DAILY NEWS

Daily News – 28th March 2018

Singapore Economy

Analysts expect MAS to tighten monetary policy in April
Singapore’s central bank is expected to tighten monetary policy next month for the first time in six years, with economic growth solid and the labour market showing signs of improvement, a Reuters poll of economists found. Nine of 15 analysts said their baseline expectation is for the Monetary Authority of Singapore (MAS) to tighten its exchange rate-based policy at its semi-annual policy decision, expected to be announced in mid-April.
http://www.straitstimes.com/business/economy/analysts-expect-mas-to-tighten-monetary-policy-in-april

Singapore Real Estate

JTC launches 2 sites under Industrial Government Land Sales Programme
JTC Corporation on Tuesday launched two industrial sites – one from its confirmed list and the other from its reserve list – under the Industrial Government Land Sales Programme for the first half 2018. The 0.88 hectare site at Woodlands Industrial Park E7/E8 is the third of six Confirmed List sites for the first half 2018. It is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 2.5. The tender for the site closes on May 22 at 11am.
http://www.businesstimes.com.sg/real-estate/jtc-launches-2-sites-under-industrial-government-land-sales-programme-1
http://www.straitstimes.com/business/property/jtc-launches-sale-of-industrial-sites-in-woodlands-and-tuas

Companies’ Brief

8M buys shophouses, commercial building for S$82.5m
Homegrown investment property company 8M Real Estate has bagged a portfolio of nine conservation shophouses and a commercial building in District 1 near the Singapore River for a total of S$82.5 million. The properties are in two clusters – one in Boat Quay/Circular Road and the other along New Bridge Road.
http://www.businesstimes.com.sg/real-estate/8m-buys-shophouses-commercial-building-for-s825m

Lian Beng unit heads for Catalist listing
Lian Beng Group has restructured its businesses and will be spinning off its property development unit, SLB Development, to be listed on the Catalist Board of the Singapore Exchange (SGX). SLB’s preliminary offer document, out on the SGX on Tuesday, did not as yet contain details on the number and issue price of shares that will be offered.
http://www.businesstimes.com.sg/companies-markets/lian-beng-unit-heads-for-catalist-listing-0

Sasseur Reit IPO is more than 3.7 times subscribed
The initial public offering (IPO) of Sasseur Real Estate Investment Trust (Reit) attracted applications that represented more than 3.7 times the number of available units in the public tranche, ballot results on Tuesday showed. The offering, which is priced at S$0.80 per unit, comprises 252.8 million placement units and a public tranche of 13.8 million units. For the public tranche, there were 2,832 valid applications for 51.4 million units that represented some S$41.1 million worth of valid applications.
http://www.businesstimes.com.sg/companies-markets/sasseur-reit-ipo-is-more-than-37-times-subscribed

Developer nets A$69m with Melbourne units
A batch of 134 completed residential units in a Melbourne project has landed World Class Global (WCG) A$69 million (S$69.92 million) in net sales proceeds, within four weeks of issuing a notice of settlement to purchasers, the property developer announced on Tuesday. The batch represents the first phase of settlements in WCG’s Avant project, a 56-storey residential tower located in the heart of Melbourne’s central business district (CBD).
http://www.businesstimes.com.sg/real-estate/developer-nets-a69m-with-melbourne-units

ESR-Reit issues 263m new units at S$0.54 apiece in preferential offering to raise S$141.9m
The manager of ESR-Reit – ESR Funds Management (S) Limited, on Wednesday said it has issued 262.8 million new units at an issue price of S$0.54 per new unit in its pro-rata and non-renounceable preferential offering to raise gross proceeds of up to S$141.9 million. The units were issued on the basis of 199 new units for every 1,000 existing units in ESR-Reit held as at the books closure date on March 7 at 5pm. With the new issue, the Reit’s unit base now stands at 1.58 billion.
http://www.businesstimes.com.sg/companies-markets/esr-reit-issues-263m-new-units-at-s054-apiece-in-preferential-offering-to-raise

Mapletree Greater China Commercial Trust to acquire 6 office properties in Greater Tokyo for 60.9b yen
Mapletree Greater China Commercial Trust (MGCCT) Management on Wednesday morning announced that the trust has entered into various conditional agreements to acquire a 98.5 per cent stake in a portfolio of six freehold commercial properties located in Greater Tokyo for 60.9 billion yen (S$753.4 million). Subject to and upon completion of the proposed acquisition, MGCCT will be renamed “Mapletree North Asia Commercial Trust”.
http://www.businesstimes.com.sg/companies-markets/mapletree-greater-china-commercial-trust-to-acquire-6-office-properties-in-greater
http://www.straitstimes.com/business/companies-markets/mapletree-greater-china-commercial-trust-to-acquire-6-office-properties

Oxley Holdings snaps up freehold Ampas Apartment for S$95m
Developer Oxley Holdings announced on Tuesday night it has agreed to purchase freehold property Ampas Apartment for S$95 million. The developer had exercised the option to purchase – granted on March 24, 2018 – to purchase all the units in the development, with the intention of redeveloping the site, subject to approval.
http://www.businesstimes.com.sg/companies-markets/oxley-holdings-snaps-up-freehold-ampas-apartment-for-s95m