Latest news with #realestatedevelopment
CBS News
4 days ago
- Business
- CBS News
600 loft apartments planned for historic Wanamaker Building in Philadelphia
New York developer TF Cornerstone plans to build 600 loft-style apartments above the shuttered Macy's store in the historic Wanamaker Building in Philadelphia after acquiring complete control in a foreclosure auction Tuesday. TF Cornerstone said the apartments will be built on floors 6 through 12, while floors 4 and 5 will remain office space. The Wanamaker Organ will continue to be in use, and the Grand Court will be restored and remain open as a public space, according to the New York City-based real estate development firm. The Crystal Tea Room will also continue to serve as a venue for events. The first two floors of the former Macy's will feature a "well-curated" retail space, and the third floor will be of "one or more cultural uses," according to a news release. TF Cornerstone owned part of the building that housed the Macy's in Center City before Tuesday's foreclosure auction, which gave it total control. "Throughout this entire process, we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community," TFC senior vice president Jake Elghanayan said in a statement. "Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to reimagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community." Macy's announced in January that its store at the iconic Wanamaker Building would be part of the retailer's closure of 150 underperforming stores. The store's last day was in March. The organization Friends of the Wanamaker Organ has maintained and continues to use the historic organ. "The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone and look forward with gratitude to many years of a productive and artistic partnership," Friends of the Wanamaker Organ executive director Ray Biswanger said in a statement. Construction is scheduled to begin in 2026.
South China Morning Post
31-05-2025
- Business
- South China Morning Post
NWD-led group gets US$166 million from sale of 24 luxury homes in Southern district
A consortium of developers, led by New World Development (NWD), raked in HK$1.3 billion (US$166 million) from the sale of 24 luxury units in Hong Kong's Southern district, as wealthy buyers take advantage of a market downturn to acquire prized assets. Advertisement On Friday, a 1,706 sq ft, four-bedroom unit in Deep Water Pavilia, a 447-unit luxury residential project in Wong Chuk Hang, sold for HK$85.3 million, or HK$50,000 per square foot – the highest in absolute terms and on a per-square-foot basis in the district in recent years, according to a statement from NWD on Friday. The developer owns 50 per cent of the project. The deal broke a record set just a few days earlier by a unit of the same size in the same development, which sold for HK$82 million. The buyers of the 24 flats included people from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, NWD said on Monday. One foreign buyer spent HK$147.3 million on two four-bedroom flats, including the one that cost HK$82 million. Analysts attributed the project's success – which benefits from a prime location overlooking Deep Water Bay and easy access to public transport – to improving market sentiment and declining interest rates. Advertisement The one-month Hong Kong interbank offered rate (Hibor), which is linked to mortgage loans, is currently at its lowest point in nearly three years.
Zawya
16-05-2025
- Business
- Zawya
Design and construction leader DMDC announces partnership with OCTA Properties for three unique mansions
Dubai, UAE: Premium Dubai-based design and construction company DMDC is pleased to announce a new partnership with OCTA Developments—the real estate development arm of OCTA Properties—in a joint venture to elevate industry standards across the region. In an exciting first step, DMDC and OCTA Properties are joining forces to design, develop, and build three ultra-luxurious villas in Emerald Hills, at the heart of Dubai Hills Estate. These one-of-a-kind mansions, each a statement of elegance and sophistication, will range in size from 12,000 sq. ft to 24,000 sq. ft. One of the three plots is a rare double plot, where a sprawling 24,000 sq. ft mansion will take shape. 'We are excited to merge our industry expertise with DMDC's commitment to quality and precision,' said Fawaz Sous, CEO of OCTA Properties. 'As this partnership unfolds, we remain committed to innovation, quality, and a shared vision of creating landmark residences that bring a fresh sense of sophistication.' DMDC, renowned for its superior craftsmanship and impeccable interiors, will lead the design and fit-out of each project. Meanwhile, OCTA Developments will bring its wealth of experience in real estate development and project marketing. This synergy between development expertise and construction excellence ensures every home is executed with unparalleled standards. 