Homes on Hong Kong’s peak are now selling at a discount
In today’s roundup of regional headlines, a report says two mansions at Hong Kong’s Peak changed hands at a heavily discounted price, and developer GSH agrees to sell nine strata office units in Singapore’s downtown. Also, in the news, Hong Kong investment deals decline as Singapore’s condo market also cools.
Two Hong Kong Mansions Sold at $25M Discount, Sing Tao Says
Two Hong Kong mansions on Victoria Peak have been sold for a combined HK$560 million ($71.5 million), about HK$200 million less than the asking price, according to a local newspaper.
The homes are at 11 and 13 Watford Road, Sing Tao reported, citing unidentified people. Ownership of both properties is linked to the wife of Wong Kwan, the former chairman of Pearl Oriental Oil, the report said. Read more>>
GSH Sells Office Units in Singapore’s Cecil Street for S$38.8M
GSH Corporation has agreed to sell its nine strata office units on the 28th floor of 20 Cecil Street in Singapore’s central business district for a consideration of S$38.8 million ($29.3 million).
The nine units have a combined gross floor area of 901 square metres (9,698 square feet). Based on independent valuer, RHT Valuation’s report dated July 7, the property has a valuation of S$37 million. Read more>>
Hong Kong Investment Property Transactions Drop to 19-Year Low
Sales of commercial real estate and residential buildings in Hong Kong fell to a 19-year low in the second quarter as high interest rates took a toll on investment property transactions.
The city recorded just HK$2.7 billion ($350 million) in deals during the period, Colliers said Wednesday. The weak performance was largely due to a lack of transactions in office and industrial properties, said Thomas Chak, co-head of capital markets and investment services at Colliers. Read more>>
Singapore Prime Non-Landed Home Sales Eased to S$1.1B in H1
The total sales value of private prime non-landed residential property in Singapore fell to S$1.1 billion ($830 million) in the first half of 2023, Knight Frank said.
There was a 23 percent decline in total sales value in the first six months of the year, compared with the S$1.4 billion recorded in H2 2022, the consultancy said in a residential market update. Read more>>
Singapore’s Surging Rents to Be Big Election Issue, Survey Shows
Singapore’s rising rents are set to be a key issue among voters in the next general election, a survey showed, in the latest indication of the political fallout from the country’s buoyant property market.
Around a third of adults in Singapore see high rents affecting their voting choice, according to an online poll of 1,029 people in the city-state, conducted by YouGov. Read more>>
Japan Has New Real Estate Leader for First Time in Three Decades
Japan has crowned a new top developer for the first time in 30 years, thanks to a post-COVID tourism boost and work-from-home habits that have altered investors’ views of properties like hotels and offices.
The market value of Mitsui Fudosan reached JPY 2.63 trillion ($19 billion) on Tuesday, giving the Tokyo-based firm a solid lead as the most valuable developer in Japan over its competitor Mitsubishi Estate, which for decades was the island nation’s top property company. Read more>>
Low Valuations in Hong Kong to Spur Bargain Hunts Among Developers
A “large pool of undervalued assets” in Hong Kong’s property market may spur more bargain-hunting among majority shareholders as valuations hit a 30-year low, according to JPMorgan Chase.
The city’s cash-rich property tycoons may take advantage of the cheap valuations to buy assets, conduct buybacks or take out minority shareholders at a time when developers and landlords are on average valued at a 63 percent net asset value discount to the aggregate market capitalisation, the bank’s analysts wrote. Read more>>
Late Coco Lee Reportedly Left Properties Worth $29M to Mother, Sisters
Late Hong Kong-American singer Coco Lee owned almost HK$230 million ($29.4 million) in properties before her death, with the majority of the assets now transferred to her elderly mother.
This was according to Hong Kong media outlet HK01. Lee, who had battled depression, died last Wednesday after a suicide attempt on 2 July. She was 48. Read more>>
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