Five property stories making global headlines:
Singapore set for housing overhaul
Singapore has pledged more than S$1bn ($730m) to upgrade public and private housing in the city state, according to The Straits Times. Announcing the package, national development minister Lawrence Wong said the funding would “provide support” for the construction industry. The minister also called for resident involvement in a project to provide 50 new or improved public parks across Singapore.
UK buyers borrow for up to 40 years
Homebuyers in the UK are increasingly choosing longer-term mortgages, leaving them with lower monthly costs but larger interest payments over the term of the loan. The Financial Times reported data from personal finance website Moneyfacts that showed mortgages with a maximum term of 40 years now account for 57 per cent of available home loans, up from 36 per cent in March 2014. Rising house prices, tougher borrowing rules and first-time buyers opting for costlier, detached properties are thought to be behind the trend.
Nairobi blueprint includes thousands of homes
The Kenyan government has unveiled long-awaited plans for Nairobi Railway City, a new neighbourhood that will extend the central business district in the country’s capital. According to specialist online magazine Construction Kenya, the 425-acre city centre site will include “mid, affordable and social” homes for 28,000 people, alongside offices and transport hubs. First mooted in 2010, the Ks27.91bn ($27m) scheme caught the eye of future US president Donald Trump, who was named in 2014 as a potential backer for a golf and hotel development on the site.
Residences scoop architecture awards
A T-shaped, red-cedar house in Japan, a concrete country retreat in the Amazon and a stripped-back, reconfigured brutalist home in Germany were among the 10 winners of the Dezeen Awards 2019 architecture category. The respected international competition, run by design and architecture site Dezeen, was judged by 25 international architects, with the winners picked by a jury that included star architects Sou Fujimoto of Japan and Nigerian Kunlé Adeyemi. An overall winner will be named on October 30.
Bieber believes in Insta sale
Who needs estate agents when you have 120m Instagram followers? Justin Bieber is clearly hoping he can cut out the middleman and sell his 6,132-sq ft Beverly Hills mansion for free. The Canadian pop superstar has posted 13 images of the property on the social media site accompanied by the words “I’ll sell it with all the furniture. MAKE AN OFFER”. According to Architectural Digest, the singer and his wife Hailey bought the five-bedroom house in March for $8.5m.
Photographs: Dreamstime; Alamy; Instagram