Ringgit likely to hover around RM4.25 next week
KUALA LUMPUR, Nov 28 —The ringgit is likely to hover around RM4.25 against the US dollar next week with external factors continuing to influence the local unit’s movement, a dealer said.
Inter-Pacific Research Sdn Bhd Head of Research Pong Teng…
Singapore Investment Fund Steps up Real Estate Acquisition
GIC, which manages more than €95 billion of Singapore ‘s reserves, is ” underinvested ” in property and interested in transactions of scale even as it faces an increasingly difficult investment environment.
GIC has about 7% of assets in real estate, while it can invest 9% to 13%, GIC Real Estate president Goh Kok Huat said in his keynote speech at a conference organised by the Asia Pacific Real Estate Association yesterday.
Given its size, GIC is focusing on larger, deeper markets and ” gateway cities “, he said. ” The Brics (Brazil, Russia, India, China, South Africa), plus Indonesia and Turkey, will become the single largest contributing bloc to GDP globally. Now, therefore, if your sights are set on the long term, the emerging market must be where it ought to be and you must pay attention to emerging markets. In the short term, we must deal with volatility in the emerging market as global macro forces shift as the US dollar strengthens “.
But this does not mean that it will put money in every investment that comes calling. ” We would like to put up more money across the globe, but it really depends on whether we see those transactions that are interesting, ” Mr Goh said.
” We are a disciplined investor. If we do not see transactions that are at a price point which we think is a great investment which would give us good stable long-term returns, we do not have the compulsion to push money out the door “.
The London-based Sovereign Wealth Centre puts GIC’s total holdings at €323 billion, making it the world’s sixth-biggest sovereign wealth fund.
GIC has been adding to its real estate holdings, buying a building next to Tokyo Station last year in a bet on rising property values in Japan’s capital, Bloomberg reported. It also purchased Blackstone Group’s 50% stake in London’s Broadgate office complex in 2013 and was part of a group that acquired the headquarters space of Time Warner in New York City for €1.2 billion.
However, Mr Goh also acknowledged that the investing environment is increasingly competitive.
” The environment has changed dramatically (compared to when GIC was first established). These days, there are many more (sovereign wealth funds) “.
The use of technology and data can give GIC a possible advantage. Mr Goh said: ” We also think about how we can become better at what we do, not just by thinking whether we can do larger transactions, and part of our effort is how we can use technology and data to be a real competitive edge for us in real estate “.
And to improve returns and beat the benchmark, GIC has put a ” focus on key markets that are deep, where the transactions are a lot more, because then we can get the local team to be experts in those markets “.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Georgia Catches the Eye of Property Investors
It has been two decades since Georgia gained independence from the former Soviet Union during which time increasing numbers of tourists have been making inquisitive forays into the beautiful landscape of the country known as the Balcony of Europe.
Georgia is located in Eurasia, providing a link between Europe and Asia and a melting pot of cultural influences taken from its neighbours: Russia in the north, Turkey in the west, Armenia and Iran in the south and Azerbaijan in the East.
Georgia’s capital is Tbilisi, a destination that is becoming increasingly popular with tourists and property investors alike. Green Valley International Real Estate Group , one of UAE’s leading conglomerates specialised in real estate development, investment and holdings, has announced the launch of its €130m project in the up and coming capital of Georgia.
The Green Valley City project is spread over an 88,000m² expanse where 35 % is covered in lush greenery, said the company in a statement. The launch comes as part of the company’s efforts to expand and mark its presence across the country’s rapidly growing real estate segment.
The Green Valley City project is strategically located across Tbilisi’s Green Belt area, one of Georgia’s most prominent natural forest reserves. It will integrate modern architecture that is in compliance with the highest standards of environmental sustainability.
The project will be feature 10 buildings which will house 510 residential units ranging from studios, one- and two-bedroom apartments. It will also provide a private district, catering to luxury villas that are built in the form of elevated stairs to offer panoramic views to its residents, said the UAE developer.
Unveiling the project, Ali Saeed Al Salami, the general manager, Green Valley International Real Estate Group, said: ” Georgia is one of the most attractive destinations for real-estate development and investments in Europe – complete with remarkable nature areas, a secure living environment, socio-economic stability, advanced infrastructure, outstanding investment facilities and attractive incentives such as tax exemption and permanent residency “.
” Another key driver is its strategic location, which is a relatively short distance from the Arab World. This has prompted us to develop Green Valley City – aimed towards addressing the growing demand of Arab and Khaliji investors for Arab projects underway in Europe, ” he added.
” As with all of our projects, we are committed to developing Green Valley City in compliance with set international standards and guidelines. For this project, we will be providing special offerings and facilities to Arab and GCC citizens who would like to invest in it, which further reinforces our commitment to encourage Gulf investments in foreign markets, particularly in Europe where real-estate and construction industries continue to score high growth rates “.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Business Partners
