DAILY NEWS

Daily News – 10th July 2019

Singapore Real Estate

Dyson owner forks out S$73.8m for Singapore’s costliest penthouse
The founder of privately-held British consumer electronics maker Dyson and his wife have become the owners of Singapore’s most expensive condo. BT understands that Sir James Dyson and his wife, Deirdre, paid S$73.8 million for the triplex super penthouse at Wallich Residence, which is the Republic’s tallest residence.
https://www.businesstimes.com.sg/real-estate/dyson-owner-forks-out-s738m-for-singapores-costliest-penthouse

Companies’ Brief

CapitaLand lands another S$300m in sustainability-linked loans
CapitaLand has secured a second tranche of sustainability-linked loans from a number of banks – a sum of S$300 million to be used on “green” projects and for general corporate purposes. The property developer said on Tuesday that it has partnered Societe Generale, Credit Agricole Corporate & Investment Bank and Natixis Bank for the loans.
https://www.businesstimes.com.sg/companies-markets/capitaland-lands-another-s300m-in-sustainability-linked-loans
https://www.straitstimes.com/singapore/solar-power-for-six-capitaland-properties

Mapletree Industrial Trust to start its largest redevelopment project costing S$263m
Mapletree Industrial Trust (MIT) plans to redevelop a flatted-factory cluster at Kallang Way into a high-tech industrial precinct at a total project cost of about S$263 million, the manager of the mainboard-listed real estate industrial trust (Reit) said. This will be MIT’s largest redevelopment project to date, and is another strategic step in growing its high-tech buildings segment…
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-to-start-its-largest-redevelopment-project-costing
https://www.straitstimes.com/business/companies-markets/mapletree-industrial-trust-turning-kolam-ayer-factories-into-high-tech

Wee Hur unit bags S$39m construction project from Tanglin Trust School
Mainboard-listed property group Wee Hur Holdings, through its wholly-owned subsidiary Wee Hur Construction, has secured a S$39 million construction project from Tanglin Trust School. The project involves additions and alterations, including the construction of a new, 11-storey educational institution block that comes with a carpark, sports and recreational facilities at 95 Portsdown Road.
https://www.businesstimes.com.sg/companies-markets/wee-hur-unit-bags-s39m-construction-project-from-tanglin-trust-school

PropertyGuru appoints Tan Tee Khoon as Singapore country manager
PropertyGuru has appointed industry veteran Tan Tee Khoon as country manager for Singapore. Dr Tan left Knight Frank Singapore in June, where he was a key executive officer (KEO) of agency arm KF Property Network and head of residential project marketing.
https://www.businesstimes.com.sg/real-estate/propertyguru-appoints-tan-tee-khoon-as-singapore-country-manager
https://www.straitstimes.com/business/property/propertyguru-names-industry-veteran-tan-tee-khoon-as-singapore-country-manager

Reits dim as hopes fade of big Fed cut
Diminished hopes of a sizeable interest rate cut by the US Federal Reserve at month’s end continued to hinder local equities, with the effect most pronounced on real esate investment trusts (Reits). The shine has come off most Reits in Singapore, with the iEdge S-Reit 20 Index losing 24.19 points or 1.7 per cent to 1,445.77 at Tuesday’s close.
https://www.businesstimes.com.sg/companies-markets/reits-dim-as-hopes-fade-of-big-fed-cut

Singapore Reits seen as too expensive after 18% surge this year
[Singapore] Analysts and investors are questioning whether the rally in Singapore’s beloved real estate investment trusts has room to run. Strategists from Morningstar to CMC Markets Singapore say Reits, which have gained more than twice as much the broader equity market this year, are starting to look overvalued and may not see such strong performance in the second half.
https://www.businesstimes.com.sg/companies-markets/singapore-reits-seen-as-too-expensive-after-18-surge-this-year
https://www.straitstimes.com/business/companies-markets/singapore-reits-seen-as-too-expensive-after-18-surge-this-year

Acra rejects Debao’s bid to extend deadline for AGM, annual results
Debao Property Development said on Tuesday that the Accounting and Corporate Regulatory Authority (Acra) has rejected its application to extend the deadline for its annual general meeting (AGM) and fiscal 2018 financial statements. In May, Debao had received a 60-day extension from Acra to hold its AGM and file its FY2018 return by June 29 and July 30 respectively.
https://www.businesstimes.com.sg/companies-markets/acra-rejects-debaos-bid-to-extend-deadline-for-agm-annual-results