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Monthly Archives: August 2009

Battered owners hopeful as home sales, prices rise

Posted on 11 Aug 2009 | Comments Off

But analysts remain sceptical on the longer-term outlook for property prices

For homeowners around the world struck by the collapse of property markets, figures showing the downward spiral may be halting are the most meaningful signs yet of a possible economic recovery.

As battered banks and stocks rally again, news that US house prices are finally rising after nearly three years of traumatic decline offers the greatest hope to hard-pressed homeowners from California to Krakow.

The sub-prime home loan crisis in America was the pressure-point that exposed underlying global financial chaos – and many economists say that property prices there are the linchpin for confidence in broader economic recovery.

US home sales have been rising and the latest Standard & Poor’s/Case Shiller index of home prices in 20 major US cities showed a 0.5 per cent increase between April and May – the first monthly rise since 2006.

‘This is the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are f Continue reading →

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Posted in Property Market / Real Estate

Tagged China Property, Dubai Property, General Market Report, Overseas Property, UK Property, USA Property

Luxury retailers still expanding here

Posted on 11 Aug 2009 | Comments Off

WITH consumers hesitant to spend, and visitor arrivals dwindling, it is no surprise that retail sales have been on a downward slide in recent months.

But a stroll down Orchard Road reveals one segment of the industry that still shines: luxury retail.

Despite the recession, luxury developers and retailers here have not put the brakes on their glittery expansions.

The next high-end development on its way is Knightsbridge, an 83,000sqft, four-storey retail podium connected to Park Hotel Orchard and scheduled to open in May next year.

Unveiled last month, Knightsbridge will house its eight to 10 luxe tenants in double-storey flagship units.

The developer, Park Hotel Group, has secured 50per cent tenancy and says it is confident of opening with a full house next year.

It joins two other upcoming or newly completed projects on the strip, in proximity to the existing temples of luxury, Palais Renaissance, Continue reading →