Latest news with #luxurydevelopment
Yahoo
17-07-2025
- Business
- Yahoo
Singapore luxury condos' early struggle shows boom's limits
By Low De Wei (Bloomberg) — A large-scale luxury development in Singapore sold only a tiny fraction of units when it started accepting bookings, reflecting the struggles of the priciest segment in the city-state's otherwise stratospheric property market. The W Residences Marina View condominium began pre-sales last Saturday, and buyers booked only two of its 683 units over the weekend, according to people familiar with the matter who asked not to be identified sharing private information. The complex is located in the heart of the country's central business district, a short walk from skyscrapers that house global financial institutions and multinational companies. The units' preview prices started from about S$3,200 ($2,491) per square foot, which means the cheapest one-bedroom units were advertised for S$1.8 million. Five-bedroom units were priced at S$11.6 million and up, according to marketing materials seen by Bloomberg News. The project's weak debut shows how property developers face an uphill challenge trying to attract wealthy home-buyers to luxury towers in Singapore's iconic business district, which lines its downtown waterfront. The government in 2023 doubled already hefty taxes on foreigners' property purchases, while locals have gravitated to suburban private homes that are closer to schools and other amenities. Last weekend, LyndenWoods, a mass-market condominium project about 9 kilometres (5.6 miles) from the downtown luxury residence, sold over 94 per cent of its 343 units in a single day, despite new curbs that were added in early July. Average pricing was about S$2,450 per square foot. Overall private home prices in Singapore have climbed roughly 40 per cent over the past five years. However, apartment prices within the so-called core central region – which covers the CBD and other high-end neighbourhoods – have lagged behind, with a smaller increase of about 19 per cent. The W Residences Marina View is being built by IOI Properties Group Bhd, a Malaysian developer that paid S$1.5 billion in 2021 for the site. The project will be managed by Marriott International. A spokesperson for the developer said there was 'strong interest' from individuals who were invited to its private previews, and 'it's natural that buyers are taking a measured approach amid a wave of new launches' in the area. The 99-year leasehold development has yet to be built, and buyers could pull out in the early stages of a sale if they pay a fee. 'Developers are likely to be more cautious and recalibrate their land acquisition plans following the poor demand' for properties in the prime city centre, said Nicholas Mak, chief research officer at property portal 'They will avoid a price war at all costs.' A nearby high-end residential project called Skywaters Residences, which is part of a broader development backed by Alibaba Group Holding Ltd. and local developer Perennial Holdings Pte, has sold just two of its 190 units since it launched more than a year ago. One 7,761-square-foot apartment sold for S$47.3 million, while the other smaller unit went for S$30.9 million. Such prices are comparable with mansions in land-scarce Singapore. Local property giant City Developments Ltd., which is building another 'ultra-luxury development' in the business district, hasn't set a launch date for its Newport Residences project, which will feature serviced apartments and 246 residential units. Developers have largely refrained from offering major discounts, betting that they can still attract wealthy locals and foreigners who have residency in Singapore, granting them lower property levies. More stories like this are available on ©2025 Bloomberg L.P.
Bloomberg
16-07-2025
- Business
- Bloomberg
Singapore Luxury Condo's Early Flop Shows Property Boom's Limits
A large-scale luxury development in Singapore sold only a tiny fraction of units when it started accepting bookings, reflecting the struggles of the priciest segment in the city-state's otherwise stratospheric property market. The W Residences Marina View condominium began pre-sales last Saturday, and buyers booked only two of its 683 units over the weekend, according to people familiar with the matter who asked not to be identified sharing private information. The complex is located in the heart of the country's central business district, a short walk from skyscrapers that house global financial institutions and multinational companies.
Khaleej Times
16-07-2025
- Business
- Khaleej Times
Shapoorji Pallonji announces completion of first-ever residential development
In a historic milestone, Shapoorji Pallonji, India's 158-year-old real estate and construction giant, has officially completed its first-ever international and finest residential development, Imperial Avenue, in Downtown Dubai, marking a bold new chapter in the group's global expansion journey. Rising 45 storeys and offering panoramic views of Burj Khalifa and the Dubai Canal, Imperial Avenue boasts a 10,000-square-foot grand entrance lobby and ultra-luxe amenities complete with infinity pools, a state-of-the-art fitness centre, and recreation areas coupled with sustainability features like solar panels and grey water treatment. With the Building Completion Certificate in hand from Dubai's Real Estate Regulatory Authority (RERA), Shapoorji Pallonji is currently hosting homeowners for property inspection and handover. Backed by Dh1.4 billion in investments, including funding from London-based Hayfin Capital and the UAE's Commercial Bank International, the project is a bold move that reinforces Dubai's appeal as a strategic market for international developers. Announcing the completion, Cyrus Engineer, SP of International Property Developers said: "Imperial Avenue is more than a luxury tower; it's a statement of intent. By combining our Indian engineering legacy with Dubai's futuristic standards, we aren't just handing over apartments but delivering a sustainable, tech-enabled lifestyle in the heart of Dubai's most prestigious address." Aligning its expansion strategy with the global epicenter of luxury living, Dubai and the UAE were Shapoorji Pallonji's obvious choice for mapping international boundaries. With unmatched demand from international buyers and Downtown Dubai's appreciation potential consistently delivering at 8-12 per cent ROI for luxury properties, the developer has invested its legacy in Dubai's future-ready real estate markets. "Dubai's ambition mirrors our own - to create iconic, sustainable landmarks. Downtown's dynamism offered the perfect stage to debut our international residential expertise." Cyrus added. Attracting buyers from over 60 nationalities, the project offers a curated mix of 1- to 5-bedroom apartments, penthouses, and podium villas with private pools, designed to meet rising demand for larger, high-end homes with smart integrations and a hotel-calibre lifestyle. With sales expected to reach approximately Dh2 billion, this venture marks a significant milestone. As the group enters the international markets, this venture is a symbol of Shapoorji Pallonji's transformation into a global luxury developer, cementing its position in Dubai's real estate renaissance.
