From America to Asia, Trump real estate grabs back
From America to Asia, Trump real estate grabs back
A sometimes sexist, racially charged campaign might not deter buyers after all
Following a shock victory that reverberated across the world, US President-elect Donald Trump could be seeing a reversal of fortunes in his core business, experts are predicting.
Central to this comeback is the politician’s Trump Tower in Chicago, a 98-storey skyscraper with nearly 500 condominium units on offer. “Now that it’s a presidential tower it gets a new prestige to it,” Coldwell Banker Residential Brokerage Chezi Rafaeli told Mansion Global.
The real estate mogul’s eponymous brand had been experiencing some problems prior to his victory, which ousted Democratic nominee Hillary Clinton in the US presidential elections last week.
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Rafaeli handles 16 listings in the tower, in addition to other projects branded under the politician’s name within the city and New York.
“It’s a dream to live in a tower that the president of the United States built himself,” Rafaeli said.
While reports of racial violence against Asian-Americans have spiked in the US after the elections, Trump’s triumph has translated to good tidings for Asian property giants that struck branded development deals with the Republican demagogue. Century Properties Group in the Philippines is developing Trump Tower Manila, a PHP6-billion (USD122 million), 57-storey condominium building, while India has five Trump-branded developments valued at USD1.5 billion.
“We view this as a positive development to the company given the upcoming completion and turnover of Trump Tower Philippines in Makati, which, since its launch in 2011, has realized an average price increase of over 10 percent per annum,” Kristina Garcia, Century Properties’ director for investor relations, told the Philippine Star.
Read next: 5 ways a Trump presidency could impact Asia
Source: Property Report