Planet Property

The Business Times, Singapore2 February 2009Net take-up for office space in Singapore hit negative territory in Q4 last year – the first fall in nearly five years – as financial institutions and other businesses began to downsize their operations. The net demand for office space fell by almost 366,000 sq ft in Q4, according to figures released by Urban Redevelopment Authority.Mainichi Daily news (Japan)2 February 2009Japan Post Holdings has announced a temporary freeze on the sale of its 70 Kanpo no Yado inns and nine other properties to Orix Real Estate Corp. Japan Post has said the sale will be reviewed by an independent committee of lawyers, accountants and other experts. Kunio Hatoyama, internal affairs and communications minister, has criticised the deal because 79 properties, acquired and built at a cost of ¥240bn, would be sold for only ¥10.9bn.Haaretz (Israel)3 February 2009Building has halted on thousands of apartments across Romania, many of them being developed by Israeli investors. Israeli company NeoCity, controlled by Ehud Ben-Shach, is considering freezing its Romanian development programme. In December, Colliers cancelled marketing agreements for two more apartment schemes in the capital city, Bucharest, under construction by another Israeli group, GTC.The Australian3 February 2009The property empire of tycoon Jim Raptis has collapsed for the second time in less than two decades, owing creditors up to A$1bn. Administrator BRI Ferrier has been appointed, ending a five-month battle to keep the debt-laden company afloat. The group was developing the A$700m Southport Central office tower and a proposed A$700m Surfers Paradise Hilton Hotel project.New York Post4 February 200924,111 of New York City’s 988,420 taxable properties are facing foreclosure because they have failed to pay taxes and water bills. Properties include the Drake Hotel, which was owned by tycoon Harry Macklowe, who last year failed to refinance a $5.8bn loan from Deutsche Bank. Arthur and William Lie Zeckendorf also owe $240,000 for unpaid taxes on “volume of air” over the Grolier Club at 47 East 60th Street.