Uncertainties to Pressure Hong Kong Office Rents and More Asia Real Estate Headlines

Uncertainties to Pressure Hong Kong Office Rents and More Asia Real Estate Headlines

Bank of America Tower (Getty Images)

Bank of America Tower’s rateable value fell the most among Hong Kong’s Grade A office assets (Getty Images)

In today’s roundup of regional real estate headlines, property agencies give a grim assessment of Hong Kong’s office market, and Singapore’s presumptive next prime minister climbs the leadership ladder at the central bank and GIC. Also in the news, a Bahraini asset manager doubles down on India logistics and more homes hit the market in Hong Kong’s Wong Chuk Hang area.

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Hong Kong Office Rents and Rateable Values Set to Fall Further, Analysts Say

Hong Kong’s office rents and rateable values are expected to fall amid high vacancies, new supply, uncertainties around the global economy and corporate downsizing, analysts say.

While senior executives want staff to return to the office — and Asia Pacific continues to lead the US and Europe in this respect — flexible working as an option is increasingly popular in Hong Kong, according to CBRE. Read more>>

Singapore Deputy PM Lawrence Wong Named Chairman of MAS, GIC Committee

Singapore Deputy Prime Minister Lawrence Wong will become chairman of the central bank as well as the investment strategies committee of sovereign wealth fund GIC, according to separate statements Monday.

Wong, who is also the city’s finance minister, is succeeding Tharman Shanmugaratnam at both the Monetary Authority of Singapore and GIC. His MAS appointment will be from 8 July to 31 May 2026, and his GIC role is effective 7 July. Wong, broadly seen as the prime minister-in-waiting, has been deputy chairman of MAS since June 2021. Read more>>

Investcorp Completes $60M Follow-On Investment in India’s NDR Warehousing

Investcorp, a Bahraini investment manager specialising in alternative investments, has made a follow-on investment of INR 500 crore ($60.8 million) in NDR Warehousing, one of India’s largest warehouse development and operating platforms.

The move comes after Investcorp led a $55 million investment round in NDR Warehousing last year. Read more>>

More Homes to Be Rolled Out in Hong Kong’s Wong Chuk Hang

Phase 4A of La Montagne in Wong Chuk Hang, jointly developed by Kerry Properties, Sino Land, Swire Properties and MTR Corporation, may unveil the first price list today, providing at least 87 flats, the developers said.

The price will be set with reference to La Marina in the same area and other luxury projects in the southern part of Hong Kong Island, they said, adding that the first batch will be a “surprise” in pricing and they will adjust the price according to the market response in subsequent batches. Read more>>

Conservation Shophouse on Singapore’s Sago Street for Sale at S$10M

A three-storey conservation shophouse at 18 Sago Street in Singapore’s Chinatown area is up for sale via an expression of interest exercise with a guide price of S$10 million ($7.4 million). Occupying a land area of 1,115 square feet (104 square metres) zoned for commercial use, the shophouse has a total floor area of 3,085 square feet. The guide price is S$3,241 per square foot, based on the floor area.

The shophouse is currently fully leased, according to marketing agent CBRE. Tenants include a Chinese dessert shop on the ground floor, a beauty salon on the second floor and a recreation club on the third floor. Read more>>

Law Firm Charles Russell Speechlys Officially Opens Singapore Office

Charles Russell Speechlys has announced a further expansion into Southeast Asia by opening a Singapore office led by Jeffrey Lee, a partner in the law firm’s Hong Kong office.

Hailing from Singapore, Lee moved to Hong Kong in March 2019 after spending several years practising in London. He advises on complex international structuring for international clients, including their establishment for estate and succession planning, asset protection and personal tax mitigation. Read more>>

250 Yearly Property Buys by Foreigners Exempt From Singapore’s ABSD

An average of 250 property transactions a year from 2018 to 2022 were exempted from the Additional Buyer Stamp Duty imposed on foreign buyers due to a “national treatment” obligation spelled out in two free trade agreements, Deputy Prime Minister Lawrence Wong said Monday.

These transactions accounted for about 2.5 percent of all property transactions that attracted ABSD during the period, with the amount of ABSD remitted at about S$150 million per year, Wong, who is also finance minister, said in a written parliamentary reply. Read more>>

Chinese Firm Offers to Help Address Philippines’ Housing Problems

A prefabricated modular building firm that can erect an 11-storey prefab structure in 28 hours has offered to help the Marcos government in addressing the Philippines’ mass housing problems.

President Bongbong Marcos has promised to build a minimum of 1 million homes a year. Read more>>

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