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 April 2017

Top Story

Keen bidding expected for Stirling Road residential site
A residential site at Stirling Road, which has been on the Reserve List of the Government Land Sales (GLS) programme for the past seven years, has finally been triggered for sale by public tender after a developer committed to bid at no less than S$685.25 million.  This minimum price translates to S$718 per square foot per plot ratio (psf ppr), based on the site’s maximum gross floor area of 88,660 square metres.

Rio Casa up for en bloc sale
Rio Casa, a former HUDC (Housing and Urban Development Company) estate, was on Monday put up for collective sale by its marketing agent, Knight Frank Singapore.  The owners of the river-fronting estate along Hougang Avenue 7 are expecting offers of more than S$450.8 million for the property.  This translates to a land rate of about S$586 per square foot per plot ratio, inclusive of a differential premium of about S$141.5 million for intensification of the site, as well as a lease top-up premium of about S$57.5 million for a fresh 99-year lease.


Singapore Economy

Chun Sing: SMEs can tap labour movement for benefits, networking
Small and medium enterprises (SMEs) can now tap the labour movement to provide better welfare benefits for staff, as well as leverage its network to find suitable partners, said Chan Chun Sing, secretary-general of the National Trades Union Congress (NTUC) on Monday.

World Bank exploring potential issue of retail bonds in Singapore
The International Bank for Reconstruction and Development, or World Bank, is exploring a potential issue of retail bonds in Singapore to boost interest in sustainable development bonds and tap the affluent population.  In a briefing to potential investors last Tuesday (April 4), the multilateral institution said it was working with arranger DBS to find a suitable structure for a retail bond offering.

Commuters can catch a driverless public bus by 2020
From as early as October 2020, commuters will be able to hop on to one of two driverless public buses here.  A newly formed consortium led by ST Kinetics, which is building the autonomous battery-powered buses, expects to unveil a prototype by early next year.


Singapore Real Estate

Mid-sized theatre to be built on Esplanade waterfront
Plans are underway by Esplanade – Theatres on the Bay to build a mid-sized waterfront theatre that will focus on creating more made-in-Singapore works.  The government will fund at least S$10 million of the costs of the facility, which will seat about 550 people. Esplanade will raise the remaining S$20 million for the theatre, to be sited near the dining outlets.

People’s Park Complex residents plagued by hour-long waits for lifts
When Mr Haryudi Darsono gets home to the People’s Park Complex from school every day, all he wants is to fall into bed for a nap.  The last thing he needs – and what he often, frustratingly, gets – is a long wait for the lift to take him up to his apartment.


Companies’ Brief

SPH Reit maintains Q2 DPU; net income up 5.2%
SPH Reit’s second-quarter net property income increased by 5.2 per cent year-on-year to S$42.7 million as the retail real estate investment trust adjusted its utility contract and enjoyed a lower property tax burden.  Income available for distribution increased by 2.4 per cent to S$37.3 million for the quarter ended Feb 28, 2017, while distribution per unit held at 1.40 Singapore cents, said SPH Reit, whose sponsor, Singapore Press Holdings (SPH), owns The Business Times.

Tuan Sing paying S$365m for Sime Darby Centre
Property developer Tuan Sing Holdings is acquiring Sime Darby Centre in Bukit Timah for S$365 million from US private equity Blackstone Group and Malaysian palm oil producer Sime Darby Bhd, which translates to about S$1,800 per square foot (psf) on net lettable area.  The property was said to be hotly contested by more than 10 bidders.

Roxy-Pacific sells Sydney office tower for A$158m
After a two-month search, Singapore property and hospitality group Roxy-Pacific Holdings has found a taker for its freehold office building at 59 Goulburn Street in Sydney, Australia.  On Monday, it announced that its subsidiary, Roxy-Pacific Goulburn, has signed a heads of agreement with investment firm I-Prosperity Group and private firm Toga D&C to sell them the 28-storey development for A$158 million (S$166.3 million).

OUE’s wholly-owned unit to issue S$200m 3.75% notes due 2022
OUE’s wholly-owned OUE Treasury has proposed to issue S$200 million 3.75 per cent notes due 2022 under the S$3 billion multi-currency debt issuance programme.  The programme, established on Nov 30, 2016, by the issuer, is unconditionally and irrevocably guaranteed by OUE.  The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, and Oversea-Chinese Banking Corporation Limited have been appointed as joint lead managers and bookrunners for the issue.


Global Economy & Global Real Estate

Eco-friendly housing: the way forward is more promotion
It is widely accepted that human consumption has driven environmental damage including climate change. Interestingly, according to estimates of the UN Environment Programme, as much as one third of total global greenhouse gas emissions are contributed by buildings. Hence the development of more environmentally-friendly buildings can make a significant difference to our efforts to limit the impact of climate change.


Global Economy & Global Real Estate

Salary gap in Asia widens, but top salaries catch up with those in US

Fed rate hikes raise risks for Asian nations swimming in debt

China’s yuan weakens as US dollar hits 3-week high, but no panic selling

HNA Group’s S$1.4b offer for CWT may transcend logistics

China banking regulator issues risk control guidelines

Hong Kong Developers Dance To Their Own Tune

HK raises red flag on bank risks from high loan-to-value mortgages

Toronto mayor open to sale of city real estate assets


Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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