Cape Town Property Headlines (April 2nd 2019)

Below we highlight the latest trending news in Cape Town’s property scene.

Cape Town set to construct a new breathtaking skyscraper inspired by the Rubik’s cube. Labeled ‘The Rubik’ – South African property developers Abland in conjunction with Nedbank and Giflo will oversee the construction of this luxurious mixed-use skyscraper commencing in June 2019 and completion targeted for July 2021. The property designed by architect firm dhk will be positioned at the junction of Loop and Riebek street and will cost around R480 million ($32.7 million). It will be made up of premium residential apartments above high-end retail space and luxury offices. Dogon Group Properties will oversee all the marketing initiatives with prices for apartments reported to start at R2.4-million ($163,994). — VISI

The Rubik (Cape Town Property)
Cape Town’s proposed property “The Rubik”

The City Council of Cape Town recently proposed amendments to the Municipal Planning By-laws (MPBL) which regulates land use and developments in the city. Prior to implementation of the amendments, the City Council is advocating for all interested parties (body corporates, ratepayers’ associations, and residents) to attend information sessions in addition to submitting feedback on the new by-laws before April 1st 2019. The proposed amendments affect installation of minor freestanding cell masts, short-term letting of flats, and emergency housing. — IOL NEWS

The 2019 Wealth Report by property group Knight Frank’s includes Cape Town property among the most expensive in the world. Despite, Cape Town ranking lower on the list, it costs approximately $1-million for 177 square meters of prime property. The report notes that in the next 12 months the global property markets will experience a shift in the performance as purchasers and investors respond to uncertainty in the global economy. Knight Frank forecasts that the cost of property in Cape Town will continue to grow by 6% alongside a number of European cities. It attributes this to the presence of investment hubs for European and global investors especially the Chinese. – CAPE TOWN ETC

Knight Frank 2019 Wealth Research (Property wealth residences)
Knight Frank 2019 Wealth Research

A report titled City Leases: Cape Town’s Failure to Redistribute Land proposes a “radical new deal” aimed at breaking apartheid barriers in housing. The proposed deal by the civil society organization, Ndifuna Ukwazi states that the 24 areas of City-owned land, including golf courses, bowling greens, country clubs, and parking lots could be utilized by the City of Cape Town for low-cost housing. The report which sites the Rondebosch Golf Club as an example expounds that its annual fee of R1,000 (around $70) per year to the City Council of Cape Town as an injustice to the majority of residents in the city who cannot access decent housing/land.  —  GROUND UP

Cape Town’s Municipal Planning Tribunal has approved a land use application for a new 18 story skyscraper in Sea Point by property developer Berman Brothers Group. The building will reserve 20% of its 144 flats for “affordable” housing which is around 28 apartments. The project is aimed to avail households earning under R18,000 a month a decent and affordable house to rent. The approval was however met with opposition from the social justice movement Ndifuna Ukwazi, who were concerned about the height of the building. Jared Rossouw of NU noted the concerns of local residents and stated that it was necessary for Cape Town to promote radical densification in every well-located area in order to build a sustainable and efficient city. —  BIZ COMMUNITY

2016 protest against evictions in Sea point, Cape Town #propertynews
2016 protest against evictions in Sea point, Cape Town

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Singapore Property Headlines (March 4th, 2019)

Echo Base: The Singapore-based digital real estate start-up that aims to incorporate the Internet of Things (IoT), Artificial Intelligence (AI), and other next-gen technologies in real estate development. The startup is backed by Boustead Projects Limited and Moor House Capital. The latter an investment holding company that is majority-controlled by Razer CEO Tan Min-Liang. Echo Base will focus on the management and development of smart buildings in the Asia-Pacific region and other global gateway cities. The start-up’s maiden project will be Razer’s new 19,300 sq. m South-east Asia headquarters at Singapore’s one-north. — THE STRAITSTIMES

An artist’s impression of the proposed Razer’s 7-story building

The recently opened Oasis Terraces is the first new-generation neighborhood center in Singapore. The Oasis terraces in Punggol Drive was developed by the Housing Development Board (HDB) coupled with the feedback of residents. This development is part of five more projects slated to be completed over the next three years. The property comprises of family-friendly eateries, playgrounds, a 24-hour fitness center, and 106 shops. — THE NEWPAPER

Tender launched for the former house of Tan Teng Niah at Little India heritage site. The eight-room villa is located in the heart of the Little India Conservation area. The whole plot occupies 25,865 square feet and consists of four buildings. It is zoned for commercial use and valued at S$70.6 million as of late last year according to Mr. Singh the marketing agent at JLL. The tender is slated to close on April 2. As the property is classified as a non-residential entity, no Additional Buyer’s Stamp Duty will be levied on the property purchase. — COMMERCIAL GURU

Tan Teng Niah’s former 8-room villa

CapitaLand Limited capitalizes on China real estate debt opportunity. The Singaporean real estate giant announced the first closing of CREDO 1 after it managed to raise $556m of its targeted discretionary real estate debt fund of $750m. The debt fund will directly focus on loans and securities of property investment projects such as commercial, residential, logistics, retail, and industrial properties. The fund’s managers are aiming for fixed-income returns on their investments by steering away from a loan to own strategy. — MINGTIANDI

