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Hong Kong builders urge government to defer roll out of vacancy tax as they fear it will intensify market slowdown

Hong Kong developers have urged the government to consider a temporary suspension of the proposed vacancy tax, as they fear it would intensify the slowdown in the property market already reeling from the US-China trade war and social turmoil.“The introduction of the vacancy tax at the moment certainly will add fuel to the fire,” the Real Estate Developers Association of Hong Kong (Reda), said on Friday.“The Hong Kong government forecast shows that the city’s economy is undergoing adjustment. If… Source link

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Rents at The Center, Hong Kong’s most expensive office tower, cut by 5 per cent as companies defer expansion plans amid protests

Some owners of individual floors at The Center have cut rents by 5 per cent for the first time since they took over Hong Kong’s most expensive grade A office building, as anti-government protests have forced companies to hold back their expansion plans, according to agents.Rents at a number of buildings have also been reduced, including Bank of China Tower, where asking lease rates have been cut by 4.3 per cent to HK$156 in July compared to June, according to figures from CBRE.Rents at the 73… Source link

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Property 

Hong Kong’s protest rallies force Thai developer to defer sales launch of ultra luxury apartments in Bangkok

Magnolia Quality Development Corporation, the developer of an ultra luxury apartment complex in Thailand, said it had to put off the marketing plan to sell the remaining units of its project in Hong Kong, as 11 weeks of protest rallies in the city showed no signs of letting up.At The Residences at Mandarin Oriental in Bangkok, a 52-storey ultra-luxury condominium completed last week, about 30 per cent had been sold to foreign buyers, of which the majority were from Hong Kong and mainland China… Source link

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Singapore 

Singaporeans advised to defer non-essential travel to Hong Kong: Foreign Ministry, Singapore News

SINGAPORE – The Ministry of Foreign Affairs (MFA) has issued a travel advisory asking Singaporeans to defer all non-essential travel to Hong Kong, following several pro-democracy protests in the financial hub. In an advisory dated Friday (Aug 16), MFA said the protests that have been ongoing since June have become increasingly unpredictable and could turn violent. The recent protests had also affected Hong Kong International Airport, leading to the cancellation of flights and leaving many travellers stranded at the airport. “Singaporeans are thus advised to defer non-essential travel to Hong Kong,…

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Sun Hung Kai, MTR defer sale of 1,172-flat Cullinan West III project as Hong Kong’s protest rallies take their toll on market mood

Hong Kong’s biggest residential property developer is postponing the sale of its next mega project, in the latest sign that nine weeks of public unrest and almost daily clashes between police with protesters are taking an ever-bigger toll on consumer sentiment.Sun Hung Kai Properties (SHKP) and MTR Corporation would offer the 1,172 flats at the Cullinan West III project atop the Nam Cheong subway station upon their completion, said David Tang, the property director of the project’s joint… Source link

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Singapore 

Singapore, Malaysia to defer Johor Baru-Woodlands RTS Link till Sept 30 , Singapore, Malaysia News

SINGAPORE – Singapore and Malaysia have signed an agreement to defer construction of a cross-border MRT link up till Sept 30 this year. As part of the deal, Malaysia will also reimburse Singapore more than $600,000 – for abortive costs incurred as a result of the six-month suspension of the planned Rapid Transit System (RTS) Link. Singapore’s Transport Minister Khaw Boon Wan and his Malaysian counterpart Anthony Loke inked the agreement to formalise the suspension on Tuesday (May 21) at the PSA Building, where Singapore’s Transport Ministry is located. Speaking…

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Singapore 

Singaporeans advised to defer non-essential travel to Kuala Lumpur over weekend rallies, Singapore News

The Ministry of Foreign Affairs on Friday (Dec 7) advised Singaporeans to defer all non-essential travel to Kuala Lumpur, given the risk of skirmishes at large rallies in the Malaysian capital this weekend. A racially-charged rally organised by Malaysia’s largest Malay-Muslim political parties Umno and Parti Islam SeMalaysia (PAS) and with turnout expected to number in the tens of thousands will take place at the Dataran Merdeka (Independence Square) on Saturday (Dec 8). Separately, Malaysia’s Human Rights Commission, or Suhakam, planned to hold a gathering attended by Prime Minister Mahathir Mohamad in Petaling Jaya…

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