Month: September 2024

Sources familiar with the matter say that Adrian Cheng Chi-kong, the chief executive of New World Development and scion of one of Hong Kong’s largest conglomerates, will step down from his position and take on a non-executive role in the company.

Cheng, who was born in 1979, is expected to become the non-executive vice-chairman of New World, giving up his current title of chief executive officer. The company’s chief operating officer, Eric Ma Siu-cheung, a former Hong Kong secretary for development, is likely to be promoted to CEO when New World announces its full-year financial results on Thursday, according to the sources.

A source revealed that Ma had recently directed colleagues to review the financial situation of the company’s subsidiaries for potential restructuring moves.

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New World is expected to report a loss of between HK$19 billion (US$2.44 billion) and HK$20 billion for the financial year ending June 30, which …

The proposed Johor-Singapore Special Economic Zone (JS-SEZ) is expected to bring about significant benefits for industries such as data centres, electronics, and renewable energy, according to DBS research. The JS-SEZ was first announced in October last year during the 10th Singapore-Malaysia Leaders’ Retreat, and a memorandum of understanding was signed in January to work on a full-fledged agreement for the zone, to be finalised by December.

Located in Malaysia’s Iskandar region, the zone is proposed to cover six districts, including Johor Bahru, Iskandar Puteri, Pasir Gudang, Pontian, Kulai, and Kota Tinggi, with a total area of 3,505 sq km.

Initiatives being explored for the zone include special tax arrangements, training incentives, passport-free clearance, and joint promotion events. Specific details on the industries and incentives for the zone are yet to be disclosed, but DBS economist Chua Han Teng believes the data centre sector will be the prime beneficiary, which will, …

A high-quality light industrial building situated at 4 Ubi View in Singapore’s Paya Lebar-Ubi industrial area is now available for sale through an expression of interest (EOI) exercise, announced Brilliance Capital on Sept 26. With five storeys, the building spans approximately 22,321 sq ft in land area and 44,775 sq ft in gross floor area.

The property, held under a 60-year private leasehold (non-JTC) has been zoned under “Business 1” with a plot ratio of 2.0. With a lease starting from January 1999, there are 34 years remaining on the lease. Unlike residential properties, foreigners and companies are eligible to purchase this property without having to pay additional buyer’s or seller’s stamp duty.

The building’s convenient location provides easy access to major expressways such as the PIE and CTE, and it is within walking distance of the Ubi MRT Station on the Downtown Line. As it is a private leasehold …

K11 Group, operator of the popular luxury mall K11 Musea in Hong Kong’s Tsim Sha Tsui district, has announced plans to expand its retail space by over 30,000 sq ft. The expansion is set to include six current brands, including Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels, as well as the debut of new brand Prada.

According to Richard Cheung, executive vice president of K11 Group, this expansion comes as a result of the success and high sales productivity of the current stores at K11 Musea. He adds, “We are thrilled to see so many leading luxury brands choosing to expand at K11 Musea, especially in the current climate of Hong Kong’s retail sector.”

K11 Group, a subsidiary of New World Development, reported record-breaking footfall at the mall this summer. The group also saw a 10% increase in tourist spending and nearly 30% growth …

A high-floor strata office unit located in Samsung Hub, a premium grade A office tower in the CBD’s Church Street, has been successfully sold for $14.8 million. According to Knight Frank Singapore, who brokered the deal, the unit spans 3,595 sq ft.

This translates to a price of $4,117 psf. In July, EdgeProp Singapore reported that the same unit was put on the market at a guide price of $4,350 psf or approximately $15.6 million.

Samsung Hub is a 999-year leasehold commercial development with 30 storeys, strategically located in the heart of the CBD. It is situated near prominent financial institutions and corporate headquarters, and is also conveniently close to the Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.

The latest transaction at Samsung Hub was for a 2,906 sq ft unit on the 10th floor, which was sold …

Accor, a renowned player in the global hospitality industry, has recently announced a partnership with Fragrance Group and Global Premium Hotels to launch two new properties that will house three hotels. By 2027, all three hotels will be fully operational.

