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Category: Real Estate

Retail News Asia is committed to providing both local and global retailers with the latest Real Estate news throughout the Asian market. This on a daily base.

  • Rents tumble on HK shopping strip that was world’s priciest

    Rents tumble on HK shopping strip that was world’s priciest

    “Landlords have to face the reality, no matter how reluctant they are,” Lawrence Wong, a director at property agent Sheraton Valuers Ltd., said in a telephone interview Saturday. “It’s still better than leaving their property empty.”

    Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield Inc. in November. A July research report by Jones Lang LaSalle Inc. predicted prices for space in prime locations will drop 15 percent to 20 percent in Hong Kong this year.

    Retail rents were down 12 percent in Causeway Bay and 3 percent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group Inc. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 percent from 2003 to 2014.

    Hong Kong’s retail property market has slumped with China facing its slowest growth in a quarter-century. The world’s second-largest economy will announce a growth objective of 6.5 percent to 7 percent for 2016, according to eight of 15 economists in a Bloomberg News survey conducted Sept. 17-22. All of those surveyed said they expect next year’s target will fall short of the about 7 percent set by Premier Li Keqiang for 2015 growth.

    The Hong Kong government is closely monitoring developments in the city’s property market and will make policy changes if necessary, Financial Secretary John Tsang told reporters on Sunday.

    Hong Kong’s property prices are being affected by an increase in supply and volatile external factors such as a high probability that the U.S. may raise interest rates, Tsang said.

    Colourmix, run by Veeko International Holdings Ltd., will rent a 1,000 square-foot space in Causeway Bay for almost HK$1 million ($129,000) per month, 43 percent lower than what luxury Swiss watch brand Jaeger-LeCoultre is currently paying, said Wong, whose company handled the transaction.

    In Central, Hong Kong’s business district, Adidas Hong Kong Ltd. will pay 23 percent less for the space being vacated by Coach Hong Kong Ltd., according to Land Registry data. The sports brand’s rent is HK$4.34 million a month, down from HK$5.6 million paid by Coach, the designer handbag maker.

    Hong Kong’s residential market is also experiencing weaker sentiment. “Housing market outlook will likely become more cautious amid increased volatility in the global and Hong Kong’s financial markets,” the Hong Kong Monetary Authority said in a report released Friday. “The risk of downward adjustment has picked up steadily.”

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  • “Siam Synergy” marks a historic collaboration

    “Siam Synergy” marks a historic collaboration

    Siam Synergy allies, led by “MBK PCL.,” “Siam Piwat Co., Ltd.,” and the “Siam Square Business Group,” have signed a historic memorandum of understanding under the name “Siam Synergy” to strengthen the alliance in the district, including the public and private sectors and affiliated agencies, and to push forward various projects to propel the Siam District towards becoming Thailand’s key economic and commercial center and the hub where trendy lifestyles, world-class shopping experience, art, and entertainment converge under the concept “The Metropolis of Diverse Modernity.” The signing ceremony was honored with the presence of H.E. Ms. Kobkarn Wattanavrangkul, Minister of Tourism and Sports, who presided over the ceremony.

    H.E. Ms. Kobkarn Wattanavrangkul, Minister of Tourism and Sports, said, “On behalf of the Ministry of Tourism and Sports, it is a great pleasure to preside over the signing ceremony today, which serves as the beginning of a major collaboration of the Siam Synergy allies and demonstrates the power and the commitment of the allies in the Siam District to become as a major force in developing the tourism industry by propelling and fostering the continuous growth of this district which is considered the hub of Bangkok that is vital to the economy of the nation.”

    “Entrepreneurs of large, medium, as well as small enterprises, along with public and private agencies, are the powerful force that has, for over 50 years, strengthened and nurtured the Siam District into a commercial hub at the heart of Bangkok.  This disctrict has generated tremendous revenues for the tourism industry and has presented an extraordinarily diverse range of products and services that satisfy every need. Today, the chief allies have joined forces under the name “Siam Synergy,” demonstrating their commitment to enhancing the competitive capacity of our tourism industry and creating an opportunity for growth and strengthening the position of this commercial district as one of the world’s most vibrant shopping, art, and entertainment hubs,” she said.

