The week in real estate: millennials, billionaires and luxury car homes

Our pick of real estate news from the past 7 days

Where do most millennials want to live?

Which South East Asian country has a second billionaire?

Which luxury car manufacturers are now dabbling in real estate?

Find out in the week’s market digest…

New research

CBRE: Asia Pacific Millennials: Shaping the future of real estate

This new research identifies trends shaped by millennials, addressing issues such as why millennials are living with their parents for longer, what millennial employees want in employers, what motivates millennials in the workplace and how millennial consumers spend their money.

One key finding was that commuting time is key for the millennial – the shorter the better, so residences close to CBD’s are in high demand.

Find the research here.

Country News

China

Real estate land supply in China is at its lowest in four years, we learned this week.

Supply stood at 71,000 hectares in the first nine months of 2016, a 7.8 percent year-on-year decrease, the country’s Ministry of Land and Resources revealed Tuesday.

Real estate land supply this year may be the “lowest since 2010,” a decline that would have an impact on housing supply in the next two years, according to financial magazine Yicai, citing ministry data.

Supply of residential land slid by 8.4 percent to 47,900 hectares, Yicai added. Real estate land supply in the country last peaked at 203,200 hectares in 2013.

Singapore

Figures for Singapore’s property market in Q3 look increasingly miserable across the board, but nowhere more so than in the private residential sector, the Straits Times reported this week.

Private home prices dropped for the 12th quarter in a row in Q3, and were 10.8 percent less than the spike in the third quarter 2013.

“Worries over a weaker economy, news of job cuts and fears of a coming recession seem to have an adverse impact on the property market,” Mr Nicholas Mak, executive director of SLP International Property Consultants told the Times.

Vietnam

Vietnamese property tycoon Trinh Van Quyet has achieved dollar billionaire status, only the second person to do so in Vietnam.

It was a stock rally that catapulted the FLC Group chairperson to the top of the Vietnamese heap. Quyet’s total assets skyrocketed to VND22.674 trillion (USD1.02 billion) last Thursday.

Quyet now holds 93 million shares in FLC, in addition to 280 million shares in ROS (Faros Construction JSC), a frequent contractor for property projects backed by FLC. He in effect joins Vingroup president Pham Nhat Vuong, whose net worth is estimated at USD2.3 billion according to Forbes, as the country’s two richest men.

Trends

There appears to be a trend for luxury car manufacturers expanding into similarly luxurious real estate.

Aston Martin, following in Porsche’s footsteps, has partnered with G and G Business Developments to create Aston Martin Residences, a 66-storey, sail-shaped condominium tower in Miami. Offering 390 units, including seven penthouses and a duplex penthouse, Aston Martin’s first residential project will give occupants vistas of the Miami River and Biscayne Bay.

“This remarkable new venture realizes our long-term vision of entering the world of luxury real estate, and is a natural extension of the Aston Martin brand,” said Katia Bassi, vice-president for Aston Martin and managing director of AM Brands, in a statement. “Such ventures enable us to further enhance and grow the brand into new aspects of the luxury world that appeal to both our existing and future customers.”

Source: Property Report