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 October 2018

Singapore Economy

Singapore, Indonesia commit to deepen trade, investment links
Singapore and Indonesia have accomplished much together in the last few years and can do much more together for the long-term benefit of their people, Prime Minister Lee Hsien Loong said on Thursday, as he and President Joko Widodo announced several new initiatives to take the relationship forward.

Singapore, Indonesia plan US$10b stability package
A US$10 billion bilateral financial arrangement between Indonesia and Singapore will boost confidence amid global liquidity risks and volatile markets, say economists. On Thursday the two countries said they were working on a US$10 billion bilateral financial arrangement that supports monetary and financial stability.

MAS to strengthen Singdollar at faster pace; expects economic growth to moderate in 2019
The Monetary Authority of Singapore (MAS) is slightly increasing the pace of the Singapore dollar’s appreciation in keeping with a “modest and gradual appreciation path … that will ensure medium-term price stability”, marking the central bank’s second consecutive tightening at its half-yearly monetary policy review.

Singapore Q3 GDP growth slows less than expected to 2.6% as manufacturing moderates
Singapore’s economic growth grew at a slower pace of 2.6 per cent year on year in the third quarter of 2018 compared to the 4.1 per cent expansion seen in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry on Friday morning.


Singapore Real Estate

S$105.3m Nassim deal is highest for GCBs
In what is believed to be the biggest transaction in absolute price terms in a Good Class Bungalow (GCB) Area, a two-storey bungalow in Nassim Road near the Botanic Gardens was transacted earlier this year for S$105.3 million. This works out to S$2,477 per square foot on the freehold land area of 42,515 sq ft in the plush locale.

MAS watching property market after curbs
Singapore’s central bank is keeping a close eye on the property market after the city-state took a “decisive set of measures” three months ago to cool things down. “It’s too early to tell what the implications from the last round of tightening measures are,” Ravi Menon, managing director at the Monetary Authority of Singapore, said in an interview Tuesday.

En bloc sales in Singapore cool after July property curbs
Singapore residential-property investment sales have fallen after the latest round of housing curbs put the brakes on en bloc redevelopment deals. Just two redevelopment sales worth S$353 million were completed in the third quarter, down from S$3.8 billion of transactions the previous quarter, according to data compiled by Cushman & Wakefield.

Jewel Changi Airport’s retail space nearly 90% taken up ahead of March 2019 opening
Almost 90 per cent of retail space at Jewel Changi Airport has been taken up ahead of its expected launch next March, it was disclosed on Thursday. About a quarter of the stores at the retail and lifestyle complex will be flagship stores and brands which are new to Singapore, according to Jewel’s head of leasing Ms Tang Mui Neo.

First phase of Lornie Highway, also known as Bukit Brown Road, to open on Oct 28
After repeated delays, the first phase of the Lornie Highway – previously known as the Bukit Brown Road – will open on Oct 28. The southbound section of the road, which runs parallel to Lornie Road, will facilitate traffic flow from Thomson towards the Pan-Island Expressway as well as Adam and Farrer roads.

New space to live and learn for SMU students in the heart of the city
Singapore Management University (SMU) undergraduates have a new space to call home on campus – the Prinsep Street Residences (PSR). The 5,000 sq m living facility in the heart of the city has housed 255 students since August, after undergoing a $10 million facelift.

Bukit Panjang Community Club launches exhibition to promote green living
Bukit Panjang Community Club (CC) is ramping up its green efforts by launching a free permanent exhibition explaining the importance of sustainability. Issues such as energy and water efficiency in buildings, biodiversity in urban landscapes, reducing food waste, active recycling and selecting eco-friendly products are showcased at the display which was unveiled on Thursday (Oct 11) by Dr Teo Ho Pin, Mayor of North West District.


Companies’ Brief

SPH Reit’s Q4FY18 DPU edges up 0.7 per cent
SPH Reit declared a distribution per unit (DPU) of 1.43 Singapore cents for the fourth quarter ended Aug 31, 2018, 0.7 per cent higher from 1.42 Singapore cents a year ago.Net property income fell 1.9 per cent to S$40.98 million as property operating expense rose at a faster pace than gross revenue. Gross revenue edged up 0.2 per cent to S$52.96 million on the back of higher rental income from The Clementi Mall and two months’ contribution from The Rail Mall, which was acquired in June this year.

Sasseur Reit loses PE firm L Catterton Asia as substantial unitholder
Private equity firm L Catterton Asia is no longer a substantial unitholder of Sasseur real estate investment trust (Reit), after it sold part of its stake in the Reit’s sponsor, Sasseur Cayman Holding. Its deemed stake was cut from 58.86 per cent to 1.36 per cent, a regulatory filing late on Thursday showed.