    Blessed with a unique identity, the Siam District lies at the center of Bangkok and has symbolized the beginning of new things and Thailand’s economic and commercial prosperity up until the present day. The location of the District has made it the hub of various transportation systems, which have been continuously improved since 1964, further to the appeal of the District.  As a result, Siam has been selected as a tourist destination of choice and considered the top-of-mind commercial hub among visitors and investors, both domestic and international.

    Photo Caption_Siam Synergy Alliance-1

    Representing the Siam Synergy alliance, Mr. Suvait Theeravachirakul, Director and President of “MBK PCL” stated, “Every entrepreneur of every business type in the Siam District, including public and private sectors, are considered the major force that has fostered the continuous growth that the District is enjoying. This year is an opportune moment for the initiation of a partnership among leading entrepreneurs and public and private sector organizations to unify the area stretching from the Chaloem Phao Junction  to the Banthat Thong Junction and the Hua Chang Bridge.  As a first step, the signing of the memorandum of understanding under the name Siam Synergy will boost the image of the Siam District as the urban center where latest trends, world-class shopping experiences, art, and entertainment converge.  The principal objective of this partnership is to strengthen the entrepreneur network and enhance the competitive capacity of the District as Thailand’s key economic and commercial hub. This synergy will also help preserve and promote art and culture so that the District can continue to shine as a most-preferred destination among both Thai and foreign travellers.”

    Mr. Boonsong Srisawangnet, Vice-president of the “Siam Square Business Group,” revealed, “Based on the latest information, the Siam District has demonstrated a continuous growth.  It has very strong economic and commercial potential and can be considered one of Bangkok’s golden locations, comparable to major avenues in other countries such as the Ginza in Japan. The Siam District is considered a vital connecting hub of Bangkok, linking various mass transit systems, including Bangkok’s most advanced and modern transportation. As a result, on a daily basis, the Siam District is visited by over 550,000 commuters and tourists, on average, which helps generate revenues and activities within the area.  The synergy within the District will not only prepare the District for the advent of the AEC but also directly benefit the economic development of the country.”

    Ms. Chadathip Chutrakul, Chief Executive of Siam Piwat Co., Ltd. remarked on the development plans of the Siam Synergy allies, stating, “One of the  most important factors that has continually attracted both local and international travelers to Siam as the center of entertainment and as a lifestyle destination is the fact every enterprise in the area, both public and private, have focused on developing products and services to be in line with new lifestyle needs that continuously evolve together with global trends.  To ensure that Siam keeps its place as the most preferred destination in the hearts of visitors the allies of Siam Synergy have planned various collaborative projects to develop the District.  These include the improvement of the Sky Walk, the establishment of Siam as Bangkok’s art district, joint marketing activities among members and allies to provide superior and exciting experience through promotions to attract tourists and stimulate spending, as well as improve the levels of security within the District.”

    Under this major partnership, the Siam Synergy is ready to launch and implement various projects, namely:

    • The improvement and expansion of the Sky Walk: The Sky Walk connecting to the National Stadium Station of the BTS and the Pathumwan Intersection will be improved and expanded to become linked in order to facilitate commuting and connect key tourist attractions within the Siam District. In addition, the Sky Walk will be improved with a new design and serve as an outdoor art exhibition venue, rendering it a hub of creativity and a must-see tourist landmark.
    • The improvement of the security within the Siam District: To bolster safety and help commuters within the Siam District, the security standard will be lifted through various programmes such as the exchange of databases for joint surveillance between public and private organizations within in the area to prevent and intercept potential dangers. There will also be the sharing of knowledge on security protocols between the security teams of the major shopping centers in the District, as well as a joint on-site drill for the security teams within the District. More importantly, a uniform security standard for the entire area will be established and implemented.
    • Siam Discovery renovation project by Siam Piwat: With an investment of over 4 billion baht, Siam Piwat is planning a facelift for Siam Discovery to reinforce its position as “the leader of innovation” by breaking all the rules and creating a new chapter in the history of the retail business, following its historic innovation of Siam Center two years ago, which has enjoyed tremendous success and brought much innovation to Bangkok.
    • Area development projects by the “Siam Square Group”: These will include the Suan Luang Square project, in which the area around Suan Luang and Sam Yan will be developed under the theme “the center of delicacies and life’s joys” and serve as a model of a commercial community that retains its unique shop houses despite its more modern and improved appearance. Also included will be the Centenary CU Park and the Centenary CU Street projects, which entail developing the area to maximize the public benefit by adding green areas to serve as new lungs for Bangkokians, create pleasant environments for communities, and provide recreational space for the public. In addition, the areas under these projects will also contribute to the urban eco-system by acting as natural water-draining zones that help drain rainwater to prevent flooding and waterlogging.
    • MBK Center renovation project: With an investment of over one billion baht, the MBK center will be revamped to better accommodate the lifestyle of modern consumers. The overhaul will include both interior and exterior works, with an all-new expanded and improved storefront to create a modern image for the center. In addition, popular restaurants and leading fashion stores will be featured to offer a diverse range of products for visitors.

