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Small and medium-scale property developers in Bangkok are being forced to sell their projects to larger developers as they start to face difficulties in obtaining financial support for construction. This is according to Visanu Suchatlumpong, vice-president of Asian Property Development Plc.

“Financial institutions did not approve project loans as they considered their (smaller developers) branding was not strong and their products might not be saleable,” he said.

But he also played down the role the global credit crunch was having, saying, “Some of them did not meet financial institutions’ conditions that required them to have sales of at least 40%.”

The Dubai-based real estate investment company Istithmar World Real Estate, reported on the 26th December that it had closed on the sale of 230 Park Avenue to a American consortium which includes Goldman Sachs’ Whitehall Fund and Monday Properties for the sum of $1.15 billion. This transaction follows the sale of 280 Park Avenue to Broadway Properties in November for $1.35 billion.

The parent company – Dubai World, has been active in the United States real estate market for some years now, particularly in New York and still owns 450 Lexington Avenue, The W Hotel Union Square, The Mandarin Oriental Hotel, the QE2 and the Knickerbocker on Times Square.

Soaring office rents combined with a shortage of apartments is luring developers like Donald Trump, Emaar Properties and Damac Properties to India.

Damac, a closely held developer based in Dubai, plans to invest an estimated $5 billion in India over the next three years as a booming economy spurs demand for real estate.

Damac plan to construct houses, offices and shops in Mumbai, New Delhi, Hyderabad and Bangalore. The first project will be started in 12 months time. Damac has built waterfront luxury projects in the United Arab Emirates and is investing in Saudi Arabia and Egypt as it expands it’s sphere of influence.

London retains the number one slot as the most expensive office market in the world, with occupation costs reaching as much as $329 per square foot in the West End and $181 per square foot in the City. Rents at the top of the market have been inflated by demand from hedge funds and financial boutiques competing for the best buildings.

The upcoming CityScape Asia exhibition in Singapore promises to be a spectacular event, with a golf tournament, cocktail parties and a number of conferences and workshops organized to allow visitors the opportunity to claim, “It was all work.” Last year’s event was a resounding success, attracting 4,600 industry professionals from 53 countries, showcasing 125 exhibiting companies.CityScape Asia will be held in Singapore, between 15th and 17th April, 2008. According to CityScape, Singapore was chosen as the venue for the following reasons: