Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Oct 31, 2019
BNN Bloomberg
,Halloween morning brought another troubling sign for Calgary’s sagging office market after oil-and-gas giant Encana Corp. announced plans to re-domicile to the U.S.
When Encana announced plans for a new headquarters in Calgary in 2006, the Bow Tower stood out in the city’s skyline as one of the tallest buildings in the city. It’s a much different story today as a declining energy sector has seen about one-third of the city’s office space become vacant.
However, there are some signs of hope, and it’s not coming from industries that traditionally drove Calgary’s economy, according to Allied Property REIT chief executive officer Michael Emory.
“We’re beginning to see more demand emanating from tech, advertising, media and information,” Emory said in an interview with BNN Bloomberg.
Allied remains a significant real estate player in Calgary with around one million square feet of office space in their portfolio, but the city continues to be the weakest of the four major Canadian markets the firm operates in, Emory said.
But after five years of steady decline in commercial real estate demand from resources companies, growth from local tech firms had been promising. “We’re seeing early signs of that and if it continues to evolve, I think it will enable Calgary to diversity its economy in a meaningful way,” Emory noted.
One of the most visible signs of a shift from energy to tech in the Alberta city is the construction of the Telus Sky building in Calgary’s downtown core. The tower, which Allied partnered with Telus Corp. and Westbank Corp. to build, will be the third-tallest in Calgary when completed, overtaking Suncor Energy Centre’s west tower.
According to Emory, nearly two-thirds of the office space earmarked at Telus Sky is leased – entirely to tech-oriented firms.
“This is very encouraging to us as a signal of where the market might be evolving,” said Emory, adding he expects the trend to likely continue over the next five years.
“The city can’t continue to rely exclusively on energy sector to fuel its growth,” Emory said.