The increase was due to better economic conditions and the prospect of tighter lending in China, which encouraged investors there to bring forward purchases, DTZ said. Transactions may tail off in coming quarters, it said.

The Q1 tally is a record, beating the previous peak in Q3 2007. Investment activity during Q1 was also boosted by the return of recapitalised real estate investment trusts (Reits), which spent about US$2.4 billion. They also sold almost US$2 billion of property, but Q1 was the first quarter since Q4 2008 that Reits were net buyers, DTZ said.

While domestic investors remained the most active players in the Asia-Pacific market, foreign investors are slowly returning, said David Green-Morgan, head of research for DTZ in the Asia-Pacific.

China again led the region with over US$25 billion of commercial real estate transacted during Q1, accounting for 65 per cent of overall activity in the region. Much of this was due to investors replenishing land banks.

The largest deal in Q1 was also in China – the sale of the Guangzhou Asian Games site to a local developer for US$3.7 billion.

Most of the markets covered by DTZ recorded higher transactional activity in Q1 than Q4 2009. Outside China, investors were particularly interested in the region’s more mature stable markets and cities.

In Singapore, AEW Capital Management bought Robinson Point in Robinson Road for US$145 million during Q1 – one of the biggest deals in Singapore in a year.

Granville: In the clink.

The British chief executive officer of a Phuket-based property developer is facing fraud charges after being accused of operating an elaborate scam involving more than 200 million baht.

Crime Suppression Division police yesterday arrested Steven James Granville, 43, the CEO of Puravarna Resorts Co, and charged him with fraud. He was the subject of an arrest warrant issued by the Criminal Court.

The company runs a property development business in tambon Rawai in Phuket’s Muang district.

The arrest came after Anand Kumar Sen, managing director of Tycoon Group Co, filed a complaint with the CSD last May accusing Mr Granville of deceiving people into paying for residential units which have not been built.

Mr Anand, a Singapore national, represents 19 customers of various nationalities who are the damaged parties. He said the total damage amounted to more than 217 million baht.

Mr Anand said the people he represented had signed agreements to buy suites priced between 6 million and 15 million baht at the company’s luxury resort project.

The company had advertised the project in the media and organised events in countries such as Singapore, Hong Kong, Britain and Australia to attract customers to buy the units.

The company said the project was releasing more than 70 residential units as part of its second phase.

The company had promised the project, which began in 2005, would be completed on schedule in 2008, Mr Anand said.

He said the buyers had paid installments equal to more than 80 per cent of the price before learning construction had not started on the project.

The company cited flooding, financial difficulties and political problems as the causes of the delay, Mr Anand said.

He said the customers had found the residential project was not permitted by Phuket authorities.

The buyers believe they have been duped by the company and authorised him to file the lawsuit against the company, Mr Anand said.

The victims of the alleged scam include people of different nationalities and executives of Tiger Beer in Singapore, Mr Anand said.

Mr Granville has denied the allegations.

Police said they were gathering evidence to take action against other suspects involved in the alleged scam.

The Criminal Court yesterday set bail of 10 million baht which Mr Granville refused to pay.

SOURCE: Bangkok Post

At that price, each unit owner can expect to get between S$1.54 million to S$1.66 million from the en bloc deal.

The collective sale site has a land area of 44,000 sq ft and comprises 24-units which are mainly three-bedroom apartments.

The site is zoned for residential development up to a Gross Plot Ratio of 1.4 and an allowable height of five storeys.

The total Gross Floor Area or GFA allowed is about 68,000 square feet and it can be redeveloped into approximately 65 apartment units with an average size of 1,000 square feet.

Managing director of Credo Real Estate Karamjit Singh said the asking price for the en bloc sale translates to about S$545 to S$589 per square foot on potential GFA, including balconies.

He added that at this price range, a developer may expect to break-even at about S$950 to S$1,000 per square foot.

The tender for Culford Garden closes on April 8 at 2.30 pm. – CNA/vm