Hong Kong has world’s highest apartment rents: survey

Hong Kong has the world’s priciest apartment rents, with the lease for a three-bedroom unit costing more than $9,700 on average a month, a survey released Wednesday said.

Singapore, which positions itself as a Southeast Asian business hub, saw Asia’s biggest year-on-year rental increase of more than 30% last year, the survey by human resources firm ECA International showed.

The survey covered 2007 and is based on lease prices for a three-bedroom apartment in popular expatriate areas, ECA International said.

Asian cities, led by Hong Kong, accounted for six out of the top 10 locations that have the world’s most expensive rentals for three-bedroom apartments, it said.

Other Asian cities in the top 10 global list are Mumbai which ranked sixth, Seoul seventh, Singapore ninth, and Ho Chi Minh City 10th.

Monthly rentals in Asia were on average $3,820, well above the global level of $2,950, said ECA International.

Globally, Moscow ranked second, followed by New York City, Tokyo, and London in fifth spot, the survey states.

“A robust economy and increased demand for high-end accommodation have been instrumental in driving rental prices up,” said Lee Quane, ECA International’s general manager in Hong Kong.

“Particularly in the financial services industry, people are moving into Hong Kong so, in spite of its relative high cost, it still remains one of the prime locations for foreign companies to establish themselves,” said Quane.

A three-bedroom apartment in Singapore rented for $4,460 a month on average last year, compared with $3,364 in 2006, ECA said.

Mumbai, India’s financial hub, had the region’s second-highest rental rise of 21 percent. A three-bedroom apartment there cost $5,991 to lease, ECA said.

For other major Asian cities, Jakarta ranked 10th in Asia, Manila was 14th, Bangkok came in 15th followed by Kuala Lumpur in 16th spot.

According to the survey, Karachi is the cheapest city in the world to rent a three-bedroom apartment.

ECA says its annual survey of rentals compares lease prices in 92 global cities.

http://www.livemint.com/2008/04/16105923/Hong-Kong-has-world8217s-hi.html

India will be among five countries to have 'Style City'

India is among five countries where a leading United Arab Emirates (UAE)-based investment institution plans to set up a new Style City project.

The Abu Dhabi Investment House (ADIH) has announced the launch of 26 billion dirham ($7 billion) Style City, a project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living, the Gulf News reported.

Besides India, the Style City concept will be launched in Abu Dhabi in the UAE, Qatar, Morocco and Tunisia as part of a series of agreements ADIH has signed with major developers in these countries.

'There are many talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills,' ADIH managing director Rashad Janahi was quoted as saying.

'We want to help provide them environments where they can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve,' he added.

First of its kind, Style City, is a mixed-use development, comprising residential and retail components while focusing on fashion and style, according to the report.

It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields, an educational district comprising institutions as well as museums and exhibition centres, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.

ADIH has also signed two pacts with Gulf Finance House (GFH), to establish Porta Moda, the commercial brand name for the Style City, in GFH's North African developments that are under way in Morocco and Tunisia.

Qatar Entertainment City and India Entertainment City in Navi Mumbai, which are being developed by ADIH, will be the locations of Porta Moda Qatar and Porta Moda India respectively.

http://in.news.yahoo.com/indiaabroad/20080408/r_t_ians_bs_intl/tbs-india-will-be-among-five-countries-t-03f2e13.html