DAILY NEWS

Daily News – 26th June 2019

Singapore Real Estate

New Funan mall secures 95% take-up ahead of Friday opening
Ahead of its June 28 opening, the new shopping mall at Funan has achieved 95 per cent committed occupancy for its retail space, including Singapore’s first standalone physical Taobao store. Over 60 per cent of the more than 190 brands housed in Funan mall originate from Singapore, CapitaLand said in a regulatory update on Tuesday.
https://www.businesstimes.com.sg/companies-markets/new-funan-mall-secures-95-take-up-ahead-of-friday-opening
https://www.straitstimes.com/business/property/funan-fills-95-of-retail-space-tenants-include-taobao-store

Tuas site triggered for tender, Kaki Bukit plot up for application: JTC
An industrial site at Tuas South Link 3 has been triggered for tender with a minimum bid price of S$2 million, while another plot at Kaki Bukit Road 5 is available for application under the first half of 2019 IGLS (industrial government land sales) programme, JTC announced on Tuesday. A site on the reserve list is triggered for launch if a developer’s indicated minimum price in its application…
https://www.businesstimes.com.sg/real-estate/tuas-site-triggered-for-tender-kaki-bukit-plot-up-for-application-jtc

Second Raffles hotel to open in 2022 on Sentosa Island
More than a century after Raffles Hotel welcomed its first guests in Singapore, a second Raffles hotel is slated to open here in 2022 on Sentosa Island. On Tuesday, hotel operator Accor Group announced, together with property developer Royal Group, that the new Raffles Sentosa Resort & Spa Singapore will be built on a 100,000 square metre (sq m) site on Sentosa.
https://www.businesstimes.com.sg/real-estate/second-raffles-hotel-to-open-in-2022-on-sentosa-island
https://www.straitstimes.com/singapore/second-raffles-hotel-to-be-all-villa-resort-on-sentosa
https://cnaluxury.channelnewsasia.com/experiences/a-second-raffles-hotel-in-singapore-will-open-on-sentosa-in-2022-11659622
https://www.todayonline.com/singapore-get-second-raffles-hotel-135-years-after-original-opened-its-doors

Singapore Economy

Urban development work in Zhejiang beckons for Singapore companies
Singapore companies can expect more business opportunities in Zhejiang, as the Chinese province moves to build sustainable cities in its pursuit of quality living and urban development. This comes as a total of 15 memoranda of understanding were signed by Singapore companies at the 14th Singapore-Zhejiang Economic and Trade Council meeting in Hangzhou on Tuesday.
https://www.businesstimes.com.sg/government-economy/urban-development-work-in-zhejiang-beckons-for-singapore-companies

Companies’ Brief

Frasers Commercial Trust’s trustee inks lease agreement with Google
A trustee of Frasers Commercial Trust has entered into a lease agreement with Google Asia-Pacific for Google to lease space at Alexandra Technopark. Frasers Commercial Trust’s manager said on Tuesday that under the terms of the lease with British and Malayan Trustees Limited, Google will take up around 344,100 square feet of space, representing 33.3 per cent of the current total net lettable area of the property.
https://www.businesstimes.com.sg/companies-markets/frasers-commercial-trusts-trustee-inks-lease-agreement-with-google

Oxley buys 40% stake in Aspen (Group) Holdings unit for RM20m
Oxley Holdings’ wholly owned Malaysian subsidiary has snapped up a 40 per cent equity interest in Aspen Vision Homes Sdn Bhd (AV Homes) for RM20 million (S$6.54 million). Oxley Holdings (Malaysia)’s interest in AV Homes, a Malaysian subsidiary of Catalist-listed Aspen (Group) Holdings, comprises four million ordinary shares and 16 million redeemable convertible preference shares.
https://www.businesstimes.com.sg/companies-markets/oxley-buys-40-stake-in-aspen-group-holdings-unit-for-rm20m

Singapore banks’ earnings growth, dividends attractive; Reits looking overpriced: UBS
Singapore bank stocks are starting to look more attractive at current levels while its Reits are beginning to look overpriced, said UBS Global Wealth Management in its July CIO Investing in Asia Pacific monthly report. UBS had started the year being “overweight” on Singapore banks and Reits. The banking sector has underperformed while Reits have outperformed the benchmark index so far this year, said UBS.
https://www.businesstimes.com.sg/banking-finance/singapore-banks-earnings-growth-dividends-attractive-reits-looking-overpriced-ubs

Delay in release of final changes to US tax rules: Manulife US Reit
The release of final changes to US tax regulations that could potentially impact Singapore-listed US real estate investment trusts (Reits) has been delayed, said Manulife US Reit on Tuesday. The United States Department of the Treasury had issued proposed regulations under Section 267A in December last year, while stating that it expected to release final regulations by June 22, 2019.
https://www.businesstimes.com.sg/companies-markets/delay-in-release-of-final-changes-to-us-tax-rules-manulife-us-reit

Views, Reviews, Forum & Others

End of school holiday is start of race to launch new projects
It may be the June school holiday lull period for property launches but developers in Singapore are quietly getting ready to release a slew of projects within the next few months. These include Singhaiyi Properties’ 1,468-unit Parc Clematis condo along Jalan Lempeng in the Clementi area; and UOL Group, United Industrial Corporation and Kheng Leong’s 1,074-unit Avenue South Residence in Silat Avenue.
https://www.businesstimes.com.sg/companies-markets/end-of-school-holiday-is-start-of-race-to-launch-new-projects

Newer valuation method welcome for selling en bloc
Singapore property takes centre stage in the world of premium penthouses (6 of 11 ‘super penthouses’ on sale globally are in S’pore, June 20). Unfortunately, owners of such penthouses in Singapore often find their property valued quite differently when the condominium goes for sale en bloc.
https://www.straitstimes.com/forum/letters-in-print/newer-valuation-method-welcome-for-selling-en-bloc

Choose maintenance-free options for HDB upgrading
Six blocks in my 34-year-old estate were selected by the Housing Board for a forthcoming home improvement programme. The toilet package includes new non-skid floor tiles, which have two varieties for selection: treated and non-treated.
https://www.straitstimes.com/forum/letters-in-print/choose-maintenance-free-options-for-hdb-upgrading