The 22-year-old son of a business tycoon has dropped US$117 million on a luxury home in Hong Kong, the latest purchase to highlight the huge wealth gap in a city currently rocked by political protests. Hong Kong properties are the most expensive in the world, putting even the cheapest apartments out of the reach of most ordinary people AFP/Anthony WALLACE The crammed financial hub regularly tops various rankings of cities with the least affordable housing in the world, with even the cheapest apartments far out of the reach of most regular workers. Rising inequality and a shortage of housing has helped fuel anti-government protests, the latest manifestation in a series of huge youth-led demonstrations earlier this month demanding the withdrawal of a bill that would allow extraditions to the Chinese mainland. Matthew Cheung Siu-woon spent HK$916 million on the 806 sq m house, which was listed on the market in May and completed on Tuesday, according to a Land Registry document … [Read more...] about Hong Kong tycoon, 22, drops US$117 million on luxury home
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The Hanoitimes - Vietnam is well on the way to become Asia’s next tiger with strong economic growth, a rapidly growing middle class and relatively affordable pricing. Vietnam’s prime segment to see strong demand in 2019 as more foreign investors come Is it time to invest in Vietnam’s prime homes? A latest Savills research showed that Vietnam’s prime residential segment is of great attention in comparison with regional markets like Tokyo, Singapore, Taipei, and Bangkok. Illustrative photo Apartment prices in HCM City and Hanoi are generally still lower than regional peers such as Kuala Lumpur and Bangkok, making Vietnam relatively attractive to international investors, according to Savills Vietnam. “New home prices in Ho Chi Minh City’s CBD now average around US$5,500-US$ 6,500/sq.m, a fraction of the eye watering levels seen in Hong Kong where prices are at all-time highs,” said Neil Macgregor, managing … [Read more...] about How attractive is Vietnam’s luxury residential segment amid global slowing trend?
Viet Nam News HÀ NỘI — Chicago-headquartered Hyatt Hotels Corporation recently announced that a Hyatt affiliate had entered into an agreement with Vietnamese corporation BIM Group to develop the Park Hyatt Phu Quoc Hotel as well as 65 residences on Phú Quốc Island, Kiên Giang Province. Slated to open in 2022, Park Hyatt Phu Quoc and residences are poised to introduce the brand’s refined luxury and exceptional service to Việt Nam’s emerging resort destination. Situated on the southwestern tip of Phú Quốc Island on an area of 160 hectares, the hotel and residences will offer guests and residents an exclusive oasis and a sophisticated home-away-from-home with designs inspired by traditional Vietnamese villages and all guestrooms, suites and villas offering stunning sea views. Park Hyatt Phu Quoc will be a 30-minute drive from Phú Quốc International Airport, with direct access via the main north-south highway, and … [Read more...] about Hyatt announces plan for luxury hotel and residences on Phú Quốc
A tourist stands by the rooftop swimming pool at the Gran Hotel Manzana in Havana -- one of many luxury properties attracting tourists in Cuba AFP/Yamil LAGE In Havana, there's a shop selling a camera for more than US$25,000 (S$34,000) – roughly 850 times the average monthly wage in Cuba. The eye-popping sum earned predictable scorn on social media, but it begins to make sense when seen through the lens of the island's fledgling bid to tap into the luxury tourism market. The exclusive camera store and other boutiques featuring A-list brands like Versace and Armani are located in a shopping gallery on the ground floor of the swanky Gran Hotel Manzana. The mere existence of the shops certainly seems incongruous in a country that has been governed as a one-party communist state since 1959, and where the average wage is US$30 a month. But the hotel isn't exactly looking for locals to buy in – it attracts "a clientele of private airplanes ... princes and celebrities," … [Read more...] about Cuba taps into high end luxury tourist market
The NovaHills Mui Ne Resort & Villas to be built in Mui Ne – Phan Thiet. VNS Photo Property developer Novaland Group said it expects revenues for this year to jump by 53 per cent to VND17.8 trillion, but fall short of the target it has set. It said it is likely to achieve only 82 per cent of the target, attributing it to difficulties it faces in fulfilling legal procedures before handing over houses to buyers. It said due to these difficulties VND6.4 trillion would not be added to its revenues this year and would go into the books in the next few quarters. This year it has handed over 5,000 units to buyers in The Sun Avenue in District 2, Wilton Tower in Bình Thạnh District, Golden Mansion, Orchard Parkview and Newton in Phu Nhuan District, Botanica Premier in Tan Binh District, and Sunrise Riverside in District 7. It said it would continue to focus on luxury housing. It recently launched an ultra-luxury apartment project called The Grand Manhattan in District 1 … [Read more...] about Novaland revenues jump 53 per cent but fall short of ambitious target