DAILY NEWS

Daily News – 12 Nov 2019

Singapore Real Estate

Oei Tiong Ham Park GCB put up for auction with S$23m guide price
A good class bungalow (GCB) located at Oei Tiong Ham Park – a designated GCB area – is up for sale via auction with a S$23 million guide price. The District 10 freehold property has a land size of 15,216 square feet (sq ft) and floor size of 6,000 sq ft, which works out to a price of S$1,511.57 per square foot.
https://www.businesstimes.com.sg/real-estate/oei-tiong-ham-park-gcb-put-up-for-auction-with-s23m-guide-price

Companies’ Brief

Mapletree Commercial Trust’s preferential offering 1.45 times subscribed
Mapletree Commercial Trust (MCT) has raised S$460.5 million in gross proceeds from its preferential offering, which was 1.45 times subscribed, it said on Monday night. Some 205.6 million new units will be issued on the basis of 71 new units for every 1,000 existing units in MCT. The issue price for the new units is S$2.24 apiece. They will begin trading on the main board of the Singapore Exchange with effect from…
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trusts-preferential-offering-145-times-subscribed

Is the long-standing Wee-Gokongwei rivalry over UIC set to soften?
The state of play over Singapore-listed United Industrial Corp (UIC), the biggest office landlord in the city state long embroiled in a tug-of-war between two of South-east Asia’s wealthiest families – Singapore’s Wee and the Philippines’ Gokongwei – could shift gear with the recent passing of billionaire John Gokongwei. At least, that’s what the market may be indicating.
https://www.businesstimes.com.sg/companies-markets/is-the-long-standing-wee-gokongwei-rivalry-over-uic-set-to-soften

Singhaiyi pares stake in Cromwell Property Group for a profit
Mainboard-listed real estate group SingHaiyi sold some three million stapled securities of Australia-listed Cromwell Property Group on Monday for A$3.96 million (S$3.7 million), or A$1.2935 apiece. The sale books a profit for SingHaiyi, which subscribed for 61 million Cromwell securities in Dec 2017 for A$0.9691 apiece.
https://www.businesstimes.com.sg/companies-markets/singhaiyi-pares-stake-in-cromwell%C2%A0property-group-for-a-profit

United Engineers Q3 profit lifted by S$65.2 million net revaluation gain
Revaluation gains from four investment properties lifted United Engineers’ (UE) net profit to S$84.8 million in the third quarter, up from S$7.7 million in the same period a year earlier. Excluding the net revaluation gain of S$65.2 million, net profit would have been S$19.6 million, an increase of 156 per cent from the same period a year earlier.
https://www.businesstimes.com.sg/companies-markets/united-engineers-q3-profit-lifted-by-s652-million-net-revaluation-gain

28 KAP Mall shop owners suing Oxley unit for misrepresentation
A group of 28 shop owners who bought 19 units at the freehold strata KAP Mall has banded together to sue the developer Oxley Sanctuary, a subsidiary of Oxley Holdings, for alleged misrepresentation. The defendant denies the allegations and has named KAP’s exclusive marketing and sales agent Huttons Asia as a third party in the lawsuit.
https://www.businesstimes.com.sg/companies-markets/28-kap-mall-shop-owners-suing-oxley-unit-for-misrepresentation

KSH Q2 net profit more than triples to S$6m
KSH Holdings’ Q2 net profit more than tripled to S$6 million on a surge in revenue from its construction business, the construction, property development and property management group said on Monday. Total revenue for the quarter ended Sept 30 was S$58.8 million, up 66.9 per cent from S$35.2 million a year ago. This was attributed to an increase in revenue from the construction business, the group’s main revenue…
https://www.businesstimes.com.sg/companies-markets/ksh-q2-net-profit-more-than-triples-to-s6m

GSH Q3 profit triples on contributions from KL project
Net profit for GSH Corporation more than tripled in the third quarter ended Sept 30, the property developer said on Monday. This came on the back of contributions from its maiden project in Kuala Lumpur, it said.
https://www.businesstimes.com.sg/companies-markets/gsh-q3-profit-triples-on-contributions-from-kl-project

Rich Capital JV being sued by main contractor in Batam
A joint-venture vehicle linked to Rich Capital is being sued by the main contractor of its Oxley Convention City project in Batam, Indonesia. The contractor, Rich-Link Konstruksi (RLK), commenced a lawsuit against Oxley Karya Indo Batam (OKIB), Indonesian joint venture partner Karya Indo Batam (KIB) and BPN Kota Batam in the Batam District Court on Oct 29, Rich Capital said on Monday night.
https://www.businesstimes.com.sg/companies-markets/rich-capital-jv-being-sued-by-main-contractor-in-batam

Datapulse appoints ICP unit to manage Seoul hotel
Mainboard-listed Datapulse Technology has appointed ICP unit Travelodge Hotels Asia (TLA) to manage Hotel Aropa in Seoul, South Korea. This was after its audit committee (AC) deemed the hotel management agreements entered with Travelodge Hotels Asia (TLA) to be on normal commercial terms and not prejudicial to the interests of the company and its minority shareholders.
https://www.businesstimes.com.sg/companies-markets/datapulse-appoints-icp-unit-to-manage-seoul-hotel

Queen Mary repair costs: EHT says ‘premature’ for independent review of estimates
Eagle Hospitality Trust (EHT) on Sunday night said it is still “premature” to appoint its own expert to se-parately evaluate the costs of the maintenance of the Queen Mary floating hotel at this stage. Its sponsor Urban Commons (UC) had estimated that repair works at the retired cruise ship will cost US$5-7 million, according to UC’s proposal to the City of Long Beach in California, where the Queen Mary is docked.
https://www.businesstimes.com.sg/companies-markets/queen-mary-repair-costs-eht-says-premature-for-independent-review-of-estimates