Two weekend property launches see keen take-up rates
Strong buying momentum continued in last weekend’s property launches, for which robust take-up rates bode well for upcoming launches this year. Australian developer Lendlease sold another 149 units in the Phase 2 launch of Park Place Residences in Paya Lebar, while homegrown developer Oxley Holdings sold 129 units or 76 per cent of the 170-unit The Verandah Residences in Pasir Panjang at an average S$1,815 per square foot (psf) over the two days.
Singapore continues to support China’s opening up: PM Lee
Singapore will continue to support China’s efforts in its next stage of opening up and in upholding the multilateral trading system, Prime Minister Lee Hsien Loong said on Monday at a meeting with Chinese Vice-President Wang Qishan in Beijing. Mr Lee said the world, including China, is undergoing a period of significant transition, according to a statement from the Prime Minister’s Office (PMO).
Singapore, China sign Belt and Road MOU on greater collaboration
Singapore and China signed a Memorandum of Understanding (MOU) in Beijing on Sunday to promote greater collaboration between Singapore and Chinese companies in third-party markets along the Belt and Road. The Belt and Road Initiative (BRI) is a mega project initiated by China to connect countries across Europe, Africa and Asia together via ancient land and sea trade routes.
MAS expected to tighten monetary policy for first time in six years: Poll
Singapore’s central bank is expected to tighten monetary policy this month for the first time in six years, with economic growth seen solid enough to shift away from a stance associated with periods of acute weakness. Twelve of 19 analysts, or 63 per cent of respondents in a Reuters survey, predicted the Monetary Authority of Singapore (MAS) would tighten its exchange-rate based policy at its review, due on Friday.
Keep borders open to reach Asean’s full potential: Heng
Amid simmering trade tensions, Asean must keep its borders open, so the region can reach its full potential as a trade bloc, Finance Minister Heng Swee Keat said. Wrapping up a meeting of Asean finance ministers and central bank governors this week in Singapore, Mr Heng told the media that while it was too early to revise growth projections for Asean, the members had “spent quite a bit of time discussing trade matters”.
Singapore Real Estate
United Mansion, Landmark Tower up for collective sale
With en bloc fever showing few signs of abating, two developments joined the bandwagon on Monday. Real estate marketing agent Cushman & Wakefield said that owners of United Mansion have put up the freehold walk-up project at 592 to 614 East Coast Road for public tender with a reserve price of S$98 million, or S$1,485 per square foot per plot ratio (psf ppr) with no development charges payable.
Global Dragon buying Katong Omega Apartments for S$46.3m in en bloc deal
Catalist-listed Global Dragon Limited, the former TMC Education Corporation that recently changed its core business from education to property development and property investment, has dipped its toes into the collective sales market as well. It is buying Katong Omega Apartments in a collective sale for S$46.31 million. This was the highest bid among seven contenders at the close of the public tender on April 5, according to marketing agent Teakhwa Real Estate.
Casa Meyfort in Meyer Road relaunches en bloc sale
The owners of the Casa Meyfort condominium in the Meyer Road neighbourhood are relaunching a public tender for a collective sale after the earlier December 2017 offering at a reserve price of S$340 million failed to draw a successful bid. “We are relaunching the collective sale tender as we see a great opportunity in this freehold site,” said Tan Chun Ming, senior director for investment advisory at marketing agent Edmund Tie & Co.
Dairy Farm eyes collective sale at more than $1.68b
Another residential development that could smash the collective sale record currently held by Farrer Court is The Dairy Farm, if it obtains the requisite approval from owners and is successfully sold. Owners of the freehold development comprising 477 residential units and 10 retail shops are holding an extraordinary general meeting today to approve the terms of the collective sale agreement and method of apportionment on sale proceeds.
Collective sales push up private home resale prices
Resale prices of existing condos and private apartments in District 15, which includes the Katong and Amber Road areas, as well as District 10 have risen significantly following news of the Amber Park and Royalville collective sales last year. Edmund Tie & Co’s caveats analysis of URA Realis data also showed that in some instances, prices of larger units in the resale market have seen a bigger price hike compared with smaller units.
Home buyers turning to fixed rate loans
More home buyers are looking to fixed rate loans, say banks, as home prices surge. This is despite floating rate loans being quoted about 20 basis points cheaper than fixed rate loans. The Urban Redevelopment Authority’s overall private home price index surged 3.1 per cent in the first quarter of this year over the preceding quarter, based on a flash estimate released last Monday.
Rebuilt house in Bin Tong Park sold for S$48m
A plush house in the Bin Tong Park Good Class Bungalow (GCB) Area completed just a few years ago has changed hands for S$48 million, translating to S$2,063 per square foot on the freehold land area of 23,269 sq ft. Designed by Ong & Ong, the bungalow has a built-up area of about 15,600 sq ft spanning two levels and a basement.
Le Meridien Sentosa hotel put up for sale again
Le Meridien Singapore on Sentosa, formerly known as Movenpick Heritage Hotel Sentosa, has been put on the market for the second time in two years. The Straits Times understands that the five-star hotel came under management of professional services firm PwC Singapore about a month ago.
Yanlord joins consortium to buy 2 Tianjin land parcels
Property firm Yanlord Land Group said on Monday that it has bought stakes in two property development firms that have secured development rights to two separate land parcels in Tianjin, China. Yanlord said it has acquired, through its wholly owned subsidiary Nanjing Renyuan Investment Co Ltd (Nanjing Renyuan), a 19.8 per cent stake in Tianjin Hefa Property Development Co Ltd, which in turn has the development rights to a land parcel worth 4.8 billion yuan (S$999 million).
Ascott signs deals with China, Japan, Thailand developers
Ascott Limited, the serviced residence unit of mainboard-listed CapitaLand, has struck deals with developers in China, Japan and Thailand to manage apartments currently under development by them and also their future projects, it said on Monday. In China, Ascott is partnering township developer Riverside Group to launch serviced residences in Zhejiang, Chongqing and future riverside themed towns in other key cities.
Perennial unit clinches deal for eldercare health facility in Fengxian
Shanghai RST Chinese Medicine Co (Renshoutang), which is 49.9 per cent owned by Perennial Real Estate Holdings, was awarded the contract to operate an integrated eldercare, medical care and rehabilitation care facility in Fengxian District, Shanghai.
SPH Reit maintains Q2 DPU at 1.4 cents
SPH Reit has declared a distribution per unit (DPU) of 1.40 Singapore cents for the second quarter ended Feb 28, unchanged from a year ago. Its net property income for the quarter slipped 1.1 per cent from a year ago to S$42.3 million, due mainly to lower revenue from Paragon, a retail mall located along Orchard Road. Gross revenue dipped 0.8 per cent year-on-year to S$53.59 million during the period.
VIEWS, REVIEWS, FORUM & Others
Adding value without demolition, rebuilding: Regenerating Singapore’s modernist icons
Singapore’s modernist megastructures show heroic scale and muscular form, yet their vulnerability is painfully apparent in the actual and attempted collective sale of Pearl Bank Apartments, People’s Park Complex and Golden Mile Complex.
Global Economy & Global Real Estate
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Additional Articles of Interests – Local & Overseas Real Estate
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