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

Read More
Home 

CK Asset postpones sale of luxury flats estimated to cost more than US$12.7 million citing social turmoil

CK Asset Holdings, the second largest developer by market value in Hong Kong, has become the latest builder to defer the sale of its luxury residential project, as 10 weeks of social turmoil has severely hurt consumer sentiment.The as-yet unnamed project at 21 Borrett Road, in Mid-Levels, was originally expected to be released for sale this month.Executive director Justin Chiu Kwok-hung said on Tuesday that the group had decided to postpone the sale of the luxury flats that would cost more than… Source link

Read More
Home 

Demand for Hong Kong’s luxury homes slips as trade war, threat of extradition bill rattle wealthy investors

The double whammy of the US-China trade war and the threat of a controversial extradition bill that led to weeks of mass rallies in Hong Kong has hit demand for the city’s ultra-luxury homes, new figures show.Property consultancy Savills said enquiries about homes priced between HK$40,000 (US$5,111) and HK$100,000 per square foot fell in the second quarter of the year, leading to a 1.5 per cent slide in prices of town houses, whose size typically ranges from 2,000 to 4,000 square feet.It was… Source link

Read More
Singapore 

$80,000 worth of fake luxury goods seized in Far East Plaza raids, 6 people arrested, Singapore News

SINGAPORE – Six people were arrested on Sunday (July 7) for allegedly selling fake luxury goods and apparel, after police raided retail outlets at Far East Plaza. The police said in a statement on Tuesday night that the four women and two men, aged between 26 and 54, were nabbed during a 16-hour operation by the police’s Criminal Investigation Department against seven retail outlets. More than 500 pieces of trademark-infringing goods – such as footwear, watches, bags, caps and accessories – were seized during the raids. These goods have an…

Read More
Property 

Expat demand for Beijing’s luxury serviced apartments falls as foreign firms scale back their Chinese operations

Beijing’s luxury serviced apartments market is set to take a hit from an increase in supply and a drop in demand from expatriates as foreign firms scale back their Chinese operations, according to observers.Foreign businesses, particularly manufacturers, have been losing market share in China under stiff competition from local companies in recent years. Many have moved their production facilities out of the country because of cost concerns, a trend exacerbated by the threat of higher tariffs… Source link

Read More
Global 

China’s economic downturn hitting luxury commercial property and yachts in wealthy tech hub Shenzhen

In China’s hi-tech hub of Shenzhen, a confluence of factors, from over-exuberant commercial property developers, to the US-China trade and tech war, to an exodus of foreign investors, are weighing heavily on what was until recently a booming economy.The city – just over the border to the north of Hong Kong – is uniquely exposed to the multitude of headwinds facing the Chinese economy, given its track record of luring foreign capital as a special economic zone, and its status as a hotbed of… Source link

Read More
Home 

Hong Kong property firm Swire to develop luxury apartments in Jakarta

Hong Kong developer Swire Properties said on Tuesday it will develop a luxury residential project in Jakarta, in its first foray into Indonesia, Southeast Asia’s largest economy. It has formed a joint-venture company, PT Jantra Swarna Dipta (JSD), with listed Indonesian developer Jakarta Setiabudi Internasional Group, for the development of the project in Dharmawangsa in South Jakarta. “We are always looking for opportunities to expand our business in Southeast Asia, and we are excited to… Source link

Read More
Home 

Twenty-two year old education tycoon splashes out HK$916 million on luxury house at Mount Nicholson on The Peak

The 22-year-old chief executive of a high-end education centre has splashed out HK$916 million (US$117.33 million) for a house at one of Hong Kong’s most prestigious addresses.Matthew Cheung Siu-woon bought the 8,674-square foot (806 square metres) house at Mount Nicholson on The Peak early this month, according to a Land Registry document released on Wednesday. The purchase comes at a time most analysts are expecting the luxury property market to be dampened by poor sentiment.The young tycoon… Source link

Read More
Property 

Singapore’s luxury penthouse deals fuelled by Chinese buyers

An 11,098 square foot, triplex penthouse at Boulevard Vue sold recently for S$52 million (US$4,686 per square foot) to a buyer believed to be a Chinese national. This latest transaction means the 28-unit ultra-luxury condo by Far East Organization is fully sold to date.There has been a rash of big-ticket purchases of luxury penthouses in the prime districts, driven predominantly by Chinese buyers.At Boulevard 88, a penthouse of 6,049 sq ft, which is also the biggest in the ultra-luxury condo,… Source link

Read More
Home 

Buyer walks away from US$32 million Hong Kong luxury home, as trade war and protests sap appetite for real estate investment

A Hong Kong customer has backed out of buying a HK$251.23 million (US$32.11 million) luxury home in the Deep Water Bay neighbourhood, marking the second property default in nine days.The buyer, who is unidentified, failed to conclude the sales contract for the 3,641-square foot (338 square metres) apartment on the ninth floor of Tower One at 8 Deep Water Bay Drive, forfeiting HK$12.56 million of initial payment made to the developer Nan Fung Development.Deep Water Bay, located on the southern… Source link

Read More