DAILY NEWS

Daily News – 8th, 9th and 10th June 2019

Singapore Real Estate

JTC to launch tender for Tuas South Link reserve list site
JTC will launch a tender for an industrial site in Tuas South Link 3 (Plot 19) after having received an application with a committed bid price of not less than S$2 million. As the minimum price committed to by the applicant was acceptable to the government, the site is being released for public tender, JTC said on Friday.
https://www.businesstimes.com.sg/real-estate/jtc-to-launch-tender-for-tuas-south-link-reserve-list-site-0
https://www.straitstimes.com/business/property/jtc-to-launch-tender-for-tuas-south-link-reserve-list-site

Companies’ Brief

CDL launches new bid for M&C at improved 685 pence a share
Mainboard-listed City Developments has launched a renewed takeover bid for its London-listed subsidiary Millennium & Copthorne Hotels – this time with a higher cash offer of 685 pence per share, up from the previous 620 pence bid in December 2017 that was subsequently blocked by M&C’s minority shareholders. CDL’s latest offer values M&C at £2.23 billion (about S$3.86 billion).
https://www.businesstimes.com.sg/companies-markets/cdl-launches-new-bid-for-mc-at-improved-685-pence-a-share
https://www.straitstimes.com/business/cdl-makes-2nd-bid-to-privatise-millennium-copthorne-hotels
https://www.channelnewsasia.com/news/singapore/cdl-buy-takeover-millennium-copthorne-hotels-11607038

Mapletree planning up to 2 Reit listings in next five years
Mapletree Investments is planning to launch up to two more real estate investment trusts (Reits) in the next five years, amid what it perceives to be still-healthy demand for Reit initial public offerings (IPOs) on the Singapore bourse. While Mapletree Group CEO Hiew Yoon Khong, did not specify what asset classes or geographies these Reits would focus on, he said Mapletree’s private funds…
https://www.businesstimes.com.sg/companies-markets/mapletree-planning-up-to-2-reit-listings-in-next-five-years

SPH outdoor advertising unit to install mega LED screen at One Raffles Place
SPHMBO, the outdoor advertising arm of media group Singapore Press Holdings (SPH), has entered a partnership with One Raffles Place to install a 100 square metre mega LED screen on the facade of the integrated commercial development. The screen will be strategically located above the main entrance of the mall, overlooking Raffles Place Park, which is surrounded by…
https://www.businesstimes.com.sg/companies-markets/sph-outdoor-advertising-unit-to-install-mega-led-screen-at-one-raffles-place

Oxley receives aggregate S$210m from first completion of Chevron House sale
Property developer Oxley Holdings has received aggregate proceeds of S$210 million following the first completion of its S$1.025 billion sale of Chevron House, the mainboard-listed company announced in a bourse filing on Friday. Oxley has transferred 82.35 per cent of the issued and paid-up capital of Oxley Beryl, which owns Chevron House, to purchaser Golden Compass (BVI).
https://www.businesstimes.com.sg/companies-markets/oxley-receives-aggregate-s210m-from-first-completion-of-chevron-house-sale

Pacific Star’s independent director, 2 non-executive directors step down
Three directors of Catalist-listed Pacific Star Development resigned on Friday, amid the firm’s strategic shift from the aluminium business to property development and new board appointments in the past week. In separate bourse filings, Pacific Star announced that independent director Heng Su-Ling Mae and non-executive directors Peh Siong Woon Terence and Tan Hai Peng Micheal will be stepping down from the board.
https://www.businesstimes.com.sg/companies-markets/pacific-stars-independent-director-2-non-executive-directors-step-down

FSL Trust lifts trading halt following sponsor’s offer for all its units
First Ship Lease (FSL) Trust on Monday morning requested to lift its trading halt following its sponsor’s mandatory general offer for all of its units. FSL Holdings made the offer after taking up new units in FSL Trust via a recent preferential offering.
https://www.businesstimes.com.sg/companies-markets/fsl-trust-lifts-trading-halt-following-sponsors-offer-for-all-its-units
https://www.straitstimes.com/business/companies-markets/fsl-trust-lifts-trading-halt-following-sponsors-offer-for-all-its-units