Arabian Business
16-07-2025
- Business
- Arabian Business
India's Shapoorji Pallonji completes first international development in Dubai
Shapoorji Pallonji, India's 158-year-old real estate and construction giant and the name behind some of the most iconic developments in the country, has received the Building Completion Certificate from the Real Estate Regulatory Authority (RERA) for Imperial Avenue in Downtown Dubai – its first-ever international residential development. The 45-floor building, which offers panoramic views of the Burj Khalifa and the Dubai Canal, makes a stunning first impression with its 10,000 square foot grand entrance lobby and offers luxury amenities including infinity pools, fitness centre, and recreation areas, coupled with sustainability features like solar panels and grey water treatment. Shapoorji Pallonji's Dubai milestone achieved The curated mix of 1- to 5-bedroom apartments, penthouses, and podium villas has attracted buyers from over 60 nationalities. Imperial Avenue features 424 unique apartments, each equipped with modular kitchens, designer bathrooms, and private decks, and offers five levels of parking. Shapoorji Pallonji is currently hosting homeowners for property inspection and handover. Cyrus Engineer, of SP International Property Developers, commented: 'Imperial Avenue is more than a luxury tower; it's a statement of intent. By combining our Indian engineering legacy with Dubai's futuristic standards, we aren't just handing over apartments but delivering a sustainable, tech-enabled lifestyle in the heart of Dubai's most prestigious address.' The project is backed by AED 1.4 billion (US$380 million) in investments, including funding from London-based Hayfin Capital and the UAE's Commercial Bank International (CBI). Imperial Avenue marks the beginning of a new chapter for Shapoorji Pallonji's international expansion, and it said Dubai and the UAE were their obvious choice. 'Dubai's ambition mirrors our own—to create iconic, sustainable landmarks. Downtown's dynamism offered the perfect stage to debut our international residential expertise,' added Engineer. 'With unmatched demand from international buyers and Downtown Dubai's appreciation potential consistently delivering at 8-12 per cent ROI for luxury properties, we have confidently invested our legacy in Dubai's future-ready real estate markets.' The units are designed to meet rising demand for larger, high-end homes with smart integrations and a hotel-calibre lifestyle. With sales expected to reach approximately AED 2 billion (US$540 million), the venture is a symbol of the company's transformation into a global luxury developer. Shapoorji Pallonji and Company is a globally diversified institution, with presence in sectors like engineering and construction, infrastructure, real estate, water, energy, and financial services.
Zawya
15-07-2025
- Business
- Zawya
Shapoorji Pallonji completes maiden international project in Dubai
In a historic milestone, Shapoorji Pallonji, India's 158-year-old real estate and construction giant, has officially completed its first-ever international residential development, Imperial Avenue, in Downtown Dubai, marking a bold new chapter in the group's global expansion journey. Rising 45 storeys and offering panoramic views of Burj Khalifa and the Dubai Canal, Imperial Avenue boasts a 10,000 sq ft grand entrance lobby and ultra-luxe amenities complete with infinity pools, a state-of-the-art fitness centre, and recreation areas coupled with sustainability features like solar panels and grey water treatment. With the Building Completion Certificate in hand from Dubai's Real Estate Regulatory Authority (RERA), Shapoorji Pallonji is currently hosting homeowners for property inspection and handover. Backed by AED 1.4 billion in investments, including funding from London-based Hayfin Capital and the UAE's Commercial Bank International, the project is a bold move that reinforces Dubai's appeal as a strategic market for international developers. Announcing the completion, Cyrus Engineer - SP International Property Developers, said: 'Imperial Avenue is more than a luxury tower; it's a statement of intent. By combining our Indian engineering legacy with Dubai's futuristic standards, we aren't just handing over apartments but delivering a sustainable, tech-enabled lifestyle in the heart of Dubai's most prestigious address." Aligning its expansion strategy with the global epicenter of luxury living, Dubai and the UAE were Shapoorji Pallonji's obvious choice for mapping international boundaries, he stated. With unmatched demand from international buyers and Downtown Dubai's appreciation potential consistently delivering at 8-12% ROI for luxury properties, the developer has confidently invested its legacy in Dubai's future-ready real estate markets. "Dubai's ambition mirrors our own - to create iconic, sustainable landmarks. Downtown's dynamism offered the perfect stage to debut our international residential expertise," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
