ING Real Estate plans second China fund
The world’s biggest property fund manager ING Real Estate plans a second China fund next year, worth about US$700 million, in response to growing enthusiasm for Asian property at a time when Western markets are suffering. With a global credit crunch depressing activity in European and US commercial property markets, ING Real Estate is pushing further into Asia. But the unit of Dutch financial services firm ING Groep NV is also looking to snap up and privatise battered real estate investment trusts (Reits) in mature markets.
“On the one hand you see part of the world slowing down, triggered by the credit crunch. And then you see another part of the world - China, Japan, and even Australia—where there are lots of opportunities,” ING Real Estate chairman and chief executive George Jautze told Reuters in an interview. Read more
Stamford Land in A$220m Sydney project
Singapore-listed Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia’s most expensive homes on the site of two old demolished warehouses and a heritage building.
Mr Ow bought the 99-year leasehold site on Sydney’s The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million). Even before the official launch, 55 per cent of the project is said to have been sold, at an average price of just over A$1,000 per square foot (psf). Read more
Plying the Capella resort - ultra-luxury on wheels
The ultra-luxury Capella Singapore resort on Sentosa will have two ultra-luxury limousines to provide a bespoke chauffeur service to its well-heeled guests when it opens later next year. The Pontiac Land Group hotel will be the first in Singapore to have a Rolls-Royce Phantom limousine in its fleet.
The standard-wheelbase model is priced at $1.5 million, and the Capella Singapore’s pair will be ordered with options specially designed for hotel use, such as a deeper boot to carry more luggage, and a cooler box under the rear seats to store cold towels. Read more
