The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 8th, 9th and 10th September 2018

Singapore Economy

Singapore can’t avoid next crisis, but it can strengthen its resilience: Heng
A glance outside the window of his Shenton Way office at the height of the 2008 global financial crisis was all it took for Heng Swee Keat, then managing director of the Monetary Authority of Singapore, to grasp the extent to which markets and economies around the world were connected.


Singapore Real Estate

HDB resale market to stabilise with more clarity on older flats
At the National Day Rally, Prime Minister Lee Hsien Loong outlined the Government’s approach to resolve issues regarding the dwindling leases of Housing Board flats.  The announcement could not have been more timely.  Concerns over depleting leases have plagued the HDB resale market, with demand for ageing flats with leases of less than 60 years almost grinding to a halt.

Parliament to discuss new housing policy Vers
The issue of public housing, including a new policy that will take effect only in about 20 years’ time, will be a main topic of discussion when Parliament sits on Monday.  Three of the six MPs asking about housing want more details on the Voluntary Early Redevelopment Scheme (Vers), according to the parliamentary agenda issued by the Clerk of Parliament Office yesterday.

Time ripe for young home buyers?
Judging from the choices some friends are weighing, we have come to a particular point in the springtime of our lives: Now a few years into our first jobs, young people’s fancies can turn to thoughts of home ownership.  The latest intervention by the authorities could also reignite the classic aspirational market debates: Public or private? New-build or resale?


Companies’ Brief

Ascendas-Singbridge snaps up 33 US office properties
In its latest expansion beyond the Asia-Pacific, Ascendas-Singbridge Group has bought a portfolio of 33 high-quality office properties in the US for an undisclosed sum, marking its entry into the US market.  These properties – spread across Portland, Raleigh and San Diego – have a total net lettable area of about 3.3 million sq ft, and are centrally located in the three cities with an overall portfolio occupancy rate of above 90 per cent, the company said in a Friday statement.

Keppel, Salim Group to jointly develop and operate data centre in Indonesia
Mainboard-listed Keppel Corporation said early Monday that it has entered into signed conditional agreements to jointly develop and operate a high-availability data centre in Bogor near Jakarta with Indonesian conglomerate The Salim Group.  The agreement was signed by Keppel and The Salim Group through the Alpha Data Centre Fund (Alpha DC Fund), managed by Alpha Investment Partners Limited (Alpha), and Keppel Data Centres Holding Pte Ltd.

SPH acquires UK student accommodation portfolio for £180.5m
Singapore Press Holdings (SPH) has acquired a portfolio of 14 purpose-built student accommodation buildings across six towns and cities in the United Kingdom for a cash consideration of about £180.5 million (S$321 million), it announced on Monday morning before the market opened.  The buildings, acquired in a sale and purchase agreement with Unite Group plc, have a total capacity of 3,436 beds.

Soilbuild makes inroads in Australian market with acquisitions
Soilbuild Reit (real estate investment trust) will acquire an office in Canberra, Australia, for A$55 million (S$54 million) and an Australian poultry processing plant for A$61.25 million, marking its maiden entry into the Australian market.  The former is a leasehold commercial office building at 14 Mort Street, comprising ground-level office lobby and office accommodation, seven upper office levels and basement carpark for 62 vehicles. The total lettable floor area is 9,383.5 sq m.

United Engineers wins S$368.8m tender for Dairy Farm site
United Engineers on Saturday said it has been awarded the tender for the land parcel at Dairy Farm Road at the tender price of S$368.8 million by the Urban Redevelopment Authority. The tender was awarded to its wholly owned unit.  The company plans to develop the site into a “prime development” comprising about 450 residential units, childcare centre, supermarket, food court and F&B as well as retail shops.

UOL promotes Liam Wee Sin to group CEO
UOL has promoted its deputy group chief executive officer Liam Wee Sin to group chief executive.  He takes over the helm from Gwee Lian Kheng, the company’s former group chief executive who will retire in January next year after 45 years of service. Mr Gwee remains a director on the board.  Mr Liam, 59, will assume his new role on Jan 2 next year, according to UOL’s statement on Friday. He joined the company in 1993 and was promoted from his previous position of president (property) to deputy group chief executive officer in August 2015.

Wheelock offer still far from target; offeror extends deadline to Sept 21
The offer by Hong Kong-listed parent Wheelock and Company to buy out minority shareholders’ stakes in Singapore-listed Wheelock Properties has been extended to 5.30 pm on Sept 21.  The offer extension was announced on Friday evening, ahead of the original 5.30 pm offer acceptance deadline.



Sustainability, board diversity key for SMEs to succeed globally
Small and medium-sized enterprises (SMEs) looking to globalise successfully must prioritise sustainability and board diversity, said speakers at the annual Singapore Institute of Directors (SID) Directors Conference at Marina Bay Sands on Friday.  Second Minister for Finance and Education Indranee Rajah, who was the guest of honour, said that amid increased protectionism and insularism globally, companies have to reboot their strategies to seek new emerging opportunities.

SLA to digitise remaining 300,000 title deeds for homes by end-2019
The remaining one-third of Housing Board flat owners yet to be able to do so, will soon get to check their property details online for free.  The Singapore Land Authority (SLA), which manages and tracks land parcels among other things, is expected to digitise the remaining 300,000 paper title deeds for homes by the end of next year.

HSR deal takes cooperation forward
While it might be disappointing that the Kuala Lumpur-Singapore High-Speed Rail (HSR) project has been deferred for about two years, the agreement to do so takes the interests of both Malaysia and Singapore into account. In the former’s case, the national debt has made the new political leadership take a hard-headed look at mega projects that would have drained the exchequer further. As a neighbour, Singapore cannot be immune to Malaysian exigencies.

How important is America to global trade?
To be sure, this year has seen US President Donald Trump’s trade tantrums rattle the world. In the wake of Mr Trump’s tariffs on US$50 billion (S$68.7 billion) of China trade, China’s machinery manufacturers and semiconductor factories have suffered, and America’s automakers and soya bean producers have bled jobs and income.


Global Economy & Global Real Estate

Gear up for the next global catastrophe

Negative outlook for equity markets

US jobs growth surges; wage gain largest in 9 years

Tariff battles, political chaos likely to weigh on sentiment

Concerns in US, Asia over fresh round of tariffs

Prime London residential prices at lowest levels in 5 years

Rental glut sends chill through the hottest US housing markets

Elite schools draw foreign home buyers to London

‘Capsule housing’ project sparks outrage in Spain

A cave home for millionaires

China developers gloomiest in nearly a decade

Japan household spending rebounds as wages rise


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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