The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 10th, 11th & 12th November 2018

Top Stories

Big test awaits 4G leaders as next GE nears
There is still quite some time to go until the next general election (GE) in Singapore, but it’s safe to say the wheels are already in motion for the big day as the country gears up for only its third leadership transition since independence.

PM succession still a three-horse race, say analysts after PAP CEC election
There are still three front-runners to become Singapore’s next Prime Minister, political analysts said on Sunday (Nov 11), following the People’s Action Party (PAP) Central Executive Committee (CEC) election. Education Minister Ong Ye Kung, Finance Minister Heng Swee Keat and Trade and Industry Minister Chan Chun Sing – widely regarded as potential successors to Prime Minister Lee Hsien Loong – were all voted into the CEC, the party’s highest decision-making body, on Sunday.

DPMs Tharman, Teo Chee Hean and 3 senior PAP members step down from Central Executive Committee
Five senior members of the People’s Action Party (PAP) stepped down from its Central Executive Committee (CEC), party secretary-general Lee Hsien Loong announced on Sunday (Nov 11). They are: Transport Minister Khaw Boon Wan, Deputy Prime Ministers Teo Chee Hean and Tharman Shanmugaratnam, as well as Dr Yaacob Ibrahim and Mr Lim Swee Say.

PAP only has two years left to prepare for next GE: Lee Hsien Loong
The People’s Action Party (PAP) has only two years left to prepare for the next General Election (GE), Prime Minister Lee Hsien Loong said on Sunday (Nov 11), in a possible hint about when the next GE would be. In his Mandarin speech at the party’s awards and conference, Mr Lee said the PAP did exceptionally well in the last GE, but it can neither rest on its laurels nor take people’s support for granted.

Asean has achieved much this year: Vivian
As Singapore gets ready to host its final key event as Asean chairman this week, Foreign Minister Vivian Balakrishnan said the grouping has achieved far more this year than he had dared to anticipate. It has made headway not just in integrating the region’s economies, but also in upholding a multilateral rules-based order and tapping digital technology to prepare its people for the future – in line with the themes of innovation and resilience that the Republic had identified for its chairmanship year, he said in an update to Singapore media last Friday.

Asean Summit will see region’s leaders discuss ways to take grouping forward
Singapore will be in the spotlight as leaders of all 10 Asean members gather for the 33rd Asean Summit and several related meetings at the Suntec Singapore Convention Centre next week. The summits, which mark the final milestone of Singapore’s chairmanship of Asean, will be chaired by Prime Minister Lee Hsien Loong.

Four leaders to make state and official visits to S’pore next week
Russian President Vladimir Putin, Malaysian Prime Minister Mahathir Mohamad, Chinese Premier Li Keqiang and United States Vice-President Mike Pence will be making separate state and official visits to Singapore in the coming week.


Singapore Economy

Singapore can achieve steady, sustained growth: PM
Singapore’s economy must continue to grow, and that is why the government is pressing on with its economic transformation plans, said Prime Minister Lee Hsien Loong on Sunday. Speaking at the biennial People’s Action Party conference at the Singapore Expo, he pointed out that there are already some early successes, and “companies big and small are restructuring themselves, embracing technology and training workers”.

Tourist spending down 1.7% in Q2, despite 8% increase in visitor arrivals: STB
Overall tourism spending in the second quarter of this year declined 1.7 per cent to S$6.6 billion, compared to the same period last year. This was despite some 4.6 million visitors arriving in Singapore between April and June this year, an 8 per cent increase on the same period last year, the Singapore Tourism Board (STB) revealed in its quarterly report on Friday.

Governments and businesses must build a sense of stewardship in people: Chan Chun Sing
To be a force for good, businesses and governments must work together to imbue a sense of stewardship in people, said Minister for Trade and Industry Chan Chun Sing on Saturday (Nov 10). But he acknowledged that this was not going to be easy.


Singapore Real Estate

100 units of The Woodleigh Residences released for sale
The Woodleigh Residences sold 60 per cent of the 50 units released for sale during the soft launch, which prompted joint developers Kajima Development and Singapore Press Holdings to release another 50 units. Units sold over the weekend achieved an average of above S$2,000 per square foot.

