DAILY NEWS

Daily News – 10th Sep 2019

Singapore Real Estate

Condo buyers go for pricier, larger units in Q2
Big ticket private homes seemed to be gaining popularity, with the proportion of both new and resale units priced above S$3 million seeing increases, according to a report released on Monday by real estate consultants Edmund Tie. For the second quarter, new sales were up 30.6 per cent at 2,246 units, from 1,720 units a year ago. The proportion of new units priced above S$3 million rose to 5 per cent with 112…
https://www.businesstimes.com.sg/real-estate/condo-buyers-go-for-pricier-larger-units-in-q2
https://www.straitstimes.com/business/property/share-of-pricier-units-in-new-condo-sales-rises-in-q2-report

Mt Elizabeth serviced apartment block for sale
A freehold serviced apartment block at No 2 Mount Elizabeth Link has been put up for sale via tender with an indicative price of S$230 million. The tender exercise closes on Oct 23 at 3pm. The 22-storey tower block comprises 72 apartment units with sizes ranging from 760 square feet (sq ft) to 7,135 sq ft.
https://www.businesstimes.com.sg/real-estate/mt-elizabeth-serviced-apartment-block-for-sale
https://www.straitstimes.com/business/property/serviced-apartment-block-in-mt-elizabeth-link-for-sale

Singapore Economy

Weaker hiring prospects for Q4: Survey
Job seekers should expect a tighter labour market in the last three months of this year, as hiring prospects are down from both the current quarter as well as a year ago, based on survey results from a recruitment firm. The net employment outlook of +4 per cent is the weakest reported in two years, as trade conflicts and uncertainties weigh on business confidence, said ManpowerGroup Singapore in a statement today.
https://www.straitstimes.com/business/weaker-hiring-prospects-for-q4-survey

Companies’ Brief

Singapore firms can tap EU expertise in urban sustainability
Keppel Corporation unit Keppel Seghers houses its engineering centre in a cosy former brewery in Belgium, while its Singapore team oversees operations and project management aspects of the company’s waste-to-energy, water reuse, desalination, and wastewater treatment projects. Moves such as the European Union-Singapore Free Trade Agreement (EUSFTA) could facilitate other Singapore firms who are looking…
https://www.businesstimes.com.sg/government-economy/singapore-firms-can-tap-eu-expertise-in-urban-sustainability
https://www.channelnewsasia.com/news/business/singapore-is-natural-partner-for-india-s-urbanisation-efforts-11887774

Raffles City Chongqing launched with 95 per cent committed occupancy
CapitaLand announced on Monday that its shopping mall Raffles City Chongqing in China saw over 900,000 visitors during its opening weekend, following its launch on Sept 6. The 235,000 square metre (sq m) shopping mall, with 95 per cent committed occupancy, is the first component of the integrated Raffles City development which spans 1.12 million sq m altogether.
https://www.businesstimes.com.sg/companies-markets/raffles-city-chongqing-launched-with-95-per-cent-committed-occupancy

SPH records revaluation gain of £22.8m on UK accommodation portfolio
Singapore Press Holdings (SPH) has recorded a revaluation gain of 6.7 per cent, or £22.8 million (S$38.4 million) on its purpose-built student accommodation portfolio in the UK. The gain comes within a year of the media and property group’s expansion into the student accommodation sector, with an initial £180.5 million investment, it said in a statement on Monday.
https://www.businesstimes.com.sg/companies-markets/sph-records-revaluation-gain-of-%C2%A3228m-on-uk-accommodation-portfolio
https://www.straitstimes.com/business/companies-markets/sph-records-384m-revaluation-gain-on-uk-student-accommodation-portfolio

Ascott Business Trust established, following proposed combination of Ascott Residence Trust and Ascendas Hospitality Trust
Ascott Reit Manager announced the establishment of Ascott Business Trust (Ascott BT), in a filing to the Singapore Exchange late on Monday. This follows an earlier announcement in July on the proposed combination of Ascott Residence Trust and Ascendas Hospitality Trust (A-HTRUST) by way of a trust scheme of arrangement for an aggregate consideration of S$1.0868 for each A-HTRUST stapled unit, comprising…
https://www.businesstimes.com.sg/companies-markets/ascott-business-trust-established-following-proposed-combination-of-ascott

SGReit goes shopping for Isetan’s share of Wisma Atria
YTL’s Starhill Global Reit (SGReit) is done window-shopping: The manager of the Singapore-listed Reit has made a direct overture to acquire Isetan Singapore’s share of Wisma Atria, a prime leasehold property smack in the heart of Orchard Road, says a source. The Business Times understands that SGReit’s manager, part of the YTL Group controlled by Malaysian tycoon Francis Yeoh, issued a letter of intent (LOI) to Isetan…
https://www.businesstimes.com.sg/real-estate/sgreit-goes-shopping-for-isetans-share-of-wisma-atria

Capital World extends deadline for private investors to complete due diligence
Property firm Capital World has extended the deadline for two private investors to complete due diligence on the company by slightly more than a month to Oct 20, the Catalist-listed firm announced in an exchange filing late on Monday night. Capital World, which has struggled to repay loans, said in July it was looking to raise some S$18 million by issuing about 916 million new ordinary shares to two investors…
https://www.businesstimes.com.sg/companies-markets/capital-world-extends-deadline-for-private-investors-to-complete-due-diligence

Views, Reviews, Forum & Others

Is BreadTalk’s S$80m offer for Food Junction worth the dough?
Was it nostalgia that led BreadTalk founder and chairman George Quek to buy back the food court operator Food Junction, which he had a hand in founding, at a seemingly high price?
Mr Quek and a few Taiwanese partners set up Food Junction in the 1990s to run Singapore’s first chain of modern food courts.
https://www.businesstimes.com.sg/companies-markets/is-breadtalks-s80m-offer-for-food-junction-worth-the-dough
https://www.todayonline.com/singapore/food-court-meal-prices-likely-be-stable-variety-may-suffer-breadtalk-buying-food-junction

A sustainable Singapore dream: A ‘glocal’ solution to climate change can inspire future generations
The Singapore Dream used to be much discussed by both politicians and the public, but I have not heard it mentioned much these days. It may be that increasing economic uncertainty, rising inequality and existential environmental threats like climate change are not conducive to optimism or aspirations. Across the world, especially in societies with stagnating incomes, many younger citizens find it difficult to…
https://www.straitstimes.com/opinion/a-sustainable-singapore-dream