NNA Asia top stories Monday, Nov. 26

26, Nov. 2018

TOKYO, NNA – The following are the top stories from NNA Asia for Monday, Nov. 26.

Nomura Real Estate selling luxury condos in Philippines, its biggest overseas project

MANILA, NNA – Nomura Real Estate Co. is selling luxury condominiums at a large commercial complex in the Philippines, targeting wealthy buyers in its biggest overseas investment project.

Nomura teamed up with Japanese department store chain Isetan Mitsukoshi Holdings Ltd. and Federal Land Inc., a local partner, to develop the Sunshine Fort project on a 15,000 square-meter lot in Taguig, greater Manila. It plans to build four high rises for a total of 1,400 households.

Japan’s clothing inventory reseller Shoichi opens test store in Malaysia

KUALA LUMPUR, NNA – Japan’s clothing inventory reseller Shoichi Co. on Friday opened a temporary shop for women in the suburbs of the capital to test the water before launching a permanent location in Malaysia next year.

The company deals in unsold stock in Japanese apparel brands. It is offering opening discounts, selling all items at 29 ringgit ($6.9) at the Mitsui Outlet Park KLIA Sepang location at Kuala Lumpur International Airport.

India Diwali festival vehicle sales drop 11% y/y on fuel price rise, tighter auto loans

NEW DELHI, NNA – New vehicle sales in India during the Diwali festival fell 11% from last year’s season due to rising fuel prices and tightened auto loans.

This prompted the auto industry to ask the government and central bank to help improve liquidity in lending by non-bank financial institutions.

The number of newly registered vehicles in the world’s fourth largest auto market during the annual festival fell to 2,049,391 units, hit by lower demand for passenger cars and motorcycles and despite higher sales of commercial vehicles, according to data from the Federation of Automobile Dealers Association.