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House prices rise fast on record lending, confidence

Posted on 11 Sep 2009 | Comments Off

(BEIJING) It rose 2% in August from a year earlier, and double the gain in July, says report

China’s house prices in the nation’s 70 biggest cities rose at the fastest pace in 11 months on record lending and climbing confidence.

House prices increased 2 per cent in August from a year earlier, double the gain in July, according to a National Bureau of Statistics report on its website yesterday. Sales and investment in property development accelerated in the first eight months of the year from the seven months through July, the bureau said.

In fact, just yesterday, China Overseas Land & Investment agreed to pay seven billion yuan (S$1.46 billion) for a plot of land in Shanghai in the country’s biggest land transaction this year, underscoring developers’ optimism toward China’s property market.

China Overseas outbid rivals including Greentown China Holdings Ltd during an auction for the 312,600-square-metre parcel of land, which will be used for residential development. Continue reading →

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Posted in Overseas Property, Property Market / Real Estate

Tagged BeiJing, Overseas Property

Lum Chang sells KL site for RM77.2m

Posted on 10 Sep 2009 | Comments Off

PROPERTY development and construction group Lum Chang Holdings has sold a site in Malaysia for RM77.2 million (S$31.5 million) and expects a net gain of about $7.6 million.

The company said yesterday that a subsidiary signed the sales and purchase agreement with Malaysia-incorporated Scenic Point Development to dispose of the plot of land in Kuala Lumpur. The site is located in the city centre area and measures 40,612 sq feet. The selling price works out to around RM1,900 per sq foot. Lum Chang had bought the land to develop a high-rise block of serviced apartments on it. The offer for the land allows the company to ‘realise its investment and further fund its other developments in Malaysia’, it said.

The deal is expected to be completed in December and Lum Chang expects to make a net gain of around $7.6 million, to be reflected in the
current financial year ending June 30, 2010.

Lum Chang shares rose half a cent higher yesterday at 31.5 cents. This is more than two-and-a-half times the counter’s price in March, when it sunk to a low of 12 cents. Continue reading →