Bangkok Rentals Increased in 2013, First in 20 Years

Residential rentals in downtown Bangkok increased for the first time in 20 years in 2013, according to a report from CBRE Thailand.

With sale prices increasing, the gross average rental yield, before any deductions — i.e. common area management fees, maintenance, insurance — was 5.3 percent in 2013.

One-bedroom units recorded the highest gross rental yield at 6.4 percent, followed by two-bedroom at 5.5 percent and three-bedroom units at 4.1 percent.

CBRE analyzed 176 rental transactions in 55 condominiums in Bangkok’s three most popular expatriate rental areas — Sukhumvit, Silom/Sathorn, and Lumpini. The Sukhumvit area (Sukhumvit Soi 1-63) was the most popular location for rentals, achieving the highest yields at 6.1 percent.

According to the report, the age of condominium buildings does not have a significant impact on rental yields.
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CDA DWP approves PC-1 of Park Enclave project

CDA Development Working Party (CDA, DWP) has approved PC-1 worth Rs 2.69 billion for development of Park Enclave Housing Project.
The CDA Development Working Party (CDA, DWP) granted this approval in its meeting held at the CDA headquarters here on Monday.

The meeting was attended by CDA board members along with representatives of Cabinet Division, Planning Commission and concerned CDA officials. As per approved PC-1, Rs. 2.69 billion will be spent on infrastructure development of Park Enclave Housing Project. The infrastructure development will include construction of roads, water supply, sewerage system, drainage system and sewage treatment plant. The PC-1 also includes construction of boundary wall, central gate, installation of security system, electrical and mechanical work and provision of electricity and Sui-gas for Park Enclave Housing Project.
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Two illegal constructions demolished

Staff of the Town Planning Wing of Lahore Development Authority demolished two illegal constructions and sealed the other two during its operation in Allama Iqbal Town on Wednesday. Commercial type constructions at residential plot at Jahanzeb Block as well as structure constructed in violation of approved building plan at Kashmir Block were demolished. Commercial type buildings at Jahanzeb Block were sealed.

Source: http://www.thenews.com.pk/Todays-News-5-227974-Two-illegal-constructions-demolished

DHA is largest residential area of country

KARACHI: “Bahria Town may serve as some competition but DHA City is in a league of its own,” said Defence Housing Authority‘s (DHA) public relations officer and spokesman retired Col Rafat Naqvi at the Sunset Club here on Tuesday.

He was replying to questions from the media at his farewell lunch. Having joined in Sept 2002, he is retiring after over 11 years. Former DG Rangers PRO Major Orangzeb Unar will take over from him while Ayesha Chaudhry and Narjis Sultan will also be part of the new team. Col Naqvi will continue to be associated with the DHA Central Library till April.
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LDA picks 2nd lowest bidder for Ravi project

LAHORE: The Lahore Development Authority (LDA) will hire an Australian company-led consortium as consultant for the feasibility of the River Ravi Front Urban Development Project, Dawn has learnt.

The LDA had earlier decided to hire a Pak-American venture being the lowest bidder but dropped it after the US company could not prove its credentials of having requisite experience of 10 years or so.
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LDA warns against illegal housing schemes

LAHORE: The Lahore Development Authority (LDA) has informed the public that the authority is the only competent and authorised body for granting an approval for launching/developing private housing schemes/land sub-divisions in Lahore, Sheikhupura, Nankana Sahib and Kasur, the four districts of the Lahore division.

Except LDA, no other authority or town/tehsil municipal administration, any local body or the government agency was authorized to approve such schemes in the Lahore division after Sept 19, 2013, when the LDA work scope was extended to the entire division.
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Conversion of greenbelts into plots stayed

ISLAMABAD: A division bench of the Islamabad High Court (IHC) on Monday restrained the Capital Development Authority (CDA) from converting greenbelts into residential plots.

The bench, comprising Chief Justice Mohammad Anwar Khan Kasi and Justice Shaukat Aziz Siddiqui, also issued notices to the CDA chairman, directors enforcement and planning, Iesco chief executive and the director general of the Pakistan Environment Protection Agency in the intra-court appeal filed by the local residents.

Dr Aslam Khaki, the counsel for the petitioners, informed the court that the CDA had developed different sectors in accordance with its master plan with a green and open area in the close neighborhood to ensure greenery and clean air. Continue reading

CDA expecting Rs 4bn from plot auction

ISLAMABAD: The Capital Development Authority (CDA) is expecting a revenue of Rs 4 billion from the two-day auction of commercial plots.

During the auction of commercial plots, the CDA auctioned 14 commercial plots successfully.

A sum of Rs 1 billion would be received in first phase of the auction. However, the auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of these bids. The CDA auctioned four commercial plots in Sector I11/4 and four plots in I8 Markaz, three plots in F11 Markaz and one plot each in F8 Markaz, sectors I10/3 and G5. app Continue reading

CDA unable to recover Rs4.51b lease extension fee, other taxes

Islamabad

The Capital Development Authority (CDA) has not been able to recover Rs4.51 billion on account of lease extension fee, annual ground rent and other taxes of commercial plots whose lease period had expired.

The auditor general’s report released recently has pointed out that the CDA Estate Management Directorate leased out commercial plots in various sectors for a period of 33 years. The audit found that the lease period of commercial plots allotted before 1979 had already expired. Upon expiry, these lease agreements have not been extended after recovering due lease extension charges from allottees and beneficiaries. “This resulted in non-recovery of Rs4.51 billion on account of lease extension fee, annual ground rent and other taxes,” the report said.

The audit maintains that non-recovery on account of lease extension fee was due to different revenue-recognition policies, disregard to the rules and regulations and internal controls.
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Dubai developer Deyaar Q2 net profit rises 47pc

DUBAI: Dubai property developer Deyaar on Sunday reported a 47 percent rise in second-quarter net profit as it gained from lower costs and fair-value adjustments of prices for its investment properties.

Deyaar, one of the companies worst hit by Dubai’s real estate market collapse in 2009-2010, posted a consolidated net profit of 27.3 million dirhams ($7.4 million) compared with 18.6 million dirhams in the corresponding period of 2012.

One analyst at SICO Bahrain had forecast a second-quarter profit of 6 million dirhams.

Revenue for the quarter dropped to 93.6 million dirhams from 143.5 million dirhams in the prior-year period.

The developer made a gain of 36.6 million dirhams in the quarter from fair-value adjustments for its investment properties. Direct costs for the quarter fell to 2.2 million dirhams from 82.9 million dirhams.

Property firms in Dubai began recovering last year after prices dropped by over 50 percent over several years from their peak in 2008. In July, Dubai’s largest developer Emaar Properties reported a 10 percent rise in second-quarter net profit. Continue reading

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