Keppel grabs new Shanghai site
CHINA – Keppel Land Ltd is set to embark on its fourth residential development in China’s gateway city of Shanghai, the company has announced.

Keppel has revealed that it is poised to capitalise on the urban expansion and growing real estate market of Shanghai, with a new large-scale residential project in Nanhui District.

The Company has acquired a 100 per cent stake in Shanghai Hongda Property Development Co. Ltd, which owns a sprawling residential site in the Nanhui district of Xinchang Town in south-eastern Shanghai.

The total cash consideration for the acquisition of RMB 70 million (US$13.6 million) for the share capital and share premium of Shanghai Hongda was agreed on a willing-buyer willing-seller basis.

The Nanhui District has received significant government infrastructural spending and real estate investment in recent years, owing to its strategic location adjacent to China’s largest port facility, the Yangshan Deep Water Port off Hangzhou Bay.

The Shanghai government is also planning to develop the south-eastern tip of Nanhui District into a Harbour City. “Shanghai is positioned as a global financial hub. Its property market is poised for continuing good prospects,” said Mr Ang Wee Gee, Director of Regional Investments, Keppel Land.


Thailand 'losing investor appeal'
THAILAND – Uncertain economic policy and political instability are turning investors away from Thailand and towards its South-east Asian competitors, a major report has found.

Grant Thorntonดs ดInternational Business Report 2007ด, which surveyed 7,200 business leaders in 32 countries, concluded that Thailand has gone through a period of slowing growth this year and is losing investment opportunities to Vietnam and Malaysia.

Peter Walker, a partner in Grant Thornton International, said many are expecting the upcoming election to help turn things around, “Thai business persons are adopting a wait-and-see strategy,” he said. “They hope that business figures will be improved by the outcome of the forthcoming election and the new governmentดs policy actions.”

Walker added that the outlook was positive in the long-term, “In the short term, Thailand has lost investment opportunities to Vietnam and Malaysia due mainly to its uncertain investment policy. However, in the long-term, I still believe that Thailand shows a bright outlook and could return to be the most attractive country among foreign business persons, thanks to its strong infrastructure,” he said.


Singapore growth set to continue
SINGAPORE – The Singaporean government has stated that it has no plans to attempt to cool the country's red hot property market.

It had been rumoured that capital gains tax was on the verge of being re-introduced as a deterrent to property buyers flipping properties in pursuit of gains, but National Development Minister Mah Bow Tan said there was no need for a government intervention in the market.

Mah added that while a perceived shortage of homes was fuelling growth in the sector, it was largely unfounded as there was a stock of 65,000 homes under construction, two thirds of which are expected to be made available by the end of the year.

Mah said that while the government will continue to monitor the market, there was no need for any new measure. He continued, “Our bias is really not to over-regulate or to interfere in the market if we don't have to.”


Sharapova launches 'Lifestyle City'
DUBAI – Russian tennis starlet Maria Sharapova was on hand yesterday to officially launch the Dh2.4 billion (US$650m) Dubai Lifestyle City. The project will be made up of 68 Tuscan-style villas and 120 villettes.

87 of the Tony Ashai-designed units have already been snapped up and the total value of units sold before the launch have tipped the Dh1 billion (US$27m) mark.

“It is an honour for me to be associated with the launch of this project as it includes the IMG Academies,” said Sharapova at the developmentดs media launch. “This is an incredible project and I would willingly do anything to support anything that has IMG associated with it as I was with the IMG Academy from the time I was seven,” she added.

The villas, which will be operated by JW Marriott, are under construction in Dubailand, the cityดs main tourism and entertainment centre.

Arif B. Rahman, managing director of Dubai Lifestyle City, said he felt bringing a big name on board would help shift units. He added, “We are expecting sales to pick up at a much faster pace after the launch of the project.”


Borneo eco resort eyes foreigners
BORNEO – A development company in Borneo is aiming to crack the overseas market with an eco-friendly luxury residential project, sited 1,000 metres above sea level, in an area of the Penrissen mountains previously left barren by logging.

The Borneo Highland Resort’s developers say it offers buyers a ดBack to Nature, Back to Basicsด lifestyle and the resort’s chief operating officer, Loh Leh Ching, said he expected the concept to appeal to environment-conscious foreign buyers looking for a second home.

“At present, 149 of the maximum projected 500 bungalow lots are already developed, including one lot purchased by a lawyer from the United Kingdom and another by a Singaporean businessman, while we have also received inquiries from Japan and Taiwan,” said Loh. He added that he felt the 198-year land leasehold on offer would also appeal to would-be buyers looking for bankable Southeast Asian properties.

Developers are being forced to adhere to strict guidelines on nature preservation and tree relocation during construction of the four-phased project and villagers based around a nearby 500-year-old Annah Rais long house have been brought on board to help develop sustainable eco-tourism in the area.


Bali cliff top resort goes on sale
INDONESIA – Residential units in the US$45 million Outrigger Panorama Bali Resort and Spa development, which sits on the edge of a cliff over the Indian Ocean surrounded by tropical rainforest, have been put on sale by the projectดs developers.

The resort is made up of 176 studio, one, two and three-bedroom luxury resort condominium apartments each with private sea view balcony, which in some cases cover as much as 1,000 square feet. Common areas in the development will include two restaurants, spa, fitness centre, retail shops, mini water park, jungle discovery centre and children’s playground facilities.

Construction began earlier this year with 2009 earmarked for completion of the project. Developers claim the Outrigger Panorama will provide buyers with views so expansive they will be able to see the curvature of the earth. Prices for units in the Adrian McCarroll-designed project, which is sited on Baliดs southern tip, range from US$182,000 to US$1.5m.

Outrigger Enterprises Group was chosen to manage the development earlier this year and David Carey, the companyดs President and CEO said it was a challenge Outrigger would relish: “We are thrilled to have an opportunity like this to manage a first-class luxury resort in a place like Bali,” he said. “We look forward to making the new Outrigger Panorama Bali Resort and Spa one of the island’s favourite destinations.”


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