     

    The partnership of the allies in the Siam District, which include both public and private sector organizations as well as other affiliated agencies, under the name “Siam Synergy” is an crucial step forward that will reinforce the strength of the Siam District, which has stood tall with pride in contributing to Thailand’s economic prosperity all through the years, and mark the Siam District out as a key economic and commercial area and one of the most vibrant lifestyle hubs in the world.

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  • Benoy to design Haitang Bay centre

    Benoy to design Haitang Bay centre

    Global design studio Benoy has been chosen to provide masterplan and architectural design services for a new mixed use development in Haitang Bay, Hainan.

    The project, Benoy’s first in the popular island tourist destination, is the new China International Travel Service (CITS) Sanya Eyot scheme.

    The CITS Sanya Eyot development is located in the new resort area of Haitang Bay in Sanya. Rising as a high-end tourism destination, the area attracts visitors from around the world as a result of its world-class yachting community, international luxury hotel cluster and unspoiled natural assets.

    The scheme will introduce a 32,000 sqm  mixed-use, retail-led destination which will be differentiated from the traditional retail projects currently in Haitang Bay. Benoy’s Masterplan has prescribed strategies for celebrating the island landscape, placemaking and multi-layered environments, to establish a point of difference for this high-profile future scheme.

    “Benoy is incredibly excited to be working with CITS on their future addition for Haitang Bay and crafting a vision for what this development can offer. Through our design, we have aimed to embody the coastal landscape and develop a concept not yet seen before in this area,” said Chao Wu, a Benoy director.

    “Our team has brought new thinking to the retail, entertainment, cultural and art experiences within the development. Our Masterplan is animated by vibrant spaces and offset by quieter zones and there is significant diversity in the programmatic mix to ensure we arouse interest and appeal to a large visitor base.”

    Benoy’s design will feature a combination of indoor and outdoor spaces which will host a multitude of activities including art, water shows, cultural performances, recreational attractions, wellness programs, children’s zones and possibly a wedding chapel.

    Taking inspiration from Sanya’s local fauna, the Egretta Garzetta formed the concept behind the architecture of the development; the sweeping architectural lines mimic the graceful movement of the birds.

    The architecture also prioritises human-scale within the development with a number of small-scale blocks and pavilions designed along the waterfront edge. The collection of forms and differing façade treatments complement the faceted landscape and will add interest and variety to the visitor experience.

    The CITS Sanya Eyot scheme will commence construction in early 2016 and is due for completion at the end of 2018.

    Haitang bay centre by Benoy1

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  • Hong Kong plans upgrade to industrial estates

    Hong Kong plans upgrade to industrial estates

    Alan Ma Kam-sing, chief executive of Hong Kong Science and Technology Parks told that the first phase will see multi storey factories build by 2020, with a focus on “high value-added” clients such as robotics, pharmaceuticals and biomedical manufacturers.

    Ma’s company runs three industrial estates in Hong Kong and has already updated its policies to attract more technology related tenants, he said.

    These tenants will not be using “labour-intensive production, but rather modern manufacturing fueled by science and technology. This will create new industries and job opportunities throughout the advanced manufacturing value chain,” Ma said, speaking ahead of a conference on science parks and “areas of innovation” in Beijing.

    Reindustrialisation through innovation and technology is needed to counter Hong Kong’s reliance on finance and real estate, Ma said.

    Hong Kong can attract tenants due to its strong technology infrastructure, rule of law and intellectual property protection.

    Hong Kong based technology expert Paul Haswell of Pinsent Masons, the law firm behind Out-Law.com said: “High rental prices for tenants as well as an infrastructure that is built more for finance companies and retail has meant that whilst there is an abundance of tech innovation in Hong Kong, those innovators can find it hard to find a base from which to build a business.”

