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 April 2017

Top Story

Resale prices at 2 1/2-year high after rising 0.5% in March: SRX
Resales prices of private non-landed homes last month rose 0.5 per cent in the fifth straight month of increase on broad-based recovery across regions, reaching a 2 1/2-year high since September 2014, says SRX Property.  But some analysts note that the smaller price gain in March following a one per cent rise in January and 1.1 per cent increase in February should not be read as a sign of market exuberance, especially in view of the sterling jump in volumes.


Singapore Economy 

IE Singapore ups funding to help more firms to venture abroad
Hemisfair, a small local company selling organic children’s wear, took part in an international trade fair in Singapore last year and came away with deals from Taiwan and Indonesia, sending its sales up by 25 per cent.  Transicom Engineering, a provider of solutions for the packaging and process industries, has taken part in an annual trade event in Vietnam since 2012; through this, it has expanded its network and showcased its latest equipment.

Citi notches big jump in retail fund flows after shift to emerging affluent
Citi Singapore opened the year with a big jump in fund flows from its retail clients, following its official shift in focus to the emerging affluent segment, a top banker told The Business Times.  In January alone, the bank has grown net new money by 60 per cent from a year ago, said Charles Wong, head of retail banking in Singapore.

China fintech buys 51% of local asset manager Havenport
In a bid to expand in South-east Asia, Hong Kong-listed financial technology services firm Credit China FinTech is buying 51 per cent of Singapore’s Havenport Asset Management for about S$25.5 million, The Business Times has learnt.  Contacted on Tuesday, Havenport managing partner Patrick Tan said that the deal aims to bring Credit China’s wealth management products and services to Singapore, and to allow Havenport to partner the firm to expand in the region.


Singapore Real Estate

Sentosa bungalow market revs up
Activity in the bungalow market on Sentosa Cove seems to have gathered pace lately. This year so far, there have been at least seven deals, which are now in various stages of completion.  Agents credit the buzz to owners setting prices that are more in sync with market expectations for these high-end homes on 99-year leases.  A bungalow along Cove Drive, fronting a lake in the revamped Tanjong golf course, has been sold for S$16.25 million or S$2,016 per square foot (psf) on land area of 8,060 sq ft.

Bullish bidding for Toh Tuck site
An overwhelming 24 bids were submitted for the tender of a residential plot in Toh Tuck Road, the Urban Redevelopment Authority (URA) announced on Tuesday.  This was the second highest number of bids submitted in a residential government land sales (GLS) tender since 2009, when the tender for a parcel in Westwood Avenue attracted 32 bids.

Bidders face more conditions than usual in Bidadari site tender
The tender for the first private home and retail site on offer to developers at the upcoming Bidadari housing estate is no ordinary one.  The tender document for the 2.54ha site, set to yield 825 homes as well as shops, comes with a raft of stipulations aimed at shaping the site into a landmark project.  It is envisioned as a “community in a garden” which is environmentally sustainable and car-lite.

Ideas wanted to bridge gaps along Kallang River
Cyclists travelling along the Kallang River now have to contend with several obstacles, including an 83-step climb up with their bicycles to an overhead pedestrian bridge across the Pan-Island Expressway (PIE), and a 47-step descent on the other side.  In the future, however, they could enjoy an uninterrupted journey from Ang Mo Kio to Gardens by the Bay, along Singapore’s longest river.


Companies’ Brief

Imperium Crown gets 3.05b yen offer for two Tokyo properties
Imperium Crown Limited said it has received letters of intent for the remaining two of its properties in Tokyo, Japan, for 3.05 billion yen (S$38.6 million).  These properties are Green Forest Itabashi, comprising a 1,221.67 sq m leasehold land and an 11-storey retail-cum-apartment building; and Hatchobori Place, a six-storey retail-cum-office building and 579.98 sq m land on which the building sits.

CityDev sells 81 out of 174 units at Gramercy Park
City Developments Ltd (CDL) said on Tuesday that it has sold 81 units of its Gramercy Park freehold condominium project – almost half of the 174 units available.  The average pricing of units in Phase 2 of sales, soft launched about two weeks ago, has risen to about S$2,800 per square foot, up from over S$2,600 psf in Phase 1.

Yamaha sets up facility in Ascendas’ Chennai township
Ascendas-Singbridge project Onehub Chennai has drawn leading musical instrument maker Yamaha to set up a new 11 hectare factory in the 858 ha integrated industrial township.  The new factory, which is scheduled to go into operation in January 2019, will produce portable keyboards and acoustic guitars as well as other professional audio equipment.

Ascendas India Trust completes acquisition of IT building in Hyderabad
Ascendas India Trust (a-iTrust) has completed the acquisition of a multi-tenanted IT building in Hyderabad, India, on Tuesday, said its trustee manager Ascendas Property Fund Trustee.  a-iTrust entered into an amended share purchase agreement with the vendor, Phoenix Infocity, to acquire aVance 4 for an aggregate consideration, which includes the deferred component, of some 1.94 billion Indian rupees (S$42.2 million).

Oxley joint venture to acquire two Cyprus incorporated firms
Oxley Holdings Limited announced on Tuesday that the group’s 50 per cent-owned joint venture company has entered into a sale and purchase agreement to acquire the entire issued share capital each of Flitous Properties Limited and Jemina Properties Limited from Bank of Cyprus Public Company Limited.

Manulife Real Estate buys S’pore office building for US$526m
Manulife Real Estate, the global real estate arm of Manulife Financial Corp, said on Tuesday it acquired 8 Cross Street, a 28-storey office tower in Singapore, for US$526 million.  The 355,000-square foot property, located in the Central Business District, will house Manulife Singapore’s operations.  The deal is Manulife Real Estate’s first property acquisition in the Republic and the second largest in its global portfolio to date, the company said.


Views, Reviews & Forum 

Will you still love your HDB flat when it’s over 64?
In the natural order of things, depreciation sets in as the lease on a property decays over time – meaning as the asset ages, its value should fall in tandem.  Housing Board (HDB) flats which are mostly sold on 99-year leases, however, appear to defy this logic – at least for now – supported by healthy home demand and the growing economy.  Values of older flats in mature estates remain resilient, with some choice units fetching high prices.

Make room for seniors in town planning
Current population statistics show that one in eight Singaporeans is aged 65 years or older. In 12 years’ time, this figure is going to change to one in four.  Plans to accommodate this growing group would require a shift in thinking in many areas of society.  For instance, the Government has announced large-scale housing development plans for areas such as Bidadari, Punggol, Tengah, Paya Lebar and Jurong Lake District.


Global Economy & Global Real Estate

Yellen signals Fed shifting focus to sustaining growth

San Francisco Skyline Reshaped by Tallest Office Building on the West Coast

UK retail sales drop most since 2011 as inflation bites

Chinese cities restrict home sales by buyers to fight speculation

China seen allowing further yuan declines as trade tensions ease

China’s March Consumer Prices Rise 0.9% on Year, Less Than Estimated

Hong Kong slaps property tax to close loophole

HK developers dance around govt’s attempts to curb soaring home prices

Malaysia February factory output up 4.7%, below forecast

Skyscraper Rents Surge in Sydney, Slump in Singapore: Chart


Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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