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According to data from C9 Hotelworks, a hospitality consultancy based in Asia, the market value of branded residential projects in Asia has reached a new high of US$26.6 billion ($35.5 billion). This can be attributed to the availability of over 68,000 luxury units in the region.

Leading this trend is Vietnam, with 17,680 branded residential units across 59 properties. The average price of a branded residential unit in Vietnam is about US$350 psf. Thailand follows closely with 16,271 units across 65 properties, most of which are priced at US$510 psf. The Philippines is next on the list with 13,276 units across 46 properties, priced at approximately US$400 psf.

However, Singapore takes the top spot for the highest prices in the region, with branded residences commanding US$2,140 psf. Japan follows behind with prices around US$1,935 psf.

Furthermore, C9 Hotelworks’ data shows that South Korea has seen a rapid growth in branded residences in recent years, with 3,026 units across 16 properties. Malaysia also shows promising numbers, with 6,014 branded residential units across 24 projects.

In the post-Covid-19 era, urban-locale branded residences take up 56% of the existing supply in Asia. These luxury urban projects are also dominating the sector in terms …

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed an MOU for the first Johor-Singapore Special Economic Zone (JS-SEZ) between private companies from both countries. The goal of the partnership is to jointly develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, in order to accelerate growth within the JS-SEZ. The MOU signing took place on February 27 at the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the company’s vision for the area.

Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, specializes in a variety of sectors including manufacturing, business services, education, health, and tourism. By collaborating, the two companies hope to activate Iskandar Puteri’s potential and make it more attractive for investment. The focus will be on improving connectivity, fostering talent development, and creating a business-friendly ecosystem to drive sustainable economic benefits in Johor.

According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about creating a thriving economic hub that will support long-term growth, job creation, and strengthen the JS-SEZ ecosystem. The selected plots of land covered by the MOU are located in Gerband Nusajaya and Puteri Harbour, two key master-planned areas …

A number of noteworthy resale transactions were completed between January 28 and February 4, despite coinciding with the Chinese New Year festivities for this year. The most profitable deal during this period was for a 3,983 sq ft unit at Palisades condominium, which sold for $4 million ($1,004 psf) on February 4.

The second-floor unit had been purchased for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%). This equates to an annualized gain of 5.7% over 15.5 years, making it the most profitable resale at Palisades to date. The previous record was set three years ago in 2022, when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). It had been bought for $1.53 million ($465 psf) in 1996, earning the seller a profit of $1.87 million (122%), or an annualized gain of 3.1% over 25 years.

Over the past three years, there have only been five resale transactions at Palisades, all of which have been profitable, ranging from $650,000 to the latest record profit of $2.3 million.

Palisades is a freehold condo on Pasir Panjang Road in District 5, completed in 1985. It is the …

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently inked an MOU to jointly develop UEM Sunrise’s freehold landbank in Iskandar Puteri, Johor. The MOU signing, which took place on Feb 27, marks a significant milestone as the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU between private companies from Malaysia and Singapore.

In the agreement, the two groups will work together to drive growth within the JS-SEZ by developing UEM Sunrise’s selected plots of land in Iskandar Puteri. This collaboration was announced during the launch of UEM Sunrise Gallery Iskandar Puteri, a showcase of UEM Sunrise’s vision for the area.

Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, is known for its diverse sectors including manufacturing, business services, education, health, and tourism. The MOU is expected to cover UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri.

The goal of this partnership is to activate Iskandar Puteri’s potential and make it more attractive for investment. The focus will be on improving connectivity, fostering talent development, and creating a business-friendly environment to drive sustainable economic benefits in Johor.

According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this collaboration is …

Following the success of their joint venture projects, Frasers Property has once again teamed up with two Chinese real estate groups to acquire a residential site in Shanghai, China. The site was obtained through a RMB815.2 million ($151.9 million) tender from the Shanghai Municipal Bureau of Planning and Natural Resources. This partnership involves state-owned enterprises, Xiamen ITG Real Estate Group, a subsidiary of ITG Holding Group, and Shanghai-listed Gemdale Corporation.