    “Hong Kong’s Science and Technology Park offers excellent space and facilities, as well as attractive terms for tech startups, but those startups find it hard to survive once the time comes to expand beyond the Science Park. As such, any plan to utilise Hong Kong’s warehouse and disused industrial space to build an environment where technology business should be encouraged,” Haswell said.

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  • China’s shopping mall operators struggle against e-commerce

    China’s shopping mall operators struggle against e-commerce

    China’s accelerating slowdown has put shopping mall operators already struggling to fight off the inroads of e-commerce under the gun. But not all is doom and gloom as a wave of consolidation may allow some to thrive.

    “The supply of mall space in China is outpacing demand, as growth in retail sales slows because of the country’s lower GDP growth, and in cities where mall space is abundant, vacancy rates have risen substantially,” Marie Lam, an associate managing director with ratings agency Moody’s, said in a report.

    A raft of figures pointed to waning demand at home. China’s retail sales for the first half of the year grew by just 10.4 per cent from a year earlier, the lowest rate since 2004, data released by the National Bureau of Statistics showed.

    Although acknowledging that the outlook will continue to be murky for China’s traditional retailers, Bank of China International analysts led by Tang Jiarui noted consolidation may sweep across some of the major players in the sector, discarding the weak players and leaving the stronger ones as the survivors. “The distress, on the other hand, may give birth to a mergers-and-acquisitions boom. We see some of the leading regional shopping mall operators, including Wuhan-based Zhongbai Holdings, the potential buying targets of industrial powerhouses eyeing expansion,” she said.

    Unfazed by a flagging economy, Chinese developers’ headlong rush to branch out and build more shopping malls show no signs of dying down.

    China made up of 44 per cent of total global shopping mall completions in 2014, data from real estate consultancy CBRE said. The amount of mall-space in the pipeline is even more massive, representing 60 per cent of the total worldwide.

    In 2014, the retail space under construction in China soared by more than 50 per cent year-on-year, compared with a 21.8 per cent rise of the global total for the same period.

    “Demand for mall space from retailers in China is not catching up with supply,” Lam said.

    Adding to the burden on those brick and mortar retailers are their e-commerce rivals that managed to post robust results even as the economy grew at its slowest pace in a quarter century. Online retail sales registered a 48.7 per cent jump in the first six months of 2015 from a year earlier, according to the China e-Business Research Centre.

    A study by Fung Business Intelligence Centre found department stores in China were the worst performers among all retail formats last year with many forced to close shop.

    “Fragile global and domestic economies …competition from speciality stores and online retailers were major reasons for stores’ weak performances,” the Fung report said.

    Many of traditional retailers have been shifting to asset-light business models or exploring the online-to-offline business mode to get by.

    But a transformation can be painful for any company with more uncertainty the rule going forward.

    “Success also depends on whether the changed mall can differentiate itself from other malls that have also undergone facelifts,” said Lam, who saw rising difficulty for some shopping mall property developers in refinancing the loans they took out to shift gears.

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  • Ito-Yokado to close 40 stores

    Ito-Yokado to close 40 stores

    Japanese retail giant Seven & I plans to close 40 of its Ito-Yokado branded supermarkets and general merchandise stores by 2020.

    Japan’s Nikkei reports that Seven & I, which is the parent of the 7-Eleven retail brand, expects the closures will boost profits. Forty stores represents about 20 per cent of its Ito-Yokado chain, which is struggling with lacklustre sales, especially of its apparel lines.

    “Seven & I will target money-losing and old locations outside major metropolitan areas for closings. More resources will be poured into Tokyo-area stores instead,” the Nikkei reported.

    The company’s financial year ends in February and by then, the first of the stores to be closed will be identified, with 10 more each year after that.

     

    While Seven & I posted a record profit in the six months to August, its Ito-Yokado arm actually lost money.

    The company says it will continue to open new stores as opportunities arise, but most likely only about one each year.

    The Nikkei reported that the company may also close some poor-performing Sogo and Seibu department stores, but there were no details of that plan.

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  • Siam Discovery ‘Breaks the Rules’

    Siam Discovery ‘Breaks the Rules’

    Bangkok shopping centre Siam Discovery has been wrapped in a giant vinyl curtain to raise awareness of the centre’s redevelopment and planned reopening early next year.

