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South China Morning Post
6 days ago
- Business
- South China Morning Post
Tepid sales at Hong Kong's Uni Residence as competition heats up in new home market
Competition is intensifying in Hong Kong's new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Advertisement Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land's The Henley in Kai Tak sold 78 of 80 units on offer less than four hours after sales began at noon on Saturday, according to agents. The batch, priced at a discount, consisted of 18 open studios, 50 one-bedroom units and 12 three-bedroom flats. The lowest-priced one, a 238 sq ft unit, sold for HK$4.62 million, or HK$19,415 per square foot. The developer said one group of buyers bought six units, three groups each acquired three units and seven groups each purchased two units. 'With ample new supplies launching in the market at attractive prices, developers may face competition as homebuyers increasingly consider project quality, supporting facilities and the nearby environment,' said Louis Chan Wing-kit, CEO of Centaline Property Agency. Uni Residence in Tai Wai. Photo: Handout Uni Residence's joint developers Wing Tai Properties and China Vanke priced the first 50 units of the new 32-storey, 240-unit building at an average of HK$15,481 per square foot, about 8.5 per cent lower than recent transactions in the nearby secondary market.
The National
20-05-2025
- Business
- The National
Dubai's mid-market residential communities experience strong surge in demand
Dubai's emerging mid-market communities are experiencing an increase in demand for residential property as 1,000 residents a day move to the emirate. Property Finder recorded 750,000 searches for sales and rentals a month for Jumeirah Village Circle in April, a 3 per cent increase year-on-year, with the top five searched-for buildings including Binghatti Corner, Belgravia and Bloom Towers. Key search terms for this area included 'brand new', '12 cheques' and 'ready to move', with most-desired amenities such as a balcony, a maid's room, pool, gym and central air-conditioning. Al Furjan was searched for half as much, but its growth was strongest among any area listed on Property Finder's database, with an increase of 23.4 per cent yearly. Popular towers included Murooj Al Furjan, Avenue Residences, North Village and Azizi Residences, with the accessibility of the Metro and pet-friendly accommodation factors in users' search criteria. This surge in demand has led to increased rental and sales prices. In Al Furjan, apartment sale prices increased by 15.4 per cent year-on-year in the first quarter of 2025, according to Property Monitor, while townhouses and villas were up 30.3 per cent and 42.5 per cent, respectively. This reflects rising confidence in the community's long-term potential, Daniel Hadi, chief executive of Engel & Volkers Middle East, told The National. JVC retained its lead in off-plan and resale apartment sales, according to the company's first-quarter 2025 market report, supported by attractive pricing, strong rental yields and proximity to major road networks. 'Similar communities such as JVC, Arjan, Silicon Oasis and Town Square also outperformed the Dubai average price growth of around 16 per cent over the last 12 months, with apartment prices rising between 21 per cent and 25 per cent,' Mr Hadi added. 'These areas are increasingly popular with first-time buyers, investors and young families seeking well-connected, amenity-rich neighbourhoods at more accessible price points.' This all comes as residential property sales across Dubai increased by 22.4 per cent year-on-year, with a 29 per cent increase in the total value sold, according to Engel & Volkers. Dubai Land Department data also revealed Dh62.1 billion ($16.9 billion) was made in total sales in April − the highest monthly total for the emirate. This is a 94 per cent year-on-year surge and a 54 per cent rise in transaction volume, according to Property Finder. 'Dubai's real estate market continues to scale new heights, propelled by bold city planning, regulatory innovation and investor trust,' said Cherif Sleiman, chief revenue officer at Property Finder. 'The sustained growth across both primary and secondary segments is resounding proof of its resilience and long-term appeal.' 