Construction news
China sees home prices climb in February
Newest data showed that China witnessed an increase in new home prices in 66 of 70 Chinese major cities in February, raising concerns over the prospects of economic growth. Unquestionably, the new leadership will have to face all challenges caused by increases in new home prices and real estate speculation.
California Officials Unveil Details of Bay Delta Conversation Plan
On the 14th of March, California authorities issued an initial project which included a prime proposal to reform the Sacramento-San Joaquin Delta in an effort to secure water supply across the state. In addition, the documents of the Bay Delta Conservation Plan centrally focused on the California Governor Jerry Brown’s multi-billion suggestion to bring back the equipoise of the ecosystem and provide stable water supply for the state.
CBI Urges UK Government to Build New Homes
The Confederation of British Industry, UK’s leading lobbying organization, suggested that the forthcoming 2013 Budget should be centrally focused on creating around 50,000 new homes in order to reduce fiscal deficit. Moreover, the British Chambers of Commerce supported the plea put forward by the CBI to promote infrastructure.
Island of the Richest. Lusting for Temptation Island?
Imagine yourself on a beautiful island. You can feel indescribable sea breeze on your face and hear sounds of nature. As private islands for sale can be found in many sizes, and they have different locations and other distinctive features, the initial price may not surprise you, though.
UnderWater World is closer with World Discus Hotel
Some unimaginably futuristic plans will never be pursued, but some will… Despite the fact that idea of the cities of the future is still more or less on paper, underwater hotels are going to get us closer to a vision of our fate. Even though the Rangali Islands Resort in the Maldives glories in the title of the world’s first “underwater hotel”, on the horizon there is a new project which will certainly be revolutionary – the World Discus Hotel as it is to be the largest underwater building.
Russian splendor amounts to $50b for 2014 Winter Olympics
Getting a chance to organize and host the 2014 Winter Olympics is one of few opportunities when Russia can show the whole world how big and powerful it is. And it is – nothing to sneeze at. Yet, the preparations for the 2014 Winter Olympics in Sochi amounted to record $50 billion. Billions of dollars are being spent to rebuild national prestige and pride
London tops list of most expensive office locations in the world
Some things do not change. One of them is continuous rivalry among cities when it comes to the title of the most expensive office space. The highest prices give not only the prestigious title, but show which destinations are popular. And, to cut a long story short, London was awarded with the prominent title of the most expensive office space in the world, regaining it after several years.
Singapore and Malaysia open new chapter with high-speed rail link
On the 19th of February, Singapore and Malaysia informed that a new high-speed rail link would be build between the wealthy city-state and Kuala Lumpur. The news on the new high-speed rail link between two cities opens a new chapter in the bilateral relations. The Southeast Asian neighbors certainly will benefit from this new communication link not only on a human level, but mainly on the economic one. Economic ties between Singapore and Malaysia will be even stronger than these days. The high-speed rail link is expected to be a “game changer” for both countries.
Troubled UK construction sector contracts in January
The troubled UK construction sector contracted again in January, according to the newest figures. However, construction companies showed a little bit more confidence as they employed new workers for the first time in four months. Analysts underline that the slowdown in the UK construction activity might raise fears that economic growth will be weighed down in 2013. Among main causes of the recorded slowdown in the UK construction activity were harsh weather conditions and weak demand.
List of U.K. most expensive residential streets revealed
Even though the U.K. saw house prices drop for a sixth month in December, it has still true jewels which cannot be described as cheap and average at all. Lloyds TSB issued its annual list of most expensive streets in the U.K. Not surprisingly, London has once again outperformed other cities in the competition as all from the top ten are located in the capital of the U.K. According to the survey, residences located in Egerton Crescent, Kensington and Chelsea, London, are the costliest with the average house being valued at over £8 million
Nokia to sell its Finish headquarters due to financial troubles
Nokia Corp. informed on the 4th of December that it signed an agreement to sell and lease back its headquarters located in Espoo, Finland. The Nokia Corp.’s decision to sell the headquarters comes as the Finish mobile maker is struggling due to tough economic conditions and strong competition in the market. Exilion Capital Oy, the Finland-based software consultancy firm, acquired the Nokia Corp.’s headquarters for approximately €170 million, or $222 million. The transaction is to be completed by the end of 2012.
Kingfisher Sees Third Quarter Profit Fall on Sales Declines and Currency
On the 29th of November, Kingfisher Plc reported its third-quarter profit. According to a statement, the Europe’s largest home-improvement retailer saw a 6 percent drop in the period ended October 27 as sales declined in its main markets in France and the UK, not to mention that the company’s results were affected by unfavorable foreign exchange movements as well.
Dubai aims high as it plans to open world’s biggest mall and tallest hotel
Dubai aims high as it has announced its plans to build the world’s biggest shopping mall and tallest hotel, not to mention gardens that are said to be larger than London’s Hyde Park. Dubai revives its property projects which have been postponed due to the global financial crisis. And it is not surprising that Dubai wants everything to be big as it always aims at showing off. So its big comeback is not unexpectedly revolving around the business of biggest.
Archstone Inc. Attempts to Raise $3.5 Billion in IPO
On the 19th of November, Archstone Inc. stated that it expected to collect an amount of almost $3.45 billion in its first public offering. If the plans come true, the Archstone Inc.’s IPO will be, without a doubt, the largest commercial US real estate IPO of all time.
Philippines’ credit ranking raised by Moody’s
On the 29th of October, Moody’s Investor Service informed that it had upgraded the credit ranking of the Republic of the Philippines, which is now closer to investment grade status.
UK Construction Sector Continues to Shrink in September
The UK construction sector shrunk for a second straight month in September as production and new orders continued to decline. The level of business morale was even closer to its lowest one when Britain entered recession in 2008. The PMI for UK construction sector, however, increased slightly to 49.5.
Manhattan Apartment Sales Grew in spite of Drop in Inventory
Manhattan inventory of properties for sales shrunk to the lowest level in seven years, creating one more obstacle for potential buyers. Owners have been deciding to refrain their properties as the prices on the market are flat. Despite a visible drop in Manhattan apartments inventory, the apartment sales grew in the third quarter of 2012 reaching the highest level since the financial crisis started; as demand strengthened.
Rising home prices in the U.S. hit highest level in 2 years
Home prices continued rising in July across the United States. According to reports, home prices in the U.S. biggest cities have risen to the highest level in almost two years. A strong summer selling season has put the real estate market on its feet since the big estate bubble broke nearly 5 years ago. The real estate market in the U.S. has been stabilizing as sales and prices are up, and more homeowners do not have problems with paying their mortgage payments on time.
Lennar Corp.’s profit grows as home demand climbs
Lennar Corp., the third-largest U.S. homebuilder by revenue, reported higher fiscal third-quarter earnings as demand for new homes jumped. The Lennar Corp.’s earnings results are also sharply higher because of a tax benefit. Yet analysts are not too optimistic about the future of the company as they saw Lennar Corp.’s shares dropped.