    Owner Siam Piwat says the revamped mall will reopen in the first quarter of next year with a completely renewed retail concept and execution. It follows the success redevelopment of the neighbouring Siam Centre which was reopened in 2013 and was recently named amongst the world’s best shopping centres by the US-based ICSC.

    Siam Piwat is spending 4 billion baht (US$112 million) in revamping both the interior and exterior of the Siam Discovery.

    The company has already adopted the campaign theme “Break the Rules” to promote the renewed retail destination when it reopens.

    The giant vinyl wrapper which has now appeared on the building is designed not just to prmote the redevelopment but to match international safety standards.

    Located in the center of Pathumwan Intersection, the vinyl has been formed into a gigantic billboard on which is the graphic designing of shattering glass.

    “This symbolic image represents a familiar sight of Siam district before being changed to make a better creation,” said a Siam Piwat spokesperson.

    “It is absolutely the talk of the town among both Thais and foreign tourists who look forward to seeing the new look of Siam Discovery. This will also modify Siam district to maintain its rank of being Thailand’s everlasting shopping destination.”

  • SHOW DC Invests US$265 million to Open Thailand’s First Retail & Entertainment Mega-complex

    SHOW DC Invests US$265 million to Open Thailand’s First Retail & Entertainment Mega-complex

    SHOW DC Corp Ltd., recently, announced it will open Thailand’s first retail and entertainment mega-complex in June 2016 with a total investment of US$265 million and aims to attract 100,000 visitors a day. The landmark development combines spectacular entertainment facilities with a rich mix of retailing and food & beverage. Located on almost 4.5 hectares in the heart of Bangkok’s Rama IX entertainment district, the project has a massive 150,000 square metre gross floor area that also includes the world’s largest ‘K-Town’ outside of Korea.

    Mr. Chayaditt Hutanuwatra, Chairman of SHOW DC Corp Ltd., said, “We are the first to bring to Thailand the ‘Shop & Enjoy’ concept that combines great shopping and eating with mega-entertainment, in a single complex. Visitors can indulge in the best of shopping, eating and culture from Thailand and the region. At the same time, they can enjoy Thailand’s most sophisticated entertainment offerings with a state-of-the-art Performance Hall for 5,000 people, and a 5,000 square metre Sports Arena for Asian sports entertainment that seats 1,500 people. There is also a 5,000 square metre Fantasy Dreamscape cultural walk-through phenomenon called ‘Himmapan Avatar’ that brings to life dazzling Thai legends through immersive 4D experiences using the most advanced light, sound and holographic technologies.”

    Mr. Chayaditt said that 60% of the lettable space at SHOW DC has already been leased. Among its anchor tenants is YG Entertainment – one of Korea’s top star-maker entertainment companies which is behind global K-Pop sensations such as BIGBANG, Psy, and 2NE1. YG Entertainment will operate a 5,000 square metre rooftop K-Pop culture and entertainment park with hip bars and eateries.

    “As part of our emphasis on presenting the richness of Asia, SHOW DC has an expansive 10,000 square metre Asian Food Street dedicated exclusively to restaurants. Next to that, inside the K-Town are large areas devoted to Korean fashion (K-Fashion), Thailand’s most extensive offering of Korean beauty products and services (K-Beauty), as well as celebrity food and beverage outlets, such as Psy’s ‘Psy Ramen’, and ‘After Rain’, inspired by global K-Pop sensation ‘Rain’,” Mr. Chayaditt said.

    Ms. Praparwarn Waeladeevong, Vice Chairperson of SHOW DC Corp Ltd., said, “We are the first in Thailand to design facilities on this scale specifically to handle a high number of international travellers. We have invested heavily in building generous bus parking facilities as well as carefully mapped people flows within the complex to ensure comfort and convenience to all visitors, all the time.”

    Ms. Praparwarn said that visitors to Thailand are expected to reach 37 million people a year in the next five years, and that the creation of landmark lifestyle destinations such as SHOW DC give international visitors an exciting one-stop destination for shopping and entertainment.

    One of SHOW DC’s special facilities for international visitors is a large VIP Traveller Lounge where visitors can spend time on their last day after they check-out from their hotels.

