The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 11th March 2016

Singapore Economy

Singapore ranked world’s most expensive city for 3rd year running
The Republic has emerged as the world’s most expensive city to live in for the third consecutive year, narrowly edging past its rivals even though consumer prices have been slipping, a report by the Economist Intelligence Unit (EIU) showed. The Worldwide Cost of Living survey released on Thursday (March 10) found that Singapore remains the most expensive place in the world to buy and run a car, due to the Certificate of Entitlement (COE) system. It is also “consistently expensive” in other categories.

Singapore pushes for private investments in infrastructure
Singapore, as a regional infrastructure hub, is working to make infrastructure assets mainstream for institutional investors. It wants to develop it as a stand- alone asset class, separate from traditional debt and equity investments. Senior Minister of State for Finance and Law Indranee Rajah said this on Thursday at the inaugural Urban Week. This was organised by the World Bank, the Global Environment Facility, and Singapore government partners such as International Enterprise (IE) Singapore.

Business leaders ‘less upbeat’ about economy
Optimism about the economy has fallen across the board here but firms are reluctant to cut spending and staff numbers in case they lose their competitive edge, according to recent surveys. A new poll of chief financial officers (CFOs) and other senior executives found that confidence about the country’s economic performance is at a three-year low.

Singapore Real Estate 

No Asia Square sale to ARA on expiry of exclusive talks
Blackrock’s exclusive negotiation period on the sale of Asia Square Tower 1 to a consortium led by ARA Asset Management has ended without a deal being concluded, BT understands. The asset management giant, however, is said to be still in discussions with ARA but may also reach out to other parties, including CapitaLand, which was the original preferred bidder when an expression of interest exercise for the 43-storey office tower closed in August last year.

JTC Furniture Hub @ Sungei Kadut to be completed end-2018
The first high-rise and multi-tenanted development to cluster both furniture and furniture-related companies is expected to be completed by the end of 2018. Details of the eight-storey JTC Furniture Hub @ Sungei Kadut was unveiled by Lim Hng Kiang, Minister for Trade and Industry at the opening of the International Furniture Fair on Thursday.

Strong interest in Cairnhill Nine ahead of launch
The priciest units at new luxury residential launch Cairnhill Nine are said to have been pre-booked, with other units attracting strong interest from buyers. About four of the project’s eight penthouses have been booked at prices of about $5.8 million to $6.8 million, The Straits Times understands. These consist of two single- storey and two duplex units. Penthouse sizes at the project are 2,400 sq ft to 3,863 sq ft.

Buildings can play part in green fight
The world may have signed a pact to tackle climate change last December, but its effects are still being felt far and wide. The United Nations Environment Programme (UNEP) estimates that buildings contribute to as much as a third of total global greenhouse gas emissions, mainly due to the use of fossil fuels for energy generation. In Singapore, the Building and Construction Authority (BCA) says buildings, which refer to offices, shopping malls, hotels, and educational and healthcare institutes, consume more than a third of the nation’s electricity.

Companies’ Brief

Low rent reversions ahead for industrial Reits: Credit Suisse
Industrial Reits will see marginal rental growth, likely in the low single-digit percentage range, as languid demand and persisting vacancies weigh on rent negotiations, said Credit Suisse on Thursday. Citing weak leasing transactions across all sectors amid lacklustre economic indicators and dim business expectations, it said that vacancy rates were likely to widen as incoming supply are unable to be fully absorbed.

Singapore unfazed after India ups Reit game
India last week cleared its final major hurdle to the creation of a tax-efficient real estate investment trust (Reit) market. But Singapore players are not too worried about how that would impact the domestic Reit sector here. At most, the rule change may make it harder for Singapore to lure India Reits to list on the Singapore Exchange, they say.

Perennial Real Estate bonds draw good demand
Seems it’s risk on again for bond investors as another high-yield bond deal this week got upsized. Perennial Real Estate Holdings sold S$125 million three-year bonds on Thursday at 4.9 per cent. It was the second high-yield bond deal this week, following Courts Asia’s S$75 million issue on Monday.

Views, Reviews & Forum 

Is your time running out to grab a property bargain?
While it is true that it is a fool’s errand to try to time the property market, you can certainly buy at a dip. In fact, that is what you are supposed to do: Buy low and sell high. It is very human in a down market to want to buy at the absolute lowest point. The problem, though, is that no one can identify the bottom until after the fact.

Global Economy & Global Real Estate 

China’s consumer inflation hits 2.3%

Carrefour maintains plan for property unit’s IPO

Central Pattana to invest 46b baht over three years

Shanghai Property Surge May Prompt Cooling Measures: Chart

Battle for Aman Luxury Resorts Spills Over Into New York

Americans’ Home Wealth Recovers $7 Trillion as Prices Firm

Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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