Singapore and Myanmar to start talks on investment treaty
Singapore and Myanmar will commence discussions on a bilateral investment treaty, as well as upgrade the existing avoidance-of-double-taxation agreement. Prime Minister Lee Hsien Loong announced this at an official dinner he hosted in honour of Myanmar State Counsellor Aung San Suu Kyi at the Istana on Wednesday. The moves will send a positive signal to investors and boost economic growth, he said, as he hailed the strong economic links between the two Asean nations. According to latest figures, bilateral trade stood at S$3.5 billion last year – a 9.6 per cent jump from the year before – and Singapore was Myanmar’s third-largest trading partner; Singapore was also Myanmar’s top foreign investor in its last fiscal year, with investments amounting to US$4.3 billion.
Singapore tops global trade rankings
Singapore continues to top global rankings when it comes to enabling trade amid an uncertain period for exporters, according to a new report. The Global Enabling Trade Report 2016 found that the domestic market here is one of the world’s most open, with 99.7 per cent of goods entering duty-free, while border clearance processes are the world’s best in terms of efficiency, predictability and transparency. The private sector ranks third for its transport services, and second for its operating environment, with especially high marks for efficiency and trust in public institutions. “By November, anti-trade rhetoric in the United States election, the United Kingdom’s vote to leave the European Union, and stark divides among World Trade Organisation members had brought progress on these fronts close to a halt.”
Singapore Real Estate
CCT sees Singapore office rents picking up only from end-2017
Singapore’s office rents will remain “a little soft” in 2017 and may pick up only at the end of the year when the amount of new supply of space shrinks, according to CapitaLand Commercial Trust (CCT), one of the city-state’s biggest landlords. About 2.3 million square feet of space was added this year, driving rents down by 15 per cent, said Lynette Leong, chief executive officer of the real estate trust’s manager. Less than 500,000 sq ft are being planned annually starting in 2018, with no supply in sight from 2020, she said in an interview with Bloomberg Television on Tuesday. “Given that there’s still some new supply coming on stream next year, we foresee that rents will remain a little soft,” Ms Leong said.
OUE sets up S$3b multicurrency debt programme
OUE Limited’s treasury unit has set up a S$3 billion multi-currency debt issuance programme. The Hongkong and Shanghai Banking Corporation Singapore branch and OCBC have been appointed the arrangers and dealers of the programme, it said on Wednesday. Under the programme, the treasury unit may from time to time issue notes and perpetual securities in Singapore dollars or other currency. Net proceeds arising from the issue of the securities under the programme will be used by the group to fund general working capital, corporate funding and refinancing of existing borrowings.
Mapletree Logistics Trust appoints new CFO
Mapletree Logistics Trust Management Ltd, the Reit manager of Mapletree Logistics Trust, said that it has appointed a new chief financial officer, Ivan Lim Ming Rean, with effect from Thursday. The previous CFO, Wong Mei Lian, has quit last month to pursue other interests. Mr Lim has more than 16 years of finance, accounting and capital market experience in the real estate industry. He was most recently director of CIMB Trust Capital Advisors Singapore Pte Ltd. Prior to that, his other appointments include being the CFO of Keppel REIT Management Limited, as well as the financial controller at Ascendas Pte Ltd.
Frasers Logistics & Industrial Trust acquires new property in Sydney for A$58.2m
Frasers Logistics & Industrial Trust (FLT) is acquiring a new industrial facility in Sydney for A$58.2 million from Frasers Property Australia (FPA), the Australian business unit of Frasers Centrepoint Limited (FCL). On Wednesday, FLT said it has exercised a call option to acquire the logistics and industrial property in Wetherill Park, Sydney. The completion of this acquisition would raise FLT’s distribution per unit (DPU) for the fiscal first quarter ended Sept 30 to 1.44 Singapore cents from 1.41 cents on a pro forma basis.
GuocoLand unit wins tender for 4 sites in Chongqing
A unit of Singapore-listed developer GuocoLand has won the tender for four sites in the Chinese city of Chongqing. GLL Chengdu is paying 3.64 billion yuan (S$753 million) for the plots intended for mixed-use development, comprising retail, business and residential components. The sites have a total land area of 48,961 sq m and an above ground gross floor area of 513,600 sq m.
Views, Reviews & Forum
A plus if Golden Shoe project includes serviced residences
Six weeks ago, CapitaLand Commercial Trust (CCT) made the highly anticipated announcement that it is seeking approval from the government to redevelop its Golden Shoe Car Park in Raffles Place. The real estate investment trust said the redevelopment could potentially create commercial gross floor area of about one million square feet and have an office tower of up to 280 metres above ground, on par with the tallest buildings in the CBD. CCT targets to commence the redevelopment by the second half of 2017 and the new project is slated for completion in 2021.
Global Economy & Global Real Estate
US economy growing, price gains slight: Fed survey
U.S. pending home sales largely flat in October
Manhattan Homeowners Are Looking for 40% Returns—In Just Five Years
Evergrande gunning to be No 2 shareholder in Vanke
China said to add curbs on yuan outflows, outbound investments
Double Whammy Slams Hong Kong Developers as Stock Rally Fizzles
More foreigners snapping up property in Vancouver as tax shock subsides
Zoopla shrugs off Brexit as profits surge
Australia home price growth accelerates in Nov: CoreLogic
Japan’s Mitsui Fudosan is world’s first developer to sell 0.001% bonds
Spanish millennials ditch idea of home ownership
NZ central bank warns of new rules to rein in home loans
Additional Articles of Interest – Local & Overseas Real Estate
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