Naumi Hotels expands portfolio with acquisition of two hotels in Wellington
Singapore-based hospitality group Naumi Hotels is expanding its footprint in the region with the acquisition of two hotels in Wellington, New Zealand. The Comfort Hotel Wellington and Quality Hotel Wellington, which are both located in the city centre, will boost the hotel owner-operator’s portfolio by 177 rooms, up from the current 266 rooms.

SRX website, app offer service to help users switch electricity provider
Households can switch their electricity retailer online in just a few clicks with a new service launched on Friday by real-estate services provider SRX Property. The service is offered on its website and its mySG Home App.


Mandarin Gardens goes for new record by upping en bloc asking price to S$2.79 billion
Despite the cooling en bloc market, owners of Mandarin Gardens condominium have raised their asking price for the 99-year leasehold development in East Coast to S$2.79 billion — up from its original price of S$2.48 billion.


Companies’ Brief

Gearing up for growth in Asia-Pacific
Real estate services group Cushman & Wakefield is turning its focus to building its service lines in its existing markets as well as acquisitions to facilitate its growth across the Asia-Pacific. Its strategy is driven by key industry trends shaping the global commercial real estate industry. Clients – such as multi-national corporations (MNCs) – today are looking for firms that can provide services in major global markets as they outsource more of their commercial real estate, chief executive (Asia Pacific), Matthew Bouw, said. This helps to enhance efficiencies as well as cost-savings.

Oxley subsidiary sells 300-year lease on Ireland project for 106.5m euros
Oxley Holdings’ wholly-owned subsidiary, Oxley Docklands Quay One and National Asset North Quays DAC, has sold a 300-year lease on No 2 Dublin Landings in Ireland for 106.5 million euros (S$166.5 million). The purchaser is Landings 2 Propco SA RL.

Frasers Property’s full-year net profit rises 10% to S$759m
Fair-value gains, the timing of sales settlements of development projects in Singapore and Australia, and maiden contributions from the business parks in the United Kingdom lifted results for Frasers Property for its 2018 financial year.

Lippo Malls Indonesia Retail Trust’s DPU dips 43% in Q3
Lippo Malls Indonesia Retail Trust (LMIRT) has posted a distribution per unit (DPU) of 0.49 cent in the third quarter, down 43 per cent from the same period a year earlier, on the back of higher operating expenses and a weak rupiah.

Genting Singapore shares up 7% after posting 46% rise in Q3 profits
Shares of mainboard-listed Genting Singapore advanced during Friday’s trading session to close 7 per cent higher, or six Singapore cents, to S$0.95. The casino operator was the most heavily traded stock on the Singapore bourse, with some 90.5 million shares changing hands. The gain came on the back of positive third-quarter earnings posted on Thursday after the market close.

Trade tensions continue to depress Asian markets
Asian markets ended a choppy week lower on Friday, tracking US markets as relief over the outcome of the recent midterm elections faded, and investors turned their attention back to the Federal Reserve’s interest rate hikes and the ongoing trade war.

MAS, SGX leverage blockchain tech to settle tokenised assets
The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have developed Delivery versus Payment (DvP) capabilities to settle tokenised assets across different blockchain platforms.

Alibaba notches another sales record on Singles’ Day
Alibaba Group Holding Ltd logged 168.3 billion yuan (S$33.4 billion) in sales in 16 hours of its annual Singles’ Day extravaganza, setting a record as shoppers swarmed the e-commerce giant’s online bazaars.–day-tops-us-30-billion-but-growth-rate-plunges-10918310


Views, Reviews, Forum & Others

LTA announces changes to parking provisions from February 2019
Revisions to parking requirements for private and commercial developments will kick in from 1 Feb next year, which the Land Transport Authority (LTA) says would give developers greater flexibility in managing parking provisions.

Connected, inclusive and sustainable in the digital age
In an increasingly dynamic and technology-driven world, all governments face challenges and opportunities in deciding what investments and policies should be implemented today to encourage innovation while protecting its people and ultimately, developing the best possible societies for tomorrow.