'It's no surprise residents are making the switch to property ownership,' Kundan Choudhary, founder of Prime Estates, told The National. 'Especially with Al Furjan offering great value for villas and JVC/JVT standing out for affordable apartment options. With prices starting from under Dh1 million for a decent home, we have seen over a 30 per cent increase in demand for these areas compared to last year.' Mr Hadi said they expect these communities to remain in demand as new infrastructure and amenities continue to be added. 'However, price growth may moderate as more off-plan supply begins to hand over in the coming quarters.' One such project includes Tasmeer Indigo Properties' SquareX Residence, with 170 residential units being constructed in the heart of JVC. About 90 per cent of these spaces sold within three months of receiving the building permit, said company chairman Aman Kassim. Demand has been especially strong from young professionals – millennials and Gen Z end users, he added. Life coach Anne Jackson bought her JVC villa off-plan in 2006 with little idea of how the community would grow. 'Back then, the plan announced by master developer Nakheel in 2004 sounded idyllic: a central park with a radial design, office spaces, villa clusters, apartment complexes, schools, supermarkets and even a European-style tram,' she told The National. 'But the global credit crisis in 2008 dramatically slowed progress. Developers withdrew, projects stalled and by the time I moved in – 18 months behind schedule – in 2010, the vision had not yet materialised.' Over the past 15 years, she's watched the neighbourhood flourish, however. 'I had lived in Dubai since January 2000 and had already seen how neighbourhoods could be transformed from barren desert to thriving communities. I knew JVC would grow. There was something uniquely charming about watching that evolution unfold around me.' She said the transformation has been 'remarkable' and she firmly believes JVC is the 'best place to live'. 'When we moved in, my children were four and seven. Now they're 22 and 19 and JVC is still 'home' when they return from university. They've had the stability of growing up in the same house, attending the same school, and forming lifelong friendships. That's a gift not every city can offer in such a fast-changing world.' Long-term Dubai resident Sara Loch, who recently bought a three-bedroom townhouse in Al Furjan, said one of their main deciding factors on location was the potential for property appreciation. 'It doesn't beat some of the older areas like The Lakes, but we felt it was a good investment for our budget,' she said. 'The size of land you get in this area is much better value that most others areas in Dubai.' Tatiana Tonu, chief executive of developer Object 1, said Al Furjan is establishing itself as a trusted investment hub, driven by high demand and long-term growth potential. 'Its strategic location between two major highways, metro access and proximity to commercial hubs have boosted its appeal, with rental transactions rising 8 per cent and one-bedroom rental values surging 39 per cent, delivering yields of up to 9 per cent,' she said. Meanwhile, JVC remains Dubai's most actively traded off-plan residential cluster with strong value and competitive rents, she added. Rents in other affordable villa communities such as Dubailand, Meydan and International City are also soaring between 39 per cent and 46 per cent year on year. 'Mixed-use projects, which integrate residential, retail and recreational elements, are witnessing heightened demand as buyers increasingly value walkable, lifestyle-centric environments,' said Ms Tonu. While these areas are popular in terms of volume, the appeal of wealthier locales such as Palm Jumeirah, Jumeirah and DIFC also shows no signs of slowing down. 'Off-plans in Dubai have never been more varied or exciting, with something for every budget,' said luxury property adviser Laaleen Sukhera of Liv Squared. She said now is the time to invest. 'Expect rapid transformation citywide for Dubai 2040 including master communities in the vicinity of Al Maktoum Airport … We're also seeing a boost in global interest in light of Trump's tariff effect, with more interest from US investors.' For anyone seeking strong returns, Ms Tonu advised investors look at properties in Downtown Dubai, Dubai Marina and JVC, which she said 'continue to be standout options in a thriving market'.
