The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 12th January 2018

Top Story

More use of pre-fab, digital tech to boost building productivity
Another 59 design for manufacture and assembly (DFMA) projects could be tendered out by property developers and government agencies in 2018, Second Minister for National Development Desmond Lee said on Thursday.  That outlook was given as the Built Environment cluster sub-committee of the Future Economy Council proposed using DFMA and digital technologies to boost productivity in the construction and facilities management industries.

Singapore Economy

One in three companies significantly invested for the future: SBF survey
A third of companies here have invested significant resources in preparing for the future, although a notable number are still dragging their feet when it comes to transforming their businesses, according to a new survey.  The Singapore Business Federation (SBF), in its annual National Business Survey, asked 1,019 companies about their concerns and outlook for the coming year.

ITMs enjoy broad support from firms, but work needed to raise awareness: SBF chief
There is broad support among companies for the government’s road maps for transforming each sector, but more could be done to raise awareness of these plans, said Singapore Business Federation (SBF) chief executive Ho Meng Kit.  While businesses welcome the Industry Transformation Map (ITM) programme, Mr Ho said companies – especially small and medium-sized enterprises (SMEs) – still do not know enough about it.  He was clarifying earlier comments in The Business Times and The Straits Times, which quoted him as saying that ITMs are disconnected from the needs of companies.

Stock markets could go higher still in 2018: DBS
The bull market may be old but it is far from stale.  This reassurance came from DBS Private Bank chief investment officer Hou Wey Fook on Thursday, who was speaking to clients on the bank’s investment outlook for the first half of the year.  While market valuations in the US are stretched, they are not excessive.  The global economic outlook is strong, which will boost corporate earnings worldwide at a time when inflation remains subdued, Mr Hou said.

Singapore Real Estate

Public works, en bloc projects to fuel 2018 building demand
The building and Construction Authority (BCA) on Thursday projected that S$26 billion to S$31 billion in construction contracts could be awarded in 2018, up from the S$24.5 billion estimated to have been awarded in 2017.  The projected higher construction demand is due to an anticipated increase in public sector work, which is expected to grow from S$15.5 billion in 2017 to between S$16 billion and S$19 billion this year.

SingHaiyi wins S$841m en bloc tender for Park West near Clementi MRT
Property firm SingHaiyi Group has snagged a S$841 million en bloc tender for a property in the west through its joint-venture (JV) firm amid ongoing collective sale fever.  The property is known as Park West and located at 2-20 Jalan Lempeng, near Clementi MRT station.

French energy giant Total leases over 100,000 sq ft at Frasers Tower
Riding the current uptick in the office market, Frasers Centrepoint has received pre-commitments for more than 70 per cent of Frasers Tower in Cecil Street.  Tenants that have signed up recently include French energy giant Total, The Business Times understands.

Companies’ Brief

Far East H-Reit to buy Oasia Hotel Downtown in Tanjong Pagar for S$210m
Far East Hospitality Real Estate Investment Trust (Reit), which trades as part of the stapled Far East Hospitality Trust, is buying the 314-room Oasia Hotel Downtown in the Tanjong Pagar district for S$210 million in cash before fees.

Views, Reviews & Forum

Digital transformation starts from the top
In his National Day Rally 2016, Prime Minister Lee Hsien Loong described digital disruption as “the defining challenge” facing the Singapore economy in the years to come. Indeed, digital disruption has changed the way that people purchase, the way that they consume content, and the way that products and services are delivered.

Swee Kee founder’s son fails in suit for share of $16m house
One of the sons of the founder of Swee Kee, once Singapore’s most famous chicken rice shop, has lost his court battle against his two brothers for a share of the Katong family home that was sold for $16 million in 2015.

House at heart of dispute likely to be torn down
The house at the centre of a bitter, high-profile dispute between a former China tour guide and a rich Singaporean widow is likely to be torn down. The land on which it sits will be put on sale next month.  About the size of half a football field, the land can be redeveloped into as many as 11 landed homes – two bungalows, two semi-detached and seven terraced houses, according to a potential redevelopment plan seen by The Straits Times.

Global Economy & Global Real Estate

Manhattan office rents expected to rise in 2018: Cushman

InterContinental exits Nigeria after fallout with partners

Trump Place asks if it can be called by any other name

Westchester home market still sizzles while bracing for tax hit

Bubbles in a frothy world economy

Brexit caused 37% fall in new London financial jobs in December: Report

China Premier sees GDP growth of 6.9 per cent for 2017

KL’s upcoming tallest tower already half full

NZ house prices up as buyers rush to beat curbs

Luxury condo sales in Canada hit new high

Sydney homes aren’t so attractive to Chinese investors this year

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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