FSL Trust gets cash offer of S$0.0585 a unit from sponsor
The sponsor of First Ship Lease (FSL) Trust has made a mandatory general offer for the shipping trust, after taking up new units in FSL Trust via the recent preferential offering. FSL Holdings is offering S$0.0585 in cash for each FSL Trust unit, which represents a 33 per cent premium to the last transacted price per unit of S$0.044 on Thursday.
https://www.businesstimes.com.sg/companies-markets/fsl-trust-gets-cash-offer-of-s00585-a-unit-from-sponsor

Starhill Global Reit maintains rents under Ngee Ann City’s Toshin master lease
Starhill Global Reit is keeping the base rent unchanged for the Toshin master lease at Ngee Ann City for the next three years starting from June 8, 2019, under its latest rent review, the real estate investment trust’s (Reit) manager announced on Saturday in a bourse filing. Toshin is the master tenant occupying all retail areas except level five of Ngee Ann City for the 12-year period from June 8, 2013…
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-maintains-rents-under-ngee-ann-city%E2%80%99s-toshin-master-lease

Views, Reviews, Forum & Others

It starts from the top
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
An organisation’s culture has a significant impact on its long-term sustainability and affects the corporate governance, image/reputation as well as the performance and well-being of employees.
https://www.businesstimes.com.sg/views-from-the-top/it-starts-from-the-top

Robot bricklayers to 3D printing – how tech can transform housebuilding
A robotic bricklayer, 3D printing and furniture that can be stowed away at the wave of a hand could all help to address the global deficit in affordable housing, according to a study released on Thursday. Nearly 90 per cent of the world’s cities cannot provide affordable homes for their citizens and millennials are spending more on housing than any previous generation, said the report…
https://www.businesstimes.com.sg/real-estate/robot-bricklayers-to-3d-printing-how-tech-can-transform-housebuilding

Property tips and trends
The local private housing market has been a hotbed of activity in recent years, with feverish collective sales and fast-rising prices that were put to a halt by the Government’s cooling measures last July. However, sentiment has picked up and sales have been relatively resilient this year, with strong take-up rates for new project launches. Where does this leave prospective home buyers?
https://www.straitstimes.com/business/invest/property-tips-and-trends

Property cycle stabilises, thanks to cooling measures
A new round of cooling measures were introduced last July to dampen demand in the property market. Higher additional buyer’s stamp duty (ABSD) rates and stricter loan-to-value (LTV) limits on residential property purchases were imposed to dissuade buyers from overextending themselves financially, said National Development Minister Lawrence Wong when the measures were announced.
https://www.straitstimes.com/business/invest/property-cycle-stabilises-thanks-to-cooling-measures

First quarterly drop in office rental index since 2017
The office rental index compiled by the Urban Redevelopment Authority (URA) declined by 0.6 per cent in the first quarter of this year after rising for six consecutive quarters, the first quarterly drop since the second quarter of 2017. This was mainly driven by the fall in the rental index in the fringe area, which showed a 1.2 per cent decline over the preceding quarter.
https://www.straitstimes.com/business/invest/first-quarterly-drop-in-office-rental-index-since-2017

One Pearl Bank should be a mixed-use project
While the exterior design for One Pearl Bank is aesthetically pleasing, I share former Singapore Institute of Architects president Theodore Chan’s view that it is also a safe and formulaic offering that has broken no new ground (Design of One Pearl Bank draws mixed reception, May 16). This is in contrast to the soon-to-be demolished Pearl Bank Apartments, distinguished…
https://www.straitstimes.com/forum/letters-in-print/one-pearl-bank-should-be-a-mixed-use-project

Playing the real estate game to reap gains
Property agent Adrian Lim has been in the real estate game for around 18 years and has used his skills to reap healthy gains from his deals here. Mr Lim, a team leader of 120 agents at PropNex, recalled how he and his wife Jasmine started looking for a bigger home after the birth of their third child, armed with a budget of about $1.4 million.
https://www.straitstimes.com/business/invest/playing-the-real-estate-game-to-reap-gains

Relook safety design of HDB flats
While the Housing Board strives to improve our public housing with sleeker and more modern fittings, I urge it to pay more attention to the safety design of the flats, which will help prevent loss of innocent lives, especially those of young children (New HDB flats to come with condo-like fittings, June 6). It was most disheartening to read about the tragic incident of the six-year-old girl who fell to her death…
https://www.straitstimes.com/forum/letters-in-print/relook-safety-design-of-hdb-flats