DAILY NEWS

Daily News – 10 Dec 2019

Singapore Real Estate

Poh Group founder sells Cassia Drive home for S$21.8m
Poh Group founder Poh Kay Ping is understood to be selling his home along Cassia Drive in the Raffles Park Good Class Bungalow (GCB) Area for S$21.8 million. The price works out to S$1,969 psf based on the freehold land area of 11,073 sq ft. Completed a few years ago, the house has two levels, a basement and an attic. It comes with five bedrooms, a wine cellar and a pool.
https://www.businesstimes.com.sg/real-estate/poh-group-founder-sells-cassia-drive-home-for-s218m

Companies’ Brief

Mapletree Logistics Trust Management’s CFO resigns
Mapletree Logistics Trust Management, the manager of Mapletree Logistics Trust, said its chief financial officer Ivan Lim Ming Rean has resigned and will step down on Dec 31, 2019. The manager said it has found a suitable replacement and will make a further announcement once regulatory clearances are complete.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-managements-cfo-resigns

Tiong Seng reorganises management structure, forms engineering solutions unit
Tiong Seng Holdings on Tuesday said it will be reorganising its management structure by forming an executive committee and a third business segment, following a strategic review. Currently, Tiong Seng operates two direct subsidiaries – construction unit Tiong Seng Contractors (TSC) and property development arm Chang De Investments (CDI).
https://www.businesstimes.com.sg/companies-markets/tiong-seng-reorganises-management-structure-forms-engineering-solutions-unit

StreetSine drops proceedings against SISV following mediation on use of automated valuation models
Streetsine and the Singapore Institute of Surveyors and Valuers (SISV) have reached an understanding on the use of automated valuation models (AVMs) following mediation, which has resulted in StreetSine discontinuing proceedings that had been previously brought against SISV. In a joint statement issued on Tuesday morning, StreetSine and SISV said: “Pursuant to a court-initiated mediation process, SISV and…
https://www.businesstimes.com.sg/real-estate/streetsine-drops-proceedings-against-sisv-following-mediation-on-use-of-automated

EHT: Digital publication misrepresented financials underpinning Queen Mary
Eagle Hospitality Trust (EHT) has taken issue with a digital publication over its reporting of the trust’s second-largest asset, Queen Mary. It said on Monday that a report about a 2018 audit of wholly-owned subsidiary Urban Commons Queensway (UCQ) misrepresented UCQ due to a lack of context and clarity on earnings metrics. UCQ, which holds the lease to Queen Mary, was acquired by EHT from sponsor Urban…
https://www.businesstimes.com.sg/companies-markets/eht-digital-publication-misrepresented-financials-underpinning-queen-mary