5 h. ago The rise and rise of India’s luxury property market: ‘no plateau in sight’

When Indian property developer DLF launched a housing project in Gurgaon on the outskirts of capital New Delhi last month, all the flats sold out within a week despite a minimum price tag of more than US$1 million – a figure that would have daunted most buyers until recently. The successful sale of the project called DLF Privana North in Gurugram followed two others over the 116-acre (47-hectare) residential development, DLF Privana South and DLF Privana West, each of which were sold out in 72...

Politics

1 week ago Person connected to HSBC banker buys luxury property for US$15.9 million

A person connected to veteran HSBC banker Peter Wong Tung-shun bought a luxury unit in Hong Kong’s Southern district for HK$125 million (US$15.9 million), as sentiment in the city’s property market improves gradually. Two connected units with a total area of 4,616 sq ft were sold for HK$27,080 per square foot to Lion Rock (HK), according to Land Registry records. The property was handed over on Tuesday. The sole director of Lion Rock, Jeremy Wong Ka-chun, is also one of the three directors of...

Economics

1 week ago Dubai and Abu Dhabi vie to attract Chinese luxury property buyers

Dubai and Abu Dhabi are jockeying to become the United Arab Emirates’ (UAE) top luxury property market amid increasing demand from Chinese buyers, according to agents. While Dubai was way ahead in terms of popularity, Abu Dhabi was increasingly finding favour with investors owing to its value proposition, according to Juwai IQI, a real estate broker with more than US$4 trillion in property listings globally on its platform. “Dubai and Abu Dhabi are similar markets in terms of product and...

Politics

2 w. ago Macau luxury property The 13 Hotel sells for HK$600 million to a local buyer

The 13 Hotel, touted as one of the world’s most expensive hotels, has been acquired for HK$600 million (US$76.43 million) by an unidentified investor in Macau, the city’s first such property transaction in eight years. The sale of the 22-storey lodging in Macau’s southernmost district of Coloane concluded a five-year search for a buyer, Savills Macau managing director Franco Liu said on Wednesday. The acquisition was Macau’s first hotel transaction since the fourth quarter of 2017, according to...

Economics

3 w. ago Should Hong Kong hit luxury homeowners with heavier fines for illegal works?

Hong Kong authorities should appeal against the “light” penalties imposed on two property owners for erecting illegal structures at their luxury Redhill Peninsula homes, experts have said, warning that the fines are not hefty enough to deter offenders. The specialists weighed in after the two property owners were told to pay more than HK$110,000 (US$14,015) in total after admitting to carrying out unauthorised building works. Their convictions are the first among 30 prosecutions made against...

Events

3 w. ago Indebted owner’s luxury property on The Peak on sale at 30% discount

Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago. The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset. Yip Yuen Sai bought the property for HK$450 million in 2019, according to the...

Economics