Frasers Property has signed a conditional agreement to acquire a 17.8% stake in PGIM Real Estate Asia Retail Fund Ltd for $263 million. PGIM is the global investment management arm of the Prudential Financial which is listed in the NYSE. PGIM a private investment firm incorporated in Bermuda manages and owns six retail malls and one office property in Singapore in addition to Singapore’s largest non-listed retail mall fund. Frasers property, with a market capitalization of over $4 billion, will fund the acquisition through external borrowing/ internal finances or a combination of both. —  THE BUSINESS TIMES

The Ministry of National Development in Singapore has increased the Development Charge (DC) rates for commercial properties by 9.8% as DC rates for non-landed residential property is cut by an average of 5.5%. The new stipulated rates will be effective between March 1st to August 31st, 2019. In consultation with the chief tax valuer, the ministry revises all applicable property rates each year between March 1 and September 1 by assessing land values and sales. Mr. Desmond, Head of research for Singapore and Southeast Asia, CBRE, stated that Development Charge rates are generally used to showcase the performance of the real estate market. — EDGEPROP

Marketing Agent JLL launches collective sale tender for St Thomas Ville property located at the 38 St Thomas Walk. The tender was previously initiated last year in August at a minimum asking price of S$58 million but was canceled due to the delayed verification of technical details. JLL states that owners are expecting bids in excess of $58 million which translates to about $1816 per square foot for the 12-story development which consists of 23 apartments. The property is close to the renowned Orchard Road Shopping district and Great World City which comprises of more than 800,000 square meters of entertainment and dining complexes. — RETALK ASIA

St Thomas Ville Property

Singapore’s Housing Development Board completes the first of a numerous series in the sale of flexible residential options to be held throughout the year. The Build-To-Order (BTO) and Re-Offer of Balance Flats (ROF) initiative aims to avail 15,000 “price subsidized” flats across the country. Similar to other sale series, flats will be allocated on a first come basis with the next BTO launch scheduled to take place in May. Taking into account the generous subsidy offered, flat buyers could pay an average of $15,000 for a 2-room Flexi flat, $110,000 for a 3-room flat, and $197,000 for a 4-room flat. — THE ASEAN DEVELOPER

Singapore ranked the fifth best real estate market destination for Chinese real estate capital investors.  According to The Singapore Business Review, a recent 2019 survey revealed that 14% of Chinese property investors preferred to invest in Singapore. It further noted that Chinese property investors are more prone to asset disposal than acquisitions owing to the austere regulations imposed on capital outflow in China. Hong Kong remained the most preferred property market for Chinese real estate investors with The United States second, followed by Australia and finally the United Kingdom. — THE INDEPENDENT SINGAPORE

Jurong Town Corporation (JTC) initiates tender for Tampines North industrial site. Under the first half of the 2019 Industrial Government Land Sales Programme (IGLS), JTC launched a tender for a 0.48 ha land parcel with a tenure of 20 years. The (Plot 2) piece of land at Tampines North Drive 3 is zoned B2. This means that the premise may be utilized by heavy industries that have a greater environmental footprint. The tender will close on April 23. — MHF

Courtesy JTC

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Celebrity Property Headlines (March 1st 2019)

Below we highlight famous celebrity property news in the month of February.

Andy Rubin’s Woodside California Estate

Former Google boss and Android co-founder, Andy Rubin has reduced the price of his listed Woodside California estate by a whopping $6.7 million. The vineyard estate built in 2003 is nested on 6.4 acres. The property features a 6,000 square foot main house, spa, wine room, tennis court, and vineyard.

The house is now listed by the Dreyfus Group of Golden Gate Sotheby’s International Realty at $27.9 million. — THE MERCURY NEWS

Former Nicolas Cage’s Russian Hill Mansion

Actor Nicolas Cage’s formerly owned 4-story Russian Hill mansion is up for sale for nearly $11 million. The 6,305 square foot house proudly includes a library with a fireplace, magnificent leaded windows, six and a half bathrooms, a two-car garage connected to the kitchen, and six bedrooms. — FORBES

Steph Curry’s Former Alamo Mansion

Golden State Warrior’s Steph Curry sells his Alamo, California mansion for $6.3 million. The 1.5-acre property contains a house which occupies more than 10,000 square feet. It boasts of amenities such as an infinity-edge pool, a six-car garage, five bedrooms in addition to a guest house with a sauna. — VARIETY

Wiz Khalifa’s Bel Air Mansion

Rapper Wiz Khalifa is renting out his Bel Air house for $19,500 a month.  The 9,000 square feet home includes granite furnished kitchen counters, city views, a walk-in closet, spa tub, and six bedrooms. The house is available to potential customers on a furnished or unfurnished basis. — REALTOR

Elon Musk’s Bel Air Midcentury home

Billionaire Elon Musk is selling his modern midcentury Bel Air home for $4.5 million. The home consists of a smart home system in which the lights, temperature, security, and music are controlled from a single remote. The luxury home further features 4 bedrooms, a spa, and a saltwater pool. — PATCH

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.