    “They can leave their bags, take a shower, or rest after checking-out from their hotel and prior to a night flight. In addition, travellers can use SHOW DC’s complimentary shuttle transport services to Bangkok’s airports,” Ms. Praparwarn said.

    Vice Chairperson added that because SHOW DC is a major new landmark in ASEAN it will help boost Thailand’s position as the shopping and entertainment capital of the ASEAN Economic Community.

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  • Sino Land Named ‘Best Developer Overall in Hong Kong’ by Euromoney for the Second …

    Sino Land Named ‘Best Developer Overall in Hong Kong’ by Euromoney for the Second …

    Sino Land Company Limited has been named the ‘Best Developer Overall in Hong Kong‘ at the eleventh annual global Euromoney Real Estate Survey, the second consecutive year it has received the coveted award, in addition to being voted the best in all other eight developer categories, namely, ‘Best Residential Developer in Hong Kong‘, ‘Best Retail Developer in Hong Kong‘, ‘Best Office/Business Developer in Hong Kong‘, ‘Best Leisure/Hotel Developer in Hong Kong‘, ‘Best Mixed Developer in Hong Kong‘, ‘Best Industrial/Warehouse Developer in Hong Kong‘, ‘Best Advisor & Consultant Overall’ and ‘Best Advisor & Consultant for Agency/Letting Hong Kong’.

    Conducted by leading global finance magazine Euromoney, the annual poll is widely considered as the benchmark award for the global real estate industry. According to Euromoney, senior executives of real estate bankers, developers, investment managers, corporate end-users and advisory firms around the world have been invited to participate in the survey this year and over 1,700 valid responses were received, representing a 10.6% increase from a year ago. The awards are a testament to the Group’s continuous efforts and commitment to delivering premium projects.

    “Quality is the guiding principle of our business. We are honoured that our efforts in delivering products and services of the highest possible standards have been recognised. We would like to express our heartfelt gratitude to our business partners and those who have voted for us, their support is an encouragement for us to work even harder to deliver exceptional ‘Sino Experience’ to our customers,” remarks Mr Daryl Ng, Executive Director of Sino Land.

     

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  • Burberry, Gucci at Macau

    Burberry, Gucci at Macau

    Burberry, Prada and Gucci head a list of international fashion brands progressively opening at The Promenade shopping centre in the Galaxy Macau.

    The Promenade is part of the stage 2 development of the integrated resort, which opened its doors on May 27. But a number of retail spaces were not complete.

    But on Friday, high-flying British luxury apparel brand Burberry opened its new store there – its third in Macau. And Gucci will follow later this month.

    Prada will open a store at The Promenade in October.

    UK fashion brand Daks and Japanese denim labels Evisu and Moussy will also open stores soon, according to the Galaxy Entertainment Group.

    Louis Vuitton opened a store last month.

    “We are excited to be welcoming top luxury brands to Galaxy Macau for the first time, connecting our increasingly discerning guests with the most iconic retail brands from around the globe,” said Kevin Clayton, chief marketing officer of Galaxy Macau.

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  • Ananda Development PCL unveils Q Chidlom-Phetchaburi

    Ananda Development PCL unveils Q Chidlom-Phetchaburi

    Ananda Development Public Company Limited, Thailand’s leadingresidential condominium developer, is launching its latest project, “Q Chidlom-Phetchaburi”. Presales for the new condominium will take place during the weekend of 18th-19th September at the Park Lane Hotel in Hong Kong. With its exclusive facilities overlooking stunning cityscapes and spacious residential units, the high-rise condominium complex embodies the epitome of Bangkok’s urban living.

    Q Chidlom-Phetchaburi is a 42-story luxury lifestyle condominium which boasts 352 residential units. With a car park and lobby on the ground floor and exclusive residential facilities on the top 3 floors of the building, Q Chidlom-Phetchaburi caters to the needs of modern Asian investors who aspire for a higher quality of life. These amenities include a library and co-working space, a stylish social club, gardens, fitness centre, a swimming pool and separate Turkish Hot Tubs for men and women.

    Nestled in the heart of Bangkok’s downtown Chidlom District, residents at Q Chidlom-Phetchaburi will find themselves within easy reach of the city’s high-end shopping malls, including Siam Paragon, Central Embassy or Central Chidlom.

