DAILY NEWS

Daily News – 20 Sep 2022 (Tue)

SINGAPORE REAL ESTATE

Build more exec condos and expand the pool of eligible buyers
The tender for an executive condominium (EC) site at Bukit Batok West Avenue 5, which closed last week, drew a top bid from City Developments Limited (CDL) of S$336 million or S$626 per square foot (psf) per plot ratio. CDL’s top bid was just 0.2 per cent ahead of the next highest bid.
https://www.businesstimes.com.sg/opinion/build-more-exec-condos-and-expand-the-pool-of-eligible-buyers

Bagnall Court in Upper East Coast Road up for en bloc sale at S$125m
Bagnall Court, a freehold condominium along Upper East Coast Road, has been put up for collective sale via tender with a guide price of S$125 million, sole marketing agent JLL said on Tuesday (Sep 20).
https://www.businesstimes.com.sg/real-estate/bagnall-court-in-upper-east-coast-road-up-for-en-bloc-sale-at-s125m

Sans sleaze, next act for Orchard Towers could be redevelopment
I am somewhat familiar with Orchard Towers, which has a seedy reputation, as I used to regularly patronize Irish pub Muddy Murphy’s in the late 1990s and early 2000s. The pub was located at what was then called Orchard Hotel Shopping Arcade (now renamed Claymore Connect), which is a stone’s throw away from Orchard Towers.
https://www.businesstimes.com.sg/opinion/sans-sleaze-next-act-for-orchard-towers-could-be-redevelopment

SINGAPORE ECONOMY

Hotel operators gear up for F1, with many almost at full capacity for the race
While hotel operators are gearing up to welcome the influx of international visitors eager to catch the first Singapore Grand Prix event in 3 years, tourism players located outside the Marina Bay area are bracing themselves for a fall in activity, as regular holidaymakers are expected to delay their travel plans until after the Sep 30-Oct 2 race weekend.
https://www.businesstimes.com.sg/government-economy/hotel-operators-gear-up-for-f1-with-many-almost-at-full-capacity-for-the-race

Singaporeans most worried about finances in SEA amid rising costs: UOB study
Singaporeans have the most finance-related worries in the South-east Asian region, amid expectations of rising household expenses and higher inflation, UOB said. In its Asean Consumer Sentiment Study 2022 published on Monday (Sep 19), the bank noted that 66 per cent of Singaporeans were meaningfully concerned about finances, more than 10 percentage points above the regional average of 55 per cent.
https://www.businesstimes.com.sg/government-economy/singaporeans-most-worried-about-finances-in-sea-amid-rising-costs-uob-study

COMPANIES’ BRIEF

Yanlord unit’s consortium wins Lentor Central residential site tender for S$481m
Real estate developer Yanlord Land Group on Monday (Sep 19) said an indirect subsidiary, together with two other parties, has been awarded a residential site tender at Lentor Central in Singapore at a bid price of S$481 million, or S$1,108 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/companies-markets/yanlord-units-consortium-wins-lentor-central-residential-site-tender-for-s481m
https://www.straitstimes.com/business/property/yanlord-units-consortium-wins-lentor-central-residential-site-tender-for-481-million

Metis Energy enters sale and purchase agreement to sell remaining shares in Manhattan Property Development
Renewable energy infrastructure company Metis Energy has entered into a sale and purchase agreement with Kaiyi Investment to sell shares in Manhattan Property Development (MPDPL) for US$45.7 million.
https://www.businesstimes.com.sg/companies-markets/metis-energy-enters-sale-and-purchase-agreement-to-sell-remaining-shares-in

Park Hotel CQ paying out dividend to settle preferential claims
Park Hotel CQ, which is in liquidation and owes creditors over S$6.3 million, is paying out an interim dividend to its preferential claimants this month. According to a notice in the E-Gazette, it is paying out 100 per cent of all admitted preferential claims in the form of a first interim dividend from Sep 12 onwards.
https://www.businesstimes.com.sg/real-estate/park-hotel-cq-paying-out-dividend-to-settle-preferential-claims