Posts Tagged ‘hong kong’

  1. $100 Billion Chinese-Made City Near Singapore ‘Scares the Hell Out of Everybody’


    November 22, 2016 by iskandarinsider

    Project model on display at the Country Garden Forest City Sales Gallery in Johor Malaysia, on Tuesday, Nov. 02, 2016. Photographer: Ore Huiying/Bloomberg

    The landscaped lawns and flowering shrubs of Country Garden Holdings Co.’s huge property showroom in southern Malaysia end abruptly at a small wire fence. Beyond, a desert of dirt stretches into the distance, filled with cranes and piling towers that the Chinese developer is using to build a $100 billion city in the sea.

    While Chinese home buyers have sent prices soaring from Vancouver to Sydney, in this corner of Southeast Asia it’s China’s developers that are swamping the market, pushing prices lower with a glut of hundreds of thousands of new homes. They’re betting that the city of Johor Bahru, bordering Singapore, will eventually become the next Shenzhen.

    “These Chinese players build by the thousands at one go, and they scare the hell out of everybody,” said Siva Shanker, head of investments at Axis-REIT Managers Bhd. and a former president of the Malaysian Institute of Estate Agents. “God only knows who is going to buy all these units, and when it’s completed, the bigger question is, who is going to stay in them?”

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  2. Know the transaction costs and taxes when buying property overseas


    July 21, 2016 by iskandarinsider


    PROPERTY transaction costs and taxation are becoming increasingly important considerations for investors. Global consultancy Knight Frank in its recently launched Global Tax Report developed jointly with Ernst & Young revealed that indicative property tax costs can range from as low as 3.5% or 3.6% of the property price in Monaco and Dubai, respectively, to over 30% in Sao Paulo.

    To make comparisons of property taxes and costs in various countries, the analysts assumed that a non-resident investor has a sum of money (US$1 million or US$10 million) to invest in property overseas. The purchase, holding and disposal costs of owning a property over five years were then calculated.

    The report analysed the costs that a foreign individual would have to bear when buying a US$1 million or US$10 million property as an investment, and renting it out over a five-year period.

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  3. Investment haven in the making


    May 9, 2016 by iskandarinsider


    KUALA LUMPUR: Iskandar Malaysia in Johor is moving closer towards becoming a sustainable “international metropolis”, and spurring economic developments that actuate Malaysia’s global potential.   Analysts and industry observers are unanimous in that the business region is poised to be a haven for investments. After being left behind by property booms in Kuala Lumpur, Penang, Hong Kong and China over the years, Iskandar Malaysia is set to be one of the world’s fastest growing economic regions in the next 10 years. According to Iskandar Regional Development Authority (Irda) chief executive Datuk Ismail Ibrahim, the economic region, which is three times bigger than Singapore, had accumulated a total of RM202.45 billion in committed investments from 2006 until March. “Of the total, 51 per cent, or RM103.50 billion, represents investments that have been realised,” he told Business Times. Ismail said foreign investors contributed RM81.01 billion, or 40 per cent, to the total cumulative committed investments, while the remaining 60 per cent, or RM121.44 billion, was from local investors. PropertyGuru Malaysia country manager Sheldon Fernandez said many quarters’ perception of Iskandar Malaysia in the past was somewhat misguided. “The success of Iskandar Malaysia should not be viewed purely from the performance of its property market in the short term, but rather on a longer 10 to 20-year horizon and must include all its other components — industrial, commercial, business, foreign investments, technology and innovation,” he said. Sheldon added that the rise of Iskandar Malaysia should be viewed from how it transformed the landscape — bringing with it socio-economic prosperity to Johor and the southern region, with property forming only a part of the picture. “Such developments don’t happen overnight.

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  4. BCB upbeat on Iskandar property outlook


    April 22, 2016 by iskandarinsider


    KLUANG: Batu Pahat-based property developer BCB Bhd is upbeat on the property market outlook in Iskandar Malaysia, Johor.

    Group managing director Datuk Tan Seng Leong pointed out that the large presence of domestic and foreign investors would be able to create demand for residential and commercial properties in the economic corridor.

    Iskandar Malaysia, which was launched a decade ago, continues to attract strong interest from investors worldwide.

    “This momentum will likely continue despite the current challenging economic situation,’’ Tan told StarBiz after the company’s AGM and EGM.

    At the EGM, shareholders approved the company’s proposed share split involving the subdivision of each existing ordinary share of RM1 in the company held by shareholders to be split into two shares of 50 sen each.

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  5. Hong Kong developer New World Development launches maiden project in JB


    January 17, 2013 by iskandarinsider

    JOHOR BARU (Jan 11): One of the largest property developers in Hong Kong, New World Development Co Ltd, has joined hands with a local partner to launch its maiden real estate project in Malaysia.

    The company, which commands a 15 per cent market share in the highly competitive property market in Hong Kong, picked Luen Yum Development (M) Sdn Bhd as its partner in launching the “New World Garden” project in Plentong, Johor.

    The project, offering 96 units of high-end bungalows and semi-detached luvury villas on 4.86 ha. of land, has a Gross Development Value (GDV) of RM240 million.

    Slated for completion in April 2014, it is undertaken by Taipan Eagle Sdn Bhd, a joint venture company set up by New World Development and Luen Yum Development.

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