SingHaiyi’s Celine Tang becomes Chip Eng Seng chairman
Singhaiyi Group managing director Celine Tang is now also construction company Chip Eng Seng Corp’s new chairman, after becoming its largest shareholder on Oct 5. Mrs Tang, who also goes by Chen Huaidan, was named to the post on Thursday, said a filing on the Singapore Exchange (SGX) website. She was also appointed non-executive, non-independent director.

Keppel Data Centres signs pact with three Chinese technology firms on building better centres
The data centre arm of government-linked conglomerate Keppel Corp has tied up with three Chinese technology firms to develop more efficient and robust data centres. Keppel Data Centres Holding’s cooperation agreement with tech giant Huawei, data centre equipment maker Xiangjiang Science & Technology, and data centre operator Cloud Engine (Beijing) Network Technology will see the partners working together to develop, operate and maintain high-availability data centres in China and elsewhere, according to an announcement on Thursday.



Dealing with data in a Smart Nation
As Singapore moves rapidly towards the goal of a Smart Nation where we, or rather our data sets, are plugged in, always connected and organised by artificial intelligence, it’s time to stop and ask: Is our data safe, and are we safe from our data?

ABB’s new innovation centre co-develops solutions with clients
Firms seeking better ways to run their plants or facilities can try out ABB’s latest offerings and get solutions tailored to their needs at the industrial technology firm’s new Customer Innovation Center in its Ayer Rajah main office, officially opened on Thursday.

Singapore tops World Bank human capital study
Singapore got its top-of-the-world healthcare and education systems because its leaders took the necessary steps to develop them and not because the country was filled with crazy rich Asians. World Bank president Kim Jim Yong made the comment on Thursday at the Human Capital Summit, referencing the popular novel and movie to make a point about how world leaders have to invest more in healthcare and education in their countries.

Singapore will update climate projections no earlier than 2021: MEWR
To do more to limit global warming, Singapore can reduce the use of natural gas for its energy needs, boost the efficiency of buildings and transportation, and share environmental solutions with counterparts in South-east Asia, experts in the field said.

Asean leaders vow to uphold multilateralism, international cooperation
Asean remains committed to upholding the open and rules-based multilateral trading system that has long underpinned the region’s economic growth, and will work together to ensure that no one is left behind in the march for progress, its leaders vowed yesterday.

Asean and India: Fundamentals shielding region from turmoil
Emerging markets are back in the spotlight as their financial systems deal with the convergence of several negative global events. Stock markets and currencies have fallen across the developing world, confronted by a resurgent US dollar alongside escalation in the US-China trade war and as central banks in developed countries begin to unwind years of quantitative easing that fuelled a recovery in global growth since the Global Financial Crisis.

Four Asean nations to lift barriers to cross-border investment advisory
South-east Asian financial regulators have agreed to allow cross-border investment advisory services and to set standards for social and sustainability bonds, according to announcements from the Asean Capital Markets Forum (ACMF) in Singapore.

Climate catastrophe warnings greeted with global silence
Nero, the Roman emperor renowned for debauchery and extravagance, is said to have fiddled while Rome burnt. Fast forward a couple of millennia, and little seems to have changed.

Sears fails to pay vendors amid bankruptcy concerns
Sears Holdings has started to miss payments to vendors, adding to concerns about its future after sources said on Wednesday that the American department store operator was preparing to file for bankruptcy in the coming days.


Global Economy & Global Real Estate

IMF to launch financial assistance talks with Pakistan: Lagarde

IMF warns against trade and currency wars; urges fix to global rules

Wall Street roils Asian markets but bears stay away for now
A brutal sell-off in the US overnight sparked a bloodbath in Asian markets on Thursday, with heavy losses of up to 5 per cent in some bourses. But despite the steep selldown, most analysts do not see the start of a bear trend, adding that such volatile swings are typical at this stage of a bull market. Their view was shared by global finance chiefs, with many describing the retreat as a long-awaited correction.

US core inflation below estimates as used-car costs, housing rentals fall

Indonesia sees stresses as beneficial to spur reforms

South Korea employment bounces back as jobless rate falls, more jobs created

China brokerage slump may extend as retail investors flee

Online shopping surge helps lift Ikea’s full-year sales

FamilyMart inks 212b yen Don Quijote deal in race for growth

HK billionaire plans revamp of Goldman’s London HQ

Rentals for condominiums in Toronto reach new record

Turkish billionaire seeks buyers for luxury hotels in southern Europe

UK surveyors see weakest residential price outlook since Brexit vote

Normandy Real Estate Raising Fund to Invest in Poor Areas

Bankers Are Worried About Sky-High Commercial Real Estate Prices

Juicy Real Estate Tax Break Suffers Big Blow After IRS Proposal


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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