First Forbes Tower set for Manila

Global media company Forbes and prominent Philippines developer Century Properties Group are set to build the world’s first Forbes-branded Forbes Media Tower in Makati, Metro Manila.

The commercial building will be designed to serve the world’s business leaders by providing an environment to conduct business with premium amenities. This initial tower is expected to be part of a network of Forbes Media Towers around the world.

“Century Properties is honoured to be working with Forbes Media for this project. Forbes is synonymous with success and business, and this partnership fits perfectly with our distinguished portfolio of local and internationally renowned brand partners,” said Jose E. B. Antonio (pictured), President & Chief Executive Officer of Century Properties Group.

“It is also an honour for us that Forbes has recognised the Philippines as one of Asia’s bright spots and showed its confidence by choosing Makati, Metro Manila as the first site of its landmark business tower.

Mike Perlis, President and Chief Executive Officer of Forbes Media, said: “We’re very pleased to be collaborating with Century Properties for the first Forbes Media Tower as we extend our brand into the global real estate development market.

“Forbes has always been an authoritative resource for the world’s business leaders, and this tower further reinforces our long-standing mission. The Philippines, with its rapidly growing market and strong relations with the U.S., is the perfect location to launch this effort.”

The Forbes Media Tower in Makati, Metro Manila will offer approximately 60,000 sqm of premium office space, which will be available for sale and for rent to business owners, entrepreneurs and companies by the first quarter of 2014. In addition to office space, the building will provide meeting and event space with plans for a fine dining restaurant, fitness centre and exhibition facilities.

The tower will be located in Century City, a mixed-use development of Century Properties in the central business district of Makati. Makati is comprised of premium residences, office buildings and the Century City Mall. The tower’s location is part of an IT zone, which will allow accredited locators to benefit from incentives from the Philippine Economic Zone Authority.

Danga Bay project over 50% sold

The RM18billion Country Garden@Danga Bay (CGDB) project in Johor Bahru earns strong response from buyers, selling over 5,000 units or more than have the total number of 9,000 units, ahead of its 2018 completion.

Most interest came from Malaysians, but Singaporeans, Chinese, Korean and Taiwanese buyers were also snapped up units aggressively, said Michael Ong, Sales Supervisor at Country Garden Properties.

The 57-acre development is expected to be completed in three phases, with 3,000 units each year from 2016 to 2018. It comprise 33 blocks of condominiums and 11 blocks of apartments comprising serviced apartments of one-, two and three-bedroom configurations.

According to Wee Soon Chit, Executive Director of Landserve (Johor), the simultaneous launch of 9,000 units was “astounding for Johor Bahru or the entire country for that matter.”

“The marketing campaign is also revolutionary whereby enormous amounts of money have been spent on various promotional activities to attract buyers...The pull factors for the project come from its integrated 5-star development concept, reputable developer, excellent location and 180-degree sea view as well as the possible link by light rail system,” added Wee.

Sr Michael Geh, National Committee member of FIABCI-Malaysia, noted: “Overall, I’m very happy and encouraged professionally to see that a large international development company like Country Garden, a top 10 developer from China has decided to invest in Iskandar.”

Geh also downplayed fears on a possible oversupply as Johor has a huge land area and “there are certain areas where locals traditionally stay.”

“I don’t think foreigners will flock to these areas to buy. They won’t go to the secondary market. Instead, they usually purchase directly from the developers. Therefore, I don’t think the presence of foreign developers will negatively impact local buyers so much. Local buyers have a lot to choose from and have their own buying patterns and preferences. I don’t think we should be unduly alarmed by developments by foreign developers.”

Sabah's high home prices, worrying?

The prices of some condominium units in Sabah have increased significantly that they are now at par with those found in Kuala Lumpur.

Chief Minister Datuk Seri Musa Aman, said: “Some people tell me that I should be proud that condominium prices here are similar to that of those in Kuala Lumpur, that it reflects the confidence investors have in Sabah.”

But this could lead to a point when prices are out of reach for many. “I tell them, yes, it is good for the investors but it is not so good for Sabahans,” said Musa, adding that the government is doing its part by building thousands of affordable houses across the state.

In 2011, the value of property transactions within the state rose by more than two-fold over eight years to a record RM4.4 billion. Notably, transaction volume averaged at RM429,000, or up 34 percent from the country's average purchase price per property of RM319,000, based on a HwangDBS report.

Musa also explained that while the government had no hand on prices fixed by private developers, it always advised them to set the unit prices to a reasonable level.

Chinese developer launches coastal city in Iskandar

Chinese developer Country Garden unveiled its mega project in Danga Bay last Sunday.

The Hong Kong-listed developer deployed 10 coaches to transport Singaporeans from five pick-up points across the city-state to the Country Garden @ Danga Bay (pictured) showflat at Danga Bay in Johor Bahru, approximately five minutes away from the Malaysian CIQ complex (customs, immigration and quarantine).

Although Country Garden also rolled out an amusement park, however, operation of rides will only commence on Saturday, due to the huge number of guests.

Nevertheless, visitors and potential buyers received gifts such as RM20 petrol vouchers, car wash vouchers, as well as food and carnival vouchers worth RM388.

According to a Country Garden spokesman, half of the 7,000 available units were reserved prior to Sunday's launch. Singaporeans made up 20 percent of the buyers who placed bookings, while Malaysians and Chinese nationals comprised 30 percent and 50 percent, respectively.

In total, the 20ha freehold project will offer over 9,000 units. The upcoming coastal city will feature six yacht berths, a shopping mall, a 330m man-made beach and 44 buildings ranging from nine to 48 storeys high.

Residential units include studios (400 sq ft) and penthouses (3,000 sq ft), with an average selling price of around RM720 psf.

Dubai: tighter regulation as sales double and brokers earn over USD 200 million in H1 2013

5 Aug 2013 (extracted from www.opp-connect.com)

News : Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up.
 
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31^st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
 
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
 
Property sales in Dubai almost doubled during the first half of 2013.
 
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
 
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31^st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
 
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
 
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
 
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
 
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.

Luxury KL project to start next month

The Low Yat Group is set to start the construction work of its new luxury property project in the Golden Triangle by August.

Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.

Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.

Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.

Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”

Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.

Luxury KL project to start next month

The Low Yat Group is set to start the construction work of its new luxury property project in the Golden Triangle by August.

Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.

Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.

Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.

Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”

Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.