News roundup: Tuan Sing Holdings Limited to rebrand Hyatt Regency Perth, and more news

For PropertyGuru’s real estate news roundup, Tuan Sing Holdings Limited will re-position and rebrand Hyatt Regency in Perth following the termination of the hotel management agreement. In other updates, the International Monetary Fund (IMF) projects Vietnam’s economy to expand close to 6 percent in 2024. And Dubai recorded the highest volume and value of transactions ever in the second quarter of 2024.

Tuan Sing Holdings announces reposition and rebranding of Hyatt Regency Perth

Tuan Sing Holdings Limited, together with its subsidiaries, announced on 1st July that its indirect wholly-owned subsidiary, HR Operations Pty Ltd (“HRO”), has entered into a deed of termination and release with Hyatt of Australia Limited (“Hyatt”) and Hyatt Services Australia Pty Limited (“Hyatt Services”) for the management of Hyatt Regency in Perth, Western Australia.

The Hotel Conversation reports that the property will be re-positioned and rebranded following the termination of the hotel management agreement.

Hyatt Regency Perth will cease to be a Hyatt-managed hotel on 31st August 2024.

IMF projects Vietnam’s growth at nearly 6 percent this year

The Vietnamese economy is likely to expand by close to 6 percent in 2024, driven by a recovering export sector, robust foreign direct investment, and policy support, the International Monetary Fund (IMF) said on 26th June.

It held that exports, a key economic driver, could weaken if global growth disappoints, global geopolitical tensions persist, or trade disputes intensify.

“Domestically, persistent weakness in the real estate sector and corporate bond market could weigh more than expected on banks’ ability to expand credit”, the IMF said in VietnamPlus.

Dubai recorded the highest volume and value of real estate transactions in Q2

Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with a total of 43,522, a 45 percent increase over Q2 2023.

The value of transactions increased by 37 percent, reaching AED124.4 billion (USD33.9 billion), according to Property Finder. Market volume peaked, surpassing the previous high of 17 percent in Q1 2024, while transaction values increased by 2 percent from the previous peak in Q4 2023. On the other hand, Abu Dhabi saw over 2,489 transactions totalling nearly AED6.7 billion.

The Property Report editors wrote this article. For more information, email: [email protected].