One of the upcoming properties is located at Hoe Chiang Road and will accommodate the largest Mövenpick hotel in the Asia Pacific region with 808 rooms. It will also have a 37-room extension known as Mövenpick Living Singapore, catering to travelers looking for long-term stays.

The other property, situated at Waterloo Street, will be the second hotel under the Handwritten Collection Brand in Singapore. With 502 rooms, it follows the launch of the Hotel Faber Park Singapore – Handwritten Collection in late 2023.

Accor’s COO of premium, midscale, and economy division in Asia, Garth Simmons, expressed, “This signing not only exhibits the strong demand for our brands from owners and …

On Sept 23, Marriott International announced the opening of two luxurious serviced apartments in the bustling city of Bangkok, Thailand. The properties, known as the Marriott Executive Apartments Bangkok Sukhumvit 101 and Marriott Executive Apartments Bangkok Sukhumvit 50, offer a total of 212 stylish and well-appointed rooms.

Nestled in the vibrant South Sukhumvit business district, the Marriott Executive Apartments Bangkok Sukhumvit 101 is in close proximity to popular attractions including the Bangkok International Trade and Exhibition Centre and True Digital Park, the largest technology and start-up hub in Southeast Asia. The property features a variety of accommodation options, ranging from studios (377 sq ft to 420 sq ft) to one-bedroom suites (484 to 592 sq ft) and two-bedroom apartments (767 sq ft to 1,087 sq ft).

Meanwhile, the Marriott Executive Apartments Bangkok Sukhumvit 50, located only 800m from On Nut train station, boasts 72 elegant apartments that offer studio rooms …

In the third quarter of 2024, the gross effective rent for Grade A offices in the central business district (CBD) remained steady at $11.50 per square foot per month (psf pm), according to recent data from JLL released on September 23. This is following a 0.7% quarter-on-quarter (q-o-q) growth in the second quarter of 2024, a slowdown from the 1.4% q-o-q growth in the first quarter.

This plateau in rental growth coincides with a second consecutive quarter of rising vacancy rates for Grade A offices in the CBD, reaching 8.3% q-o-q in the third quarter of 2024. This increase is mainly due to the recent completion of the IOI Central Boulevard Towers (IOICBT). JLL reports that tenants are becoming increasingly resistant to rent increases amidst this rise in vacancy rates. Excluding the IOICBT, the CBD Grade A vacancy rate would have remained relatively tight, similar to the low point of …

The affluent of Singapore have long relied on real estate as a means of accumulating wealth. With its steady value appreciation and thriving market, Singapore’s real estate sector has consistently attracted investors looking for stable returns on both commercial and residential properties. While real estate remains a cornerstone of wealth-building, savvy investors are now turning to alternative assets like equities and cryptocurrencies to complement their property holdings and diversify their portfolios.

Brokerage firms such as Tiger Brokers play a crucial role in this strategy by providing access to a range of financial instruments that can enhance real estate investments, offering investors a more dynamic and balanced approach to wealth management.

The enduring appeal of real estate in Singapore is largely due to its reliability as a long-term investment for wealth preservation. The country’s tightly regulated property market offers transparency and protection for investors, making it a trusted and stable asset …

A strata office unit at Havelock II, with a strata area of 1,593 square feet, will soon be up for auction by SRI on September 25. This unit, located at 2 Havelock Road, is an owner’s sale and has been listed with a guide price of $2.63 million. This translates to a price of $1,651 per square foot (psf), which includes an accessory lot of 11 sq ft.

Situated on the seventh floor, this corner unit boasts a regular layout and comes with meeting rooms, a washroom, and a general work area. According to Mok Sze Sze, managing partner of auctions at SRI, the unit receives an ample amount of natural light and is also equipped with an independent air-conditioning system.

The unit was purchased from the developer in September 2014 for about $3.35 million, which works out to be around $2,115 psf. This is according to URA caveats.

Currently …