DAILY NEWS

Daily News – 1st April 2016

Singapore Real Estate

Ascendas-Singbridge buys Sydney office building
Ascendas-singbridge on Thursday has completed the acquisition of 100 Arthur Street in North Sydney, Australia, for an undisclosed sum. The A-Grade commercial building, also known as Innovation Place, was bought from a privately-held company called Townwood.
http://www.businesstimes.com.sg/real-estate/ascendas-singbridge-buys-sydney-office-building

Rental demand for new condos waning
New condominiums used to enjoy pretty firm rental demand but those days have gone. At the 862-unit Eight Riversuites in Whampoa East, one of the larger condominiums being completed this year, interest is weaker than in the past, agents say. Savills unit head Ryan Chin, who is helping about 20 homeowners at the condo to find tenants, said he gets about 10 enquiries in a week.
http://www.straitstimes.com/business/rental-demand-for-new-condos-waning

Longer-term positive impact of Budget 2016 for property
Despite brushing off calls for the lifting of cooling measures, saying it would be premature to do so, Finance Minister Heng Swee Keat made announcements in Budget 2016 that could have a positive effect on the property market in Singapore over the longer term. We already know that the authorities see Jurong as a “second Central Business District.” The Jurong Gateway Project bodes well for rental yields and capital gains in the area in the long term.
http://www.todayonline.com/business/longer-term-positive-impact-budget-2016-property?singlepage=true

Companies’ Brief

Near-term silver lining for property stocks
Although Budget 2016 offered no relief for developers wishing for a tweaking of property cooling measures, there are still potential near-term catalysts for property stocks. Many developers are looking to restructure their residential property portfolio through structured deals or bulk sales. Opportunities also exist for some to undertake divestments of mature commercial assets.
http://www.businesstimes.com.sg/companies-markets/near-term-silver-lining-for-property-stocks

CDL looks to overseas markets, funds mgt
City Developments Limited (CDL) is banking on a two-pronged approach of growing overseas markets and funds management platforms to mitigate the continued tepidity of the Singapore property market.
Group chairman Kwek Leng Beng shared in CDL’s annual report that this strategy will remain the key growth drivers for the group.
http://www.businesstimes.com.sg/companies-markets/cdl-looks-to-overseas-markets-funds-mgt

Knight Frank to combine its two property asset management arms
Knight Frank Singapore will amalgamate its property asset management businesses – Knight Frank Estate Management and Knight Frank Asset Management – with effect from April 1, 2016. Following the amalgamation, the entities will operate under the name Knight Frank Property Asset Management (KFPAM) and have a total staff strength of over 450.
http://www.businesstimes.com.sg/real-estate/knight-frank-to-combine-its-two-property-asset-management-arms