Less than half in survey confident Singapore will be cashless soon
The majority of consumers in Singapore would like for the country to become a cashless society – but when it comes to actually seeing that vision materialise in the near future, consumer confidence remains low. A study by UnionPay International and Nielsen has revealed that although three in five respondents hope for Singapore to go cashless, less than half – or 42 per cent – are confident that a cashless society will emerge in the near future.

Changi Airport’s $323 million T1 upgrade 85% complete
New check-in counters, baggage belts, carpets and floor tiles are in place at Changi Airport’s Terminal 1, where renovation work is 85 per cent complete. Changi Airport Group (CAG) has provided an update on the $323 million upgrade, which began three years ago and is on course for completion by the middle of 2019.

Changi Airport to open new T1 carpark at Jewel on Nov 20
Travellers and visitors heading to Changi Airport Terminal 1 (T1) will finally have their own carpark, instead of having to park at T2 and hop onto the inter-terminal Skytrain. Four years after the old open-air carpark in front of T1 was removed to build Jewel – a 10-storey mainly commercial complex with five levels of basement parking – the airport is ready to partially open the carpark from Nov 20.

Choa Chu Kang Safra clubhouse to feature sheltered pool, aqua gym when it opens in 2022
A new Safra clubhouse to open in Choa Chu Kang in 2022 will offer a “fitness oasis” to more than 90,000 national servicemen (NSmen) and their families who live in north-western Singapore. Safra Choa Chu Kang will become the seventh such clubhouse here and the first to boast a sheltered pool and aqua gym.

Is the Singapore property market still a safe haven for investors?
With all the turmoil of a Trump presidency and Brexit, we wouldn’t be surprised if analysts eventually suggest hiding your money in a sock. In the aftermath of the last crisis years (2009 to 2013), the Singapore property market — particularly its luxury segment — was considered a safe haven investment destination and recorded huge price increases.

Sunseap to build offshore floating solar farm
Sunseap Group is developing one of the world’s largest offshore floating photovoltaic systems, to be located on the Straits of Johor north of Woodlands Waterfront Park – a site which the government’s Pro-Enterprise Panel (PEP) helped to identify.

Commentary: 4G exco’s first tasks – winning the ground, keeping PAP at the centre
Singapore’s past two transitions of political leadership were gradual and, as they turned out, fairly uneventful. Its current leaders are striving to ensure the next one is as smooth. But this is not a given, especially as it comes with two years to go – perhaps less – before a general election that will not be as easy for the party as in 2015, when it secured a strong 69.9 per cent vote share.

Commentary: The Marina Barrage, a dream 20 years in the making
The Marina Barrage has become an iconic landmark and a popular social space for many Singaporeans. Clean, green, open, free and accessible to all Singaporeans and visitors, built at a cost of S$226 million, this impressive infrastructure, with a breath-taking view of the sea, was completed only in four years in 2008.

Commentary: University professors must teach more, have industry experience
The rising tensions between research and teaching in universities, particularly those in the US, provide lessons for Singapore. One reason for rising tensions is the increasing complexity of the real world. We no longer live in a world in which mechanical engineers design cars and electrical engineers design computers; we live in a world of digital systems in which everything is becoming connected.


Global Economy & Global Real Estate

China’s producer inflation slows again in Oct as domestic demand ebbs

China unveils more funding support for private firms

Fed holds rates unchanged ahead of expected hike in December

EU nears deal for tougher screening of foreign investments

Returning Cubans boost island’s real estate market

HK Christians, rights groups oppose ‘irresponsible’ land plan

Study finds more than 50m homes lying vacant in China

Selling a penthouse to Amazon’s Jeff Bezos is a broker’s dream

UBS stakes claim on Manafort’s forfeited tower apartment

Luxury-loving Manhattan seniors will have a new West Side Tower

World’s Biggest Companies Plan to Get Down With WeWork Effect

Foreign Buying Jumps in China $1.4 Trillion Bad Debt Market


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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