The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 1st November 2017

Singapore Economy

September bank lending up 6.2% amid improved business sentiment
Singapore’s total bank lending may be reflecting a lift in business sentiment, amid brighter economic prospects coming from the Republic.  Bank lending in September was up 6.2 per cent from a year ago to S$641 billion in September, stronger than the 5.1 per cent year-on-year growth posted in August.  This comes as Singapore’s economy powered its way into its strongest gross domestic product growth in more than three years for the third quarter of 2017.

After NZ, S’pore is easiest place globally to do business: Report
Singapore has been ranked second in the world for ease of doing business for the second year running, according to a World Bank report out yesterday.  The Republic came in behind New Zealand for the second consecutive year, following years of topping the rankings.  The annual report, now in its 15th iteration, tracks 190 economies’ efforts to encourage investment and job creation by cutting red tape and reforming regulations.

Singapore Real Estate

Two office buildings in city get into en bloc mode
Two centrally-located commercial buildings are preparing to join the fray as they kick-start their collective sale processes.  Shenton House, located in the older Robinson-Shenton-Cecil section of the central business district (CBD), has formed its collective sales committee (CSC) and hopes to appoint its marketing agent by the end of this week.  On the fringe of the city, at the junction of Short Street and Rochor Canal Road, Golden Wall Centre, a freehold commercial property, held an extraordinary general meeting on Tuesday and successfully set up its CSC.

Owners of 11 Balmoral Road asking for S$75m
Yet another residential development has been launched for a collective sale, this time at 11 Balmoral Road in prime district 10. All owners of the 17-unit freehold development in prime district 10 have given their approval for the sale.  The sole marketing agent JLL said that owners are asking for S$75 million, which translates to an estimated land rate of about S$1,761 per sq ft per plot ratio (psf ppr) inclusive of development charge.

More buzz in big-ticket industrial property deals
The industrial property market has seen more buzz in terms of big-ticket sales lately.  Credit Suisse is selling its building at 1 Serangoon North Avenue 6 to US-based Iron Mountain, which specialises in storage and information management services, for S$80.5 million. The deal is expected to be completed in the first quarter of next year.

Sembawang site for sale by public tender under GLS Confirmed List
The government has launched the public tender for the sale of a site at Chong Kuo Road under the Confirmed List of the second-half 2017 Government Land Sales (GLS) programme. It will also be launching the tender for a site at Fourth Avenue under the Reserve List soon.  That trigger for the Fourth Avenue site, which consultants viewed as a very attractive site, followed an application lodged by a developer to bid for the site at no less than S$448.8 million.

Plum Bukit Timah plot up for sale
A plum 99-year leasehold residential site in posh Bukit Timah Road has been put on the market at a minimum price of $448.8 million.  The reserve list plot known as Fourth Avenue was triggered for sale when a developer offered the minimum price.  The Urban Redevelopment Authority (URA) said yesterday the tender will be launched at a later date.

JTC launches industrial site at Jalan Lam Huat for sale under confirmed list of iGLS
JTC has launched an industrial site at Jalan Lam Huat under the confirmed list of its Industrial Government Land Sales (iGLS) programme.  This is the fifth out of eight Confirmed List sites for the second half of 2017. The launch of the site is part of the government’s efforts to offer more choices for industrial development, JTC said.  The 0.77 hectare site at Jalan Lam Huat is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 2.5.

3 land parcels for food fish farming at Lim Chu Kang up for sale by public tender
The Agri-Food & Veterinary Authority of Singapore (AVA) has launched three land parcels for food fish farming at Lim Chu Kang for sale by public tender on Tuesday.  Each land parcel along Neo Tiew Crescent has a lease tenure of 20 years. The sites will be awarded under a fixed price tender system, with key criteria being production capacity and production track record.

Cathedral, hotel win architectural awards
The Cathedral of the Good Shepherd and The Warehouse Hotel yesterday picked up this year’s Architectural Heritage Awards.  The honours, conferred by the Urban Redevelopment Authority (URA), recognise the high standard of restoration work done on the two heritage buildings.  The Red House received a special mention for retaining a familiar social memory of the Katong landmark, through its use as a local cafe.

Companies’ Brief

Pacific Star, Damac Int’l to develop luxury properties in South-east Asia
Regional property developer Pacific Star Development (PSD) announced on Tuesday that its wholly owned subsidiary PSD Singapore Pte Ltd will partner Middle East property developer Damac International to develop luxury properties in key cities across South-east Asia over the next five years.

Cache Logistics Trust amicably resolves dispute with Schenker S’pore
Cache Logistics Trust has announced that it has reached an amicable resolution of the dispute that it has been involved in with Schenker Singapore Pte Ltd over the property 51 Alps Avenue in Singapore.  Schenker was the end-user occupying the property under a lease agreement between Bax Global Pte Ltd and C&P Land Pte Ltd, which was subsequently novated to Schenker.

Capital World obtains HK$50m share financing with controlling shareholders’ shares
Capital World Limited said it has obtained a HK$50 million (S$8.7 million) share financing from a licensed money lender Great View Finance Limited.  The group also recently secured a S$4 million bank loan from RHB Bank Berhad for general working capital purpose.

Views, Reviews & Forum

Train network’s growth a plus for home prices
With the continued growth of Singapore’s population, public housing projects have been expanding beyond the central area. Today, there are 26 town developments and numerous urban and suburban business locations across the island.  This changing geographical spread of population means that transport connectivity is increasingly important.

Global Economy & Global Real Estate

US consumer confidence hits 17-year high in October

China’s growth slower than expected in October

China consumer stocks soar 65% as defensive ploys pay

New Zealand’s ban on foreign home-buyers to start early 2018

BOJ keeps policy steady but board newcomer signals desire for easing

Dubai’s Emirates Reit plans debut sukuk of at least US$300m this year: source

Sydney Housing Prices Fall for a Second Month as Market Cools

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

Scroll to Top