Singapore office rental falls to world’s 32nd spot

SINGAPORE: The city state’s office rental rate has plummeted from the ninth most expensive in the world a year ago to 32nd spot, according to a CB Richard Ellis (CBRE) report.

General rental rates have also dropped significantly, from an annual $135.13 (RM459.44) to $663.89 psf – down 53.4%. Singapore’s office rental drop was the largest among leading Asia-Pacific cities.

ECM Libra upgrades property sector to overweight

KUALA LUMPUR: ECM Libra Investment Research has upgraded the property sector to Overweight as the valuations are more compelling now and it believes the sector would be an outperformer in 2010.

Shama for 5-star serviced residence in Bangkok

HONG KONG: Shama, a Hong Kong-based serviced residence operator has been appointed to manage an upcoming five-star luxury serviced residence in Bangkok to be named Shama Bangkok.

Sales of luxury homes in Shanghai up 50%

SHANGHAI: Sales of new luxury homes, costing more than 40,000 yuan (RM198,775) per square metre (psm), rose more than 50% in Shanghai last month, extending a rally for two straight months, according to a report in the Shanghai Daily.

Australia construction activity contracts in Nov

SYDNEY: Australia's construction industry contracted modestly in November as weakness in the apartment sector offset growth in house building, an industry survey showed on Monday.

The survey of 200 firms by Australia Industry Group and the Housing Industry Association found tight credit conditions and project delays led to a drop in new orders and employment.

HK "very concerned" over asset bubble risk

HONG KONG: Hong Kong's government is "very concerned" about the risk of an asset bubble developing although a bubble is not apparent yet, Financial Secretary John Tsang told legislators on Monday, referring to a surge in the city's property prices this year.