The Sun
20-05-2025
- Business
- The Sun
Couple ordered to tear down dream £500k home after ‘flagrant breach' of rules
A COUPLE have been ordered to demolish their dream home worth more than £500,000 after they were found to have made a 'flagrant breach' of the rules. Planning permission was originally granted to build a stallion semen laboratory but a house was built instead. 7 7 7 A planning inspector has ruled that the unauthorised house at Valentine Stables in Great Abington, Cambridgeshire, must be knocked down. Planning permission was granted in 2014 by Greater Cambridge Shared Planning to build a replacement stable block and a specialist 'stallion semen' horse laboratory, with a small upstairs flat linked to the lab use. The plans were approved on the basis that it would be for a countryside business use, with the residential flat only to be used in connection with the laboratory use. The two-storey building was set to have a reception, office, kitchenette, 'analysis and lecture' lab, processing laboratory and staff changing room on the ground floor. Whilst the first floor would be a staff living space with two bedrooms, each with an ensuite bathroom, and a combined living/kitchen space. But, even though the outside of the building looked like the approved plans, the inside was very different. A later investigation showed that the inside of the building looked nothing like the approved plans for the lab and business. Instead, the planning inspector said it was built and used solely as a residential house from the start, with no evidence that the laboratory use was ever implemented. The Council issued an enforcement notice in July 2023 requiring demolition of the property and the owner appealed against the notice. But the Planning Inspector has now agreed with the Council that the building was constructed as a house from the start. We're building our house out of polystyrene - we can slot it together like Lego & it'll cut our heating bill down by 70% He said there was no lab or business running at the site, nor any evidence to show there ever was and that he house was a full home, not just a place for a worker to stay. He also pointed out that the owner had sold their original house on the site and moved into this new home. Inspector Chris Preston wrote: 'Photographs provided by the appellant in February 2022 in response to the Council's Planning Contravention Notice (PCN) show a complete absence of any laboratory space or research facility and that remained the case at the time of my accompanied site visit. 'The ground floor has a decidedly residential appearance, with a domestic kitchen, equipped with kitchen units, cooker, island breakfast bar, with domestic furnishings and appliances. 'A dining area is present next to the kitchen in the space which was shown to house a kitchenette/container storage and distribution on the approved plans. 'Next to that, where the plans depicted an office, is a domestic living room. 'What appears to be an office is present to the front in what was shown on the plans as a reception area. 'Throughout, the ground floor is decorated and equipped in a manner that belies a residential use. 'There is no obvious reception area that would indicate use by customers of a business. 'No laboratory has been installed, no research or stored equipment associated with the business is apparent, either on the photographs from 2022 or at the time of my visit. 7 7 'Upstairs, where the staff accommodation was intended to be, there are two bedrooms, in the locations shown on the approved plans and a living area/ lounge, equipped with a sofa and television. 'However, no kitchen appears to have been constructed on the upper floor. In other words, the living space is clearly spread over the two floors, as would be the case in a typical house.' He said the council had been told the flat would be used by an additional worker, but in fact the appellant and his wife had since sold their existing house and moved into the new property. He added: 'The over-riding impression is that what has been constructed is a dwellinghouse, occupied by the appellant and his wife, as opposed to a stallion semen collection centre/laboratory on the ground floor with residential accommodation above which is what the approved plans depicted.' He said there was also very little evidence that the stallion semen and collection business had 'ever got off the ground to any notable degree.' He added: 'The lack of any clear record of the semen collection and analysis business, when added to the evidence that the laboratory and associated storage and analysis areas were never constructed raises serious doubts as to whether the 2014 permission was implemented. 'If the pandemic did cause issues with the business, the logical thing to do, if implementing the approved planning permission, would have been to construct the building as permitted, with accommodation at first floor level and space for the laboratories etc at ground floor level, even if that led to a delay in installation of those facilities. 'What actually appears to have happened is that the appellant constructed a dwelling from the off. 'The Inspector agreed that knocking the house down was a proportionate and necessary measure as the local planning policies had been clearly broken, and keeping the building but just stopping people from living there alone would not be enough. Cllr Dr. Tumi Hawkins, Lead Cabinet Member for Planning at South Cambridgeshire District Council, said: "We welcome the Inspector's clear decision, which supports our commitment to upholding planning policies in our Local Plan and the Neighbourhood Plan designed to protect our countryside. 'This case shows the importance of adhering to the specific uses and conditions that justify development in rural areas. 'Planning rules are there for a reason – including protecting our countryside, and this decision demonstrates that we will act when those rules are broken." The house must be knocked down and all waste material removed by May 6, 2026. 7