The joint venture plans to develop the site into a mixed-use project with 189 low-rise apartments, townhouses, and duplex units, spanning a total gross floor area of 334,714 sq ft. The development will also feature design for flood mitigation and energy-efficient building components such as thermal insulation, energy-saving doors and windows, and solar photovoltaics.

Targeting both upgraders and first-time homebuyers, the project will be situated in Fangsong Community, Songjiang District, a prime residential neighbourhood near two existing joint venture projects between Frasers Property and Gemdale Corporation — Club Tree and Palace of Yunjian.

“We are excited to expand our presence in Shanghai and deliver high-quality residential developments that cater to the evolving needs of the Chinese community,” says Lim Hua Tiong, CEO of emerging markets in Asia at Frasers Property.…

Commuters to enjoy improved transport integration in SengkangHDB to launch 7,000 BTO flats in May 2019

Frasers Property has joined hands with two Chinese real estate firms to jointly acquire a residential site situated within Shanghai’s Songjiang District. According to a press release dated February 26th, the joint venture (JV) paid a tender price of RMB815.2 million or $151.9 million for the site to the Shanghai Municipal Bureau of Planning and Natural Resources. The two other JV partners involved in this acquisition are Xiamen ITG Real Estate Group, which is a wholly-owned subsidiary of ITG Holding Group – a state-owned enterprise operating under the Xiamen Municipal Government – and Shanghai-listed Gemdale Corporation. The mixed-use residential development on the acquired property will feature a variety of low-rise apartments, townhouses, and duplex units, with a total gross floor area of 334,714 square feet. The project will also incorporate flood mitigation designs, ultra-low energy building design elements such as efficient thermal insulation, energy-saving door and window systems, reduced thermal bridging, and solar photovoltaics. The primary target market for this development will be upgraders and first-time homebuyers in Fangsong Community, Songjiang District, which is a prime residential neighborhood. The neighborhood also has two existing …

for contribution to Iskandar Puteri

City Developments (CDL) executive chairman Kwek Leng Beng has announced that the “serious corporate governance issues” that have plagued the company have stopped. In a second statement released by CDL, Kwek stated that after a court hearing on February 26th, two new directors that were appointed on February 7th, Jennifer Duong Young and Wong Su Yen, have agreed to not exercise any powers as directors until further notice from the court. Kwek’s son, Sherman Kwek, Philip Lee, Wong Ai Ai, and the other directors acting in concert with them, have also agreed to not take any further actions regarding their attempted changes to the board committees and management of CDL’s subsidiaries until further notice from the court. The nominating and remuneration committee, which was irregularly constituted, has also been suspended from taking any further action.

Kwek stresses the importance of strong corporate governance, stating that it ensures transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of shareholders. CDL shocked the markets on the morning of February 26th by calling for a trading halt and last-minute cancellation of its FY2024 results briefing, citing a disagreement within the …

by World FinanceJLL ranks in Fortune’s 2018 ‘World’s Most Admired Companies’ list

The power struggle within City Developments Limited (CDL) has resulted in the cancellation of the company’s FY2024 results briefing and a trading halt on the morning of Feb 26. The battle is between executive chairman Kwek Leng Beng and his son, CEO Sherman Kwek.

In a statement, Kwek Leng Beng expressed his disappointment with his son and a group of directors, including Philip Lee and Wong Ai Ai, for attempting to gain control of the board and the company. He accused them of disregarding corporate governance principles, SGX Listing Rules, and the Code of Corporate Governance by bypassing the Nomination Committee (NC) twice to change the board’s composition. This was quickly followed by significant changes to board committees and the company’s governance.

Kwek Leng Beng has taken legal action to address what he calls an “attempted coup” and to restore corporate integrity. He also stated that there are plans to replace Sherman as CEO at a suitable time. The elder Kwek also emphasized that they will explore all legal options to protect the interests of CDL and its shareholders.

In the meantime, CDL has internal measures in place …