Singapore Real Estate
Avenir sells 20 units on first day of its launch
Hong Leong Holdings Ltd (HLHL) said it moved 20 units of its joint venture “ultra-luxe” condominium project, The Avenir, at an average selling price of S$2,960 to $3,560 per square foot (psf) on the first day of its launch on Saturday. Only 40 units were released during its weekend launch. Seven out of the 20 units sold were premium apartments, said HLHL in a press release on Sunday.
Koh Brothers to sell condo units in Van Holland to CEO’s children
Two family members of Koh Brothers Group’s executives will each buy a unit in the company’s upcoming freehold residential development Van Holland. The mainboard-listed developer said on Saturday afternoon that its wholly-owned subsidiary, KBD Holland, had granted siblings Benjamin Koh Yong Jun and Rachel Koh Han Ling the option to purchase the apartments, both on the third storey of Block 188.
760,000 CPF members to get premium rebates from Home Protection Scheme
[Singapore] About 760,000 Central Provident Fund (CPF) members will get premium rebates worth S$640 million from the Home Protection Scheme, the CPF Board said on Friday. This comes after the scheme’s investment returns did better than expected. The scheme also experienced lower than projected claims.
Many Reits weighing option of semi-annual reporting
Real estate investment trusts (Reits) that issue dividends every quarter are in talks with investors about how semi-annual reporting could affect dividend payouts, The Straits Times understands. Many of the 43 Reits listed in Singapore report earnings and issue dividends every quarter. But an increasing number, especially those with many properties overseas, have moved to semi-annual reporting and payouts.
Retail sales fall for 10th straight month
Even huge shopping events like Singles’ Day and Black Friday that had consumers shelling out left, right, and centre failed to lift retail sales in Singapore last November – the 10th straight month of decline. Takings at the till fell 4 per cent compared with the same month in 2018 and largely in line with the 4.1 per cent decline predicted by analysts polled by Bloomberg.
Retail sales not all sparkling at Jewel Changi Airport despite the crowds
Jewel Changi Airport may often be crowded but this has not translated into strong sales for all tenants. Nine months after the opening of the 10-storey development, which boasts more than 280 shops and food and beverage outlets, some retailers say business has been slow.
SPH Reit raises unit distribution for Q1
SPH Reit, which has retail assets in Singapore and Australia under its belt, reported a 3 per cent improvement in distribution per unit (DPU) to 1.38 Singapore cents in the first quarter from 1.34 cents a year earlier, led by steady performance across its commercial properties. The Singapore-based Reit’s gross revenue for the three months to Nov 30 came in nearly 12 per cent higher at S$60 million versus S$54…
AA Reit completes Tuas redevelopment project; costs S$3m less than estimated
Aims Apac Reit (AA Reit) on Monday said it has completed a redevelopment project at 3 Tuas Avenue 2, and received a Temporary Occupation Permit (TOP) for the property on Jan 10. The estimated project developments costs, including land cost and other transaction costs of S$45.2 million, is also S$3 million lower than the initial estimate, AA Reit said.
First Reit studies options after road subsistence causes ‘serious impact’
The manager of First Reit on Friday updated that the road subsistence that took place in 2018 along Gubeng Highway, Surabaya, close to Siloam Hospitals Surabaya, has had “a serious impact” on the development works on the adjacent land that the real estate investment trust (Reit) had sold to Lippo Karawaci to build a new hospital. The works are no longer progressing on the proposed timetable, and are on hold pending the outcome of investigations by the Indonesian authorities.
Pan Hong signs 150m yuan revolving loan facility with Chinese firm
Property developer Pan Hong Holdings Group on Friday said that its subsidiary in China has signed a 150 million yuan (S$29.2 million) revolving loan facility agreement with borrower, Hangzhou Ganglian Real Estate, a unit of Sino Harbour Holdings. Pan Hong executive chairman Wong Lam Ping has a direct and deemed 48.25 per cent stake in Sino Harbour, and 64.11 per cent direct and deemed stake in Pan Hong.
Astaka explains why its shares should not be suspended
The board of Catalist-listed property developer Astaka Holdings on Friday said that it is of the opinion that the company’s securities should not be suspended, because it “believes the group has the ability to continue as a going concern”. This was despite the fact that its audited financial statements for the fiscal year ended June 30, 2019 showed the group incurring a net loss of RM113.7 million (S$37.5 million).
Views, Reviews, Forum & Others
Signs show office market heading towards inflection point
The Singapore economy grew by 0.8 per cent year-on-year in the fourth quarter of last year, with full-year gross domestic product growth coming in at 0.7 per cent, according to advance estimates. Despite the subdued growth, employment in the office sector rose by 11,100 in the third quarter, a significant increase from the 6,000 added in the preceding quarter.
More trees, plants at over 80 new HDB estates
HDB flat dwellers in many new estates can look forward to more green spaces. The Housing and Development Board is ramping up efforts to provide more integrated foliage and greenery as part of efforts to create a liveable and sustainable environment for residents.
Building a future kampung spirit
Feedback from people aged 17 to 35 has contributed three key themes to a new masterplan to transform Somerset into a youth-oriented area: urban culture, adaptable architecture and future-ready. These themes, distilled from suggestions through feedback sessions and a two-month-long online poll, indicate that the young are brimming with bright ideas for the area surrounding Somerset MRT station.
Global Economy & Global Real Estate
Job growth slows in Dec; unemployment rate steady at 3.5%
California governor seeks US$1.4b to tackle state’s worsening homelessness
Emerging-market assets are making a comeback from trade-war hell
Chinese tycoon in record £210m deal for London mansion
Hong Kong property scion says social housing a top priority
HK’s Festival Walk mall may reopen on Jan 16: MNACT manager
India blows up luxury high-rises over environmental violations
Lifeline from India’s biggest bank offers beaten builders hope
Ikea enters Britain’s shopping mall market with London purchase
Buenos Aires authorities push ahead with bold slum renewal
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