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Read the latest Australian real estate and property news here. In the real estate news section we publish press and media releases impacting the Australian property market. If you have news you would like us to pubish, please visit our contact page.

Ray White to Invest $100 Million in South Korean Mixed Use Project

gwangyang

LOCAL real estate group Ray White is reportedly considering investing $100 million in a South Korean real estate development at Gwangyang, on the less developed south-eastern coast of the country (map, right, with Gwangyang highlighted).

The move, part of a continuing low profile expansion into Asia, will see a residential and retail development developed in an area the central government is trying to encourage decentralization out of Seoul.

According to the AFR which reported the Gwangyang proposal in detail, the 2012 Expo is being held at the nearby town of Yeosu. It is in a city where most of Australia’s iron ore exports to South Korea are delivered for use at the Posco steel mill, nearby.

South Korea has long been a large commodities export market.
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Anaylst to PCA: Carbon Tax to Balloon Construction Costs Much Higher Than Anticipated

australian office building

THE cost of building an office tower could rise 1.7 per cent under a carbon tax, substantially more than the previous estimates of between 0.2 and 0.5 per cent.

Building a 200 square metre home would also rise by 1.7 per cent, or about $18 per square metre, because of the tax, according to new research prepared for the Property Council of Australia, by adviser Allen Conosulting Group.

An initial price of $23 per tonne of carbon will be imposed on Australia’s top 500 carbon emitters from July 1, 2012. This will rise to $25.50 per tonne in the 2015 financial year.
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Kylie Minogue Reportedly Pays $A25 Million for One Hyde Park Apartment

kylie2

MELBOURNE-born pop star Kylie Minogue is reported to have paid about $A25 million for an apartment within the London complex dubbed as being the most expensive apartment building in the world.

Minogue is reported to have bought a three bedroom flat at the One Hyde Park project, according to various British media. The complex being developed by the Candy Brothers will include a private cinema, 21-metre swimming pool, private sauna, gym, golf simulator, wine cellar and squash courts.

Residents will be able to order room service from the neighbouring Mandarin Oriental Hotel in Knightsbridge.
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World’s First $A1 Billion Home Nearly Complete

antilla

ANTILLA, the $1 billion family home of wealthy Indian businessman Mukesh Ambani, is due for completion this month.

The home, which Forbes ranks as the world’s first billion dollar home, is spread over 27 levels and includes a health club, gym, dance studio, a ballroom, guest rooms, lounge rooms, a 50 seat cinema and at least one pool.

The home also includes three helicopter pads, a four level hanging garden and a basement car park with 160 bays.
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Mohamed al-Fayed Reaps $A2.5 Billion From Harrods Sale

Harrods London

Harrods LondonMOHAMED al-Fayed has reaped about $A2.5 billion from the sale of one of the world's most famous shops, Harrods, in Britain.

The sale ends 25 years of ownership by Mr al-Fayed, who paid <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 415 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520092929 1073786111 9 0 415 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0cm; margin-right:0cm; margin-bottom:10.0pt; margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115%;} @page Section1 {size:595.3pt 841.9pt; margin:72.0pt 72.0pt 72.0pt 72.0pt; mso-header-margin:35.4pt; mso-footer-margin:35.4pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> £615.

The new owner is the Qatari royal family.

Harrods includes seven levels of retail space and includes 300 department stores attracting some 15 million shoppers a year.
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New Michael Jackson Memorial Planned For Gary, Indianna

Michael Jackson

Michael JacksonA memorial complex possibly including a golf course and amusement park with characteristics of the Neverland Ranch, have been mooted as a proposal to honour the late Michael Jackson.

The proposal, for 100 acres of city owned vacant land along Interstate 64 in Gary, Indiana, is yet to be approved.

It will be additional to another memorial – ten acres of city owned land in Gary, where Michael Jackson was born – will make way for a museum, performing arts centre and 300-room hotel, according to the Daily Telepgraph.

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Telstra to Float Chinese Real Estate Website Soufun

Beijing

Beijing
TELSTRA will float major Chinese real estate website Soufun.

Telstra, which is not commenting further because it is uncertain where Soufun would be listed, paid $US254 million for a 51 per cent stake in SouFou in August 2006, under the directorship of Sol Trujillo.

It is one of seven Chinese investments for Telstra, which also owns websites for cars, electronics and mobile phone services.

In a statement, Telstra said "Subject to regulatory requirements, further details will be provided as the process proceeds".
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Kylie Minogue, Andres Velencoso Inspecting Manhattan Apartments

kylie minogue 2

POP Princess Kylie Minogue is reportedly inspecting apartments in midtown Manhattan.

The Melbourne singer, and her spanish boyfriend Andres Velencoso are reportedly looking to buy in New York, in an attempt for both to boost thir profiles. Mr Velencoso is a model.

The London Mail reported an "insider" confirming the couple have been in the Manhattan market.
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