects 3-5% annual rental growth amid property value stabilisation
Author : PNT Bureau
British Land forecasts 3-5% annual rental increases as UK commercial property values stabilise following pandemic-induced decreases. The corporation recorded a 3% decrease in property portfolio value to GBP 8.7 billion for the fiscal year ended March 2024, with a small 0.2% dip in the second half. Retail park prices rose 2.7%, while office complexes fell 5.3%. Despite a bleak forecast, British Land's underlying profit increased 2% to GBP 268 million, helped by high occupancy and robust leasing. Shares advanced 0.7% amid cautious optimism....
Several Chinese cities lower down payments and mortgage rates to increase demand
Author : PNT Bureau
In response to new stimulus measures, several Chinese cities have lowered down payments and mortgage loan interest rates to revitalise the sluggish property market. Hefei and Wuhan reduced down payments for first-time homebuyers to 15%, while second-time buyers experienced reductions to 25%. Some banks in Wuhan and Changsha also cut interest rates. These steps, along with the central bank's new lending facility for affordable housing, aim to stabilise the property sector. However, analysts caution that, despite these positive measures, the market's recovery will be gradual due to lingering buyer hesitancy and selective funding support for developers....
Almal launches luxurious beachfront resort in Al Marjan Island, Ras Al Khaimah
Author : PNT Bureau
Almal Real Estate Development unveils "The Unexpected Al Marjan Island Hotel & Residences," a luxurious beachfront project on Al Marjan Island, Ras Al Khaimah. Operated by Palladium Hotel Group under The Unexpected Hotels & Residences brand, it features 422 hotel and residential units with Arabian Gulf views. Designed by DAR, the property harmonizes with nature, offering amenities like an infinity rooftop pool, beach club, spa, and dining venues. With light materials and dynamic elements mimicking the sea, it promises an opulent sanctuary where luxury meets coastal serenity. It is set to open in 2026....
69% of UAE residents choose London for overseas property investments
Author : PNT Bureau
A recent study examined the overseas property investment preferences of UAE residents. The survey found that London was the most preferred city among respondents, with 69% selecting it as their top choice from a list of ten global capitals. New York and Singapore followed as the second and third most appealing destinations. The majority of those polled were from Dubai and Abu Dhabi. Current London property owners indicated they were likely to invest more in the next two years. Those without London holdings may purchase within the next four years. The research suggests London provides a reliable and secure market that offers profitable investments and capital growth opportunities for UAE investors....
Mota-Engil reports over 50% increase in Q1 profits driven by global projects
Author : PNT Bureau
Portuguese construction giant Mota-Engil reported a 54% increase in first quarter profits, with strong revenue growth across key regions. The company saw net income jump to 20 million euros versus 13 million the prior year, as sales rose 7% to a record 1.35 billion. Latin America sales led with a 9% gain, while growth also occurred in Africa and Europe. Earnings before interest and taxes (EBITDA) surged 22% to 196 million euros, and operating margins expanded across all business segments. Most significantly, Mota-Engil's order backlog reached an all-time high of 14 billion euros on the back of large infrastructure contracts in Angola, Mexico and Nigeria. This record contracted work provides visibility into continued revenue and profit expansion in the future....
Kiwi Property to sell Vero Centre for NZD458 Million amid strategic shift
Author : PNT Bureau
Kiwi Property has agreed to sell its Vero Centre in Auckland to a Hong Kong-based conglomerate for NZD 458 million (USD 280.30 million). The sale price reflects a 1.9% discount from its September 2023 valuation but delivers a 11% return since acquisition. CEO Clive Mackenzie stated the sale aligns with the company's strategic shift towards retail-led mixed-use centers. Proceeds will be used to repay bank debt and fund further investments. The sale reflects the company's evolving focus and financial strategy, highlighting the disposal of non-core assets to strengthen its investment portfolio....
Ireland sees 6x rise in new home applications, around 17,600 in April
Author : PNT Bureau
In April 2024, Ireland saw a record 17,600 new home commencement notices, six times higher than the previous year's monthly average of 3,000. This rise, driven by a temporary government waiver on a builder's levy worth EUR 20,000 per home, highlights efforts to tackle the housing crisis. Despite reaching a 15-year high of 33,000 new home completions in 2023, an estimated 50,000 units are needed annually. Analysts caution that not all applications will result in completed homes, emphasizing the importance of actual construction to address the shortage and meet the growing demand driven by a strong economy and population....
Malaysia property market rebounds as Q1 2024 sees 17% growth in transactions
Author : PNT Bureau
After a pandemic-induced slowdown, Malaysia's property market is rebounding, per the Valuation and Property Services Department (JPPH). In Q1 2024, property transactions surged by 17%, with over 104,000 transactions recorded. Transaction value increased by 37%, reaching MYR 56.53 billion (USD 13.4 billion). Residential properties dominated, making up 60.2% of transactions, followed by agricultural land at 20.5%. This rebound indicates growing investor confidence and a potential return to pre-pandemic activity. Continued monitoring of market trends and economic conditions is crucial for confirming a sustained recovery and addressing affordability for first-time homebuyers....
Dubai developer Prestige One reveal Waterfront Luxury with "Waterway" Project for over USD 272.2 million
Author : PNT Bureau
Prestige One Developments has announced "Waterway," a new luxury project in Mohammed Bin Rashid City, Dubai, costing over AED 1 billion (USD 272.2 million). This development offers exclusive waterfront living with access to crystal lagoons and amenities for activities like kayaking and paddleboarding. Additionally, Prestige One is launching "Seaside" at Dubai Islands, combining city excitement and seaside tranquility. Another project, "The Place," targets active lifestyles in Dubai Sports City. "The Luxe Villa" in Palm Jumeirah promises unparalleled luxury. These ventures reflect Prestige One's commitment to dominating Dubai's high-end real estate market with diverse, luxurious living options....
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