Q1 is the iconic 80-story skyscraper – impressive even on the Gold Coast, Australia’s home of skyscrapers. Q1 is Australia’s tallest residential tower was completed.
Less impressive are stories emerging of the losses that some property investors are taking. One 4-bedroom apartment on the 72nd floor was bought in March 2005 for A$3.4 million was re-sold in January this year for A$2.75 million, which is still a lot of money for a 417 sqm apartment, even one with “stunning views”. Which it should have as Q1, at 322.5m high, is the world’s tallest residential tower and the world’s 20th highest tower.
The grass is always greener syndrome appears to be alive and well for Australian real estate investors. Several firms are advertising in Western Australia highlighting eastern states property investment opportunities. While at the same time strong growth rates in Melbourne, Queensland and NSW mean that some eastern states investors are viewing Western Australia as affordable in comparison.
Limitless has broken ground on its $300 million residential twin-towers project in Amman, Jordan yesterday. The towers will be the tallest building in Jordan once finished
The project was launched on Monday at a ground breaking ceremony in Amman, attended by Jordanian Prime Minister, Nader Al Dahabi and Omar Maani, Mayor of Amman. The lead designer on the project is Chicago-based Murphy/Jahn with New York-based Turner International as Project Manager.
In a fit of modesty, the developers have decided to change the name of the building from “Limitless Towers,” to “Sanaya Amman.” Sanaya means ’starlight’ in Arabic. Although, you don’t build the tallest building on the block and then get all modest, so I imagine their PR people suggested the original name was just too OTT.
More on Jordan Property – Construction begins on the tallest building in Jordan
A monsoon investment property bonanza was held from June 20th to 22nd with the Times Property Expo at Bandra. This event was held at Hotel Taj Lands End. Well known developers from the metros such as Pune, Delhi, Hyderabad, Bangalore, Mumbai amongst others displayed all their various projects that they had as well as the projects in the offering.
Development of Bombay Dyeing Mills: One of the largest real development projects in recent times in Mumbai is that Larsen & Tourbo is set to develop around nine million square feet at Bombay Dyeing & Manufacturing Textile Mills, as well as the Spring Mills complexes at Worli and Wadala. All this at a whopping Rs 2, 000 crore. Its going to be a commercial project that would include IT, hospitality space and retail. No residential projects are included.
Yet more news from Bahrain, which seems determined to out-develop Dubai and Abu Dhabi. First Bahrain Real Estate Development (First Bahrain) – a leading regional real estate developer with a paid-up capital of $113 million yesterday announced the appointment of global consultants Mace to project manage its signature $450 million development, located in the heart of Bahrain’s Seef District.
India is going through some major transitions at the moment. Mumbai has become one of the most expensive cities in the world as far as property prices are concerned. Major property investors, including the Trump organization, Krogers, the U.S supermarket chain, and several UAE property investment trusts are investing heavily in the Indian property markets.
Or Cyprus, or Italy or Mexico. More and more Americans are looking further afield than New York for their second or even third home. According to the National Association of Realtors, some 5 to 600,000 foreign properties are owned by Americans living abroad. The most popular locations are Britain, Mexico, Canada, Italy, and Germany. Even though housing prices in many European countries outpace the U.S. market, when compared to large U.S. metropolitan areas there are still bargains to be found in some parts of Europe.
If forty million dollars seems like a high price for a single condo in Manhattan, that’s probably because it is.
We recently reported that Sun Microsystem founder Bill Joy has put his luxury Manhattan condo on the market, without ever having moved in. Should the asking price be achieved, it will mean a profit of $20 million. Although it is unlikley to sell at that price – that is a staggering sum of money.