'In these projects, our team has carefully combined form, functionality and design, all while maintaining the meticulous attention to detail that DMDC is known for,' expressed Raji Daou, Managing Director at DMDC. "We have created spaces for relaxation and entertainment including spas, saunas, cinema rooms, and plenty of leisure facilities. These tailored properties will undoubtedly stand out in today's market.' The company is also on the verge of completing two flagship projects in Arabian Ranches, further showcasing its growing footprint in Dubai's real estate landscape. Beyond residential endeavours, DMDC has transformed many commercial spaces in the emirate—including the OCTA Properties headquarters in Dubai Hills Business Park. Since its inception in 2021, DMDC has evolved into a team of over 700 highly skilled professionals dedicated to transforming residential, office, and retail spaces into environments that inspire. By merging cutting-edge technology, creativity, craftsmanship, and sustainable building practices, they deliver tailored solutions with uncompromising quality. Meanwhile, OCTA Properties has built a well-established reputation for successfully overseeing numerous branded projects with global brands such as Marriott, Elie Saab, Missoni and most Mouawad as their global Franchisee for real estate projects. Building on this success, the company is now venturing into real estate development with the launch of its first residential development, OCTA Isle Interiors by Missoni. About DMDC Founded in 2021, DMDC is a premier Dubai-based design and construction company committed to transforming residential, office, and retail spaces into environments that inspire. With a vision rooted in craftsmanship, innovation, and sustainable building practices, DMDC delivers tailored solutions that embody quality and sophistication. At DMDC, every project is a statement of excellence. Whether designing luxurious residences, dynamic office spaces, or immersive retail environments, the company's approach is defined by meticulous attention to detail and a deep understanding of clients' aspirations. With a team of over 700 highly skilled professionals, DMDC seamlessly manages, develops, and delivers high-end residential and commercial projects. The company has successfully designed and executed more than 350 architectural projects, showcasing a relentless dedication to craftsmanship. Its portfolio includes over 400 interior design projects, each exemplifying elegance, precision, and innovation.
Zawya
16-05-2025
- Business
- Zawya
Egypt: Palm Hills' consolidated profits climb 53.65% YoY in Q1 2025
Egypt - Palm Hills Development Company (PHDC) reported a 53.65% year-on-year (YoY) increase in consolidated net profits after tax for the first quarter (Q1) of 2025, registering EGP 1.539 billion, versus EGP 1.002 million, as per a filing. The real estate development company's operating revenues amounted to EGP 8.392 billion in Q1 2025, compared to EGP 6.228 billion in the same quarter a year earlier. The firm has incurred standalone net losses after tax totaling EGP 367.634 million during the January-March period this year, versus profits worth EGP 160.624 million in the first three months of 2024. Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company's operations. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
11-05-2025
- Business
- Argaam
NHC sells 16,000 units worth SAR 15B in 4M 2025: CEO
National Housing Co. (NHC) achieved record sales during the first four months of 2025, with a growth of 101% compared to the same period last year, said CEO Mohammed Al-Bati. In an interview with Al Arabiya TV, Al-Bati added that the company sold more than 16,000 housing units worth nearly SAR 15 billion in the four-month period, compared to around 8,000 units sold in the first four months of 2024. This growth was driven by the company's ability to accurately understand the market and consumer behavior, enabling it to offer competitive pricing and diversify its offerings to cover a wide range of customer segments, rather than focusing on a single product and audience, according to the top executive. Al-Bati also stated that NHC is the leading player in the real estate sector with a significant market share. 'Based on data from the Real Estate General Authority at the end of 2024, the company held a 31% share of all residential real estate transactions in Saudi Arabia. According to data from the Saudi Central Bank, the company's projects accounted for 21% of all residential real estate financing,' he said. The CEO further pointed out the huge opportunity available to real estate developers following a major injection of land in Riyadh and other cities, amid amendments to the white land tax law and other key regulations. This is in addition to the directives from Crown Prince Mohammed bin Salman, which have had a substantial impact in boosting real estate supply, helping stabilize housing prices in Riyadh.