    Q Chidlom-Phetchaburi is the newest developmentunder brand Q by Ananda, which aims to create a brand new condo concept that seamlessly melds together personal life, work and play. Following its presale roadshow on 12th-16th August at the Siam Paragon shopping mall, Ananda launched its show unit in the Q Gallery near BTS Ratchathewi, where prospective buyers and the public can take a glimpse of what’s in store for the development.

    Chanond Ruangkritya, CEO of Ananda Development PCL states: “We, at Ananda Development PLC, are extremely proud to present our newest project Q Chidlom-Phetchaburi, which will set the benchmark for luxury lifestyle condominiums of the future.”

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  • Dalian Wanda, Suning plan store rollout

    Dalian Wanda, Suning plan store rollout

    Mall operator Dalian Wanda Commercial Properties is partnering with Suning to open electronics stores at Wanda Plazas throughout the Mainland.

    The partnership will see 40 stores open by the end of this year with more planned for next year. Suning, now 20 per cent owned by Alibaba Group, currently has a network of 1600 stores throughout China.

    Dalian Wanda has 100 Wanda Plaza shopping centres in China currently and plans to add 35 by the end of this year.

    The company is changing nature from its original model as a department store operator into a services-based company. It recently announced the closure of its Superstar karaoke chain as well as some of its less profitable department stores.

    The company owns the AMC cinema chain in the US, Hoyts in Australia and China’s largest network of movie theatres.

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  • Warning bell for the end of Hong Kong’s 12-year property rally is ringing louder

    Warning bell for the end of Hong Kong’s 12-year property rally is ringing louder

    The warning bell signalling the end of Hong Kong’s 12-year property rally is ringing louder with more experts predicting that the stock market rout and economic uncertainties at home and abroad will accelerate a price correction.

    Analysts widely expect home prices could fall as much as 10 per cent this year. Hong Kong home prices have risen 9.8 per cent since January after soaring more than 360 per cent from 2003.

    “The worrying factor is Hong Kong’s economy, especially the retail market. Some retailers will be forced to close their business or cut staff if the coming Christmas holidays fail to lift sales. It will certainly affect the home buying desire,” said Alvin Cheung Chi-wai, an associate director at Prudential Brokerage.

    He notes the increasing number of transactions recently sold for below market price in the secondary residential market.

    “It is a reverse trend. Previously, flats in the secondary market kept setting records. Today, vendors have to lower their asking prices on rising expectations home prices are going to fall,” said Cheung, who expects home prices could decline 10 per cent next year.

    His forecast comes in the wake of JP Morgan predicting flat values could drop 5 to 10 per cent a year over the next three years.

    The number of flats in the secondary residential market changing hands at steeper discounts is also on the rise. Such cases were seen from blue-chip housing estates in Taikoo Shing to mass-market homes in Castle Peak Road in the New Territories.

    One case in point was a 714 sq ft unit in Taikoo Shing – the most actively traded housing estate in Quarry Bay – which sold on Sunday for HK$12 million, or HK$16,807 per square foot, 6 per cent below prevailing transaction prices, agents said.

    A 572 sq ft unit at Belvedere Garden in Castle Peak Road sold for HK$4.98 million, or HK$8,706 per square foot, according to Louie Lui, a senior manager at Centaline’s Belvedere Garden branch.

    “It is the lowest price in terms of per square foot in the past 12 months,” he said.

    Buying sentiment may further be hit after UBS lowered its year-end target for the stock market’s Hang Seng Index to 19,775 points. The blue-chip index closed 3.28 per cent higher at 21,259.04 points yesterday.

    “Now, as we have seen a combination of the three pillars of Hong Kong’s economy weakening (tourism and re-export) or showing signs of weakness (property), along with decelerating economic growth in China, we believe our ‘black-sky’ scenario could be a better portrayal of the challenges in the current environment,” UBS said.

    Eva Lee, a property analyst with UBS, said stock market turbulence would certainly affect buying confidence.

    “But it is not a key factor to trigger a price correction. The property market outlook still hinges on the performance of our economy,” she said. The brokerage house forecasts home values will fall 5 to 10 per cent this year.

    Morgan Stanley said home prices would decline 5 per cent from the current level to the end of this year and remain flat next year.

