Real Estate

Rony Fineman, president of Pattaya-based Nova Group announced plans to develop nine projects in Pattaya and Bangkok worth a combined B6.5bn in the next two years. The Nova Group currently owns three hotels, and a serviced apartment in Pattaya and has undertaken a number of condominium developments in Thailand's busy seaside resort.

A 26,200-square-meter residential site in Hong Kong has been sold at a government land auction for 3. 42 billion HK dollars (440.7 million US dollars) on Tuesday, just 18.9 percent higher than the initial bidding price.

Hong Kong's property market appears to have reached its high tide mark, according to research by the Royal Bank of Scotland.

London's West End remains the world's most expensive office market, according to CB Richard Ellis Group, Inc. (CBRE) Global Research and Consulting's semi-annual Global Office Rents survey. Hong Kong's Central Business District (CBD) has risen to second place pushing Tokyo's Inner Central to third place. Mumbai is now in fourth position on the list while Moscow remains in fifth in the CBRE rankings, which tracks occupancy costs for prime office space in 176 cities around the globe.

Hong Kong’s Urban Renewal Authority announced new rules to increase transparency in the city’s property industry, two weeks after the government said it may raise sales taxes on some homes and accelerate land auctions to prevent a bubble in the market.