DAILY NEWS

Daily News – 11th January 2019

Singapore Real Estate

Singapore home sales face crucial litmus test
It’s only the second week of 2019 and Singapore’s residential home sales market is already facing a S$1.1 billion litmus test. Horizon Towers, an older-style building near the Orchard Road shopping district, has gone on the market for that price, gunning for redevelopment a third time after two failed attempts. The sellers’ collective sale has retained its reserve price but other groups of homeowners also seeking so-called en bloc deals are cutting their asking bids in the hope developers will bite.
https://www.businesstimes.com.sg/real-estate/singapore-home-sales-face-crucial-litmus-test

Reserve price raised in People’s Park Centre collective sale bid
One of Singapore’s biggest and most keenly watched mixed-use collective sales in this cycle – People’s Park Centre – has raised its reserve price from $1.3 billion to $1.35 billion and agreed on the method of apportionment for its first collective sale attempt. A majority of those who attended the extraordinary general meeting on Wednesday passed the resolutions for the changes.
https://www.straitstimes.com/business/reserve-price-raised-in-peoples-park-centre-collective-sale-bid

Singapore, Andhra Pradesh start work on start-up area in Amaravati
Singapore and the southern Indian state of Andhra Pradesh have taken the first steps towards developing the commercial core of the new capital city of Amaravati. The ignition switch was flicked yesterday when Minister-in-charge of Trade Relations S. Iswaran and Andhra Pradesh Chief Minister Chandrababu Naidu unveiled a commemorative plaque as part of the groundbreaking ceremony for the Welcome Gallery.
https://www.straitstimes.com/business/singapore-andhra-pradesh-start-work-on-start-up-area-in-amaravati
https://www.businesstimes.com.sg/government-economy/singapore-andhra-pradesh-break-ground-on-startup-project-at-states-capital-city

Singapore Economy

Property, banking stocks help lift STI
Most Asian stocks pointed lower on Thursday as the rally from US-China trade talk hopes faded, but Singapore stocks bucked the trend. The Straits Times Index (STI) rose 0.81 per cent or 25.44 points to 3,183.51. Advancers outpaced decliners 229 to 146, as the bourse saw turnover of 1.3 billion shares worth S$1.11 billion.
https://www.businesstimes.com.sg/companies-markets/property-banking-stocks-help-lift-sti
https://www.straitstimes.com/business/companies-markets/property-banking-stocks-push-sti-higher

Companies’ Brief

Oxley selling Stevens Rd hotels for close to S$1b
Property developer Oxley Holdings has accepted a letter of intent (LOI) for the purchase of its Mercure and Novotel hotels along Stevens Road for S$950 million, in what market watchers call an urgent attempt by the developer to pare its debt. The Business Times understands that the buyer is Indonesian magnate Tahir.
https://www.businesstimes.com.sg/companies-markets/oxley-selling-stevens-rd-hotels-for-close-to-s1b
https://www.straitstimes.com/business/property/buyer-keen-to-acquire-mercure-novotel-hotels-for-950m

M&C to reopen London hotel after £50m revamp
Millennium & Copthorne Hotels’ (M&C) Millennium Hotel London Mayfair, which was closed for renovation last year, will reopen as The Biltmore, Mayfair under Hilton Worldwide Holding’s new LXR Hotels & Resorts luxury hotel collection. This will be Hilton’s first European hotel under its LXR collection in London and comes under a management franchise agreement, which allows greater involvement of the owners while an appointed operator runs the hotel for the initial few years.
https://www.businesstimes.com.sg/real-estate/mc-to-reopen-london-hotel-after-%C2%A350m-revamp
https://www.straitstimes.com/business/mc-to-reopen-london-hotel-with-new-name-manager
https://www.straitstimes.com/business/millennium-copthorne-hotels-to-reopen-london-hotel-after-ps50m-revamp

Sweden’s IWG leases space at Perennial’s Capitol Singapore for premium co-working space concept
Mainboard-listed Perennial Real Estate Holdings has leased over 20,600 square feet of space at Capitol Singapore to Swedish workspace provider IWG. IWG will launch its premium co-working space concept with private offices and club amenities branded as No18 at level two of Capitol Piazza. No18 at Capitol Singapore, which comprises three conservation buildings, will be its first venue in Asia when it starts operations in the third quarter 2019.
https://www.businesstimes.com.sg/companies-markets/swedens-iwg-leases-space-at-perennials-capitol-singapore-for-premium-co-working
https://www.straitstimes.com/business/companies-markets/swedens-iwg-leases-space-at-capitol-singapore-for-premium-co-working

Views, Reviews, Forum & Others

Property cooling measures had more bite than expected: DBS chief
DBS bank’s property loans segment shrunk by 40 to 50 per cent after last July’s cooling measures, with the lender’s chief executive officer Piyush Gupta saying that the government intervention had “more bite” than anticipated.
https://www.todayonline.com/singapore/property-cooling-measures-had-more-bite-expected-dbs-chief

Global design contest for Founders’ Memorial

An international design contest was launched yesterday to call for proposals for the upcoming Founders’ Memorial, which will be constructed in Bay East Garden in Gardens by the Bay. Architects from all over the world are invited to take part in a bid to be appointed for the project, which will set the tone for the rest of the garden.
https://www.straitstimes.com/singapore/global-design-contest-for-founders-memorial