    Joseph Tsang, the managing director of property consultancy JLL’s Hong Kong office, believes the worst-case scenario for the mass-market home sector would be a decline of 5 per cent next year because demand remains solid.

    “Development cost for mass residential projects is HK$12,000 to HK$13,000 per square foot. I believe downside risk for unit pricing not exceeding HK$15,000 per square foot will be limited,” he said.

    On September 5, Kowloon Development’s special financing scheme helped to boost the sale of its Upper East development in Hung Hom. It sold 328 units or 89 per cent of the total over the weekend.

    The developer launched the first batch of 368 flats at prices as low as HK$3 million. Buyers will only require as little as a 5 per cent deposit through its scheme of providing second mortgages of up to 35 per cent on top of the bank’s 60 per cent.

    Tsang said the luxury residential sector, particularly for flats worth HK$20 million to HK$100 million, could have room for a 10 per cent downward adjustment once interest rates rose.

    He said individual owners offering flats at discounts had not developed into a trend.

    “There are always some owners who offload their flats at low prices for some personal reasons. But most vendors still have strong holding power and refuse to sell at a low price,” he said.

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  • Aeon Hanoi sets opening date

    Aeon Hanoi sets opening date

    Aeon Hanoi will open its doors on October 28.

    The Japanese-based multinational shopping centre operate and retailer Aeon says the new centre will host 180 retail stores including its supermarket and department store anchors and a mix of local and Japanese brands.

    Aeon Hanoi will be Aeon’s third store in Vietnam, following its debut in Ho Chi Minh City two years ago, and a second mall in Dong Nai, an industrial city near Ho Chi Minh City. The company has already announced a fourth to be built in Ho Chi Minh City, scheduled to open in 2016.

    The Hanoi mall will cover 9.6 hectares in the suburb of Long Bien.

    Besides its focus on fashion and specialty stores, the centre will host restaurants and a foodcourt serving cuisine from Vietnam, Japan, Thailand and Korea on the third floor.

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  • SM Group, Disney seal strategic deal

    SM Group, Disney seal strategic deal

    SM Group is to collaborate with The Walt Disney Company Southeast Asia to bring Disney brands closer to Filipinos through mall, retail, entertainment and amusement opportunities.

    The two companies say they aim to bring Disney, Marvel, Pixar and Star Wars brands to life through “unique Disney experiences at SM’s many leisure and entertainment properties”.

    Fans can look forward to a host of innovative offerings including Disney branded events, promotions and other unique experiences themed around fan-favorite Disney brands and characters.

    “We are thrilled to be associated with the iconic Walt Disney Company,” said Edgar Tejerero, president of SM Lifestyle Entertainment.

    “Henry Sy Sr envisioned and purposed a second home for Filipinos across the nation where they can create memorable bonding activities with their families through amusement facilities, retail centers, and food establishments, all found in one mall. Sixty-five years later, and with 52 malls across the Philippines, it had just been high time that SM forged an official collaboration with the best family entertainment company in the world,” Tejerero said.

    Rob Gilby, MD of The Walt Disney Company Southeast Asia, said Disney makes millions of Filipinos laugh and smile with its stories and characters every day.

    “We have worked with the various arms of SM group over the years and today we are delighted to announce our collaboration on a comprehensive plan to create magical moments and memories that will last a lifetime for fans across the Philippines.”

    SM says it has synergised the efforts of all its subsidiaries – including SM Supermalls, SM Markets, The SM Store, Toy Kingdom, and its lifestyle and entertainment arm, SM Lifestyle Entertainment – to produce a complete and one-of-a-kind Disney experience for its patrons: from the moment they enter the mall to watch a movie, to the time they purchase their favourite snack and Disney merchandise. Patrons can also take their SM Cinema and Disney experience with them home, or wherever they go, through the newly launched Blink app.

    As a precursor to an already successful association, Disney and SM have worked together to bring multiple experiential events to the Filipino families such as the recent Avengers Experience in SM North Edsa, where guests were treated to life-size characters, Avenger-themed games, and a ‘meet and greet’ with Captain America, Thor and Black Widow.

    To officially jump start their partnership, SM and Disney will be launching a “Star Wars Galactic Christmas” to welcome the latest instalment of the movie, “Star Wars: The Force Awakens.” The exhibit will include life-size figurines of characters from the movie, interactive games, and official merchandise from the SM Store and Toy Kingdom.

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