DAILY NEWS

Daily News – 14th May 2019

Singapore Real Estate

Freehold Parc Komo priced at average S$1,450 psf; public preview opens May 18
CEL Development, the property development division of Chip Eng Seng Corporation, on Monday unveiled Parc Komo, a freehold mixed development in Changi inspired by the Japanese concept komorebi which celebrates the blend between nature and order. This latest development by CEL has an average price of about S$1,450 per square foot (psf) and occupies a land area of about 202,000 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/freehold-parc-komo-priced-at-average-s1450-psf-public-preview-opens-may-18
https://www.straitstimes.com/business/property/japanese-inspired-parc-komo-unveiled

Condo design for Pearl Bank site unveiled
A beacon comprising two curved towers linked at the roof by sky bridges will replace the Pearl Bank Apartments landmark in Outram. Even as some members of the public come to terms with the loss of the 38-storey horseshoe-shaped block, the new design, with its “clear and simple form”, ensures the continuity of a distinct punctuator on Pearl’s Hill, said its architect, Dr Christopher Lee, in an interview with The Straits Times.
https://www.straitstimes.com/singapore/new-condo-will-be-beacon-on-pearls-hill
https://www.channelnewsasia.com/news/singapore/capitaland-unveils-design-for-one-pearl-bank-11530636

Companies’ Brief

Lendlease share price jumps on takeover talk
Shares of Lendlease Group jumped on Monday after a media report suggested it was a takeover target, but the construction firm said it had not received any “approach”. The Australian newspaper reported that a Japanese suitor was potentially looking to buy Lendlease.
https://www.businesstimes.com.sg/real-estate/lendlease-share-price-jumps-on-takeover-talk

Oxley posts Q3 net profit of S$66.1m on fair-value gains
Property developer Oxley on Monday posted a net profit of S$66.1 million in the third quarter, up 118 per cent from the same period a year earlier as fair-value gains offset a fall in revenue. The group expects to complete the sale of 30 Raffles Place (formerly known as Chevron House) for S$1.025 billion in the first quarter of 2020, and has recorded other gains of S$101.5 million in the third quarter…
https://www.businesstimes.com.sg/companies-markets/oxley-posts-q3-net-profit-of-s661m-on-fair-value-gains

Cromwell E-Reit DPU rises 6.3% for Q1
Cromwell European Real Estate Investment Trust’s (Cromwell E-Reit) distribution per unit (DPU) for the first quarter ended March 31 rose 6.3 per cent to 1.02 euro cents, from 0.96 euro cent a year ago. This beat its forecast by 5.2 per cent, the pan-European industrial and commercial Reit’s manager said on Monday.
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-dpu-rises-63-for-q1

Sasseur Reit posts Q1 DPU of 1.656 Singapore cents, beating forecast
Sasseur Reit on Monday posted a first-quarter distribution per unit (DPU) of 1.656 Singapore cents, 9.3 per cent higher than the projected DPU of 1.515 Singapore cents. For the three months ended March 31, distributable income was S$19.7 million, also 9.3 per cent above forecast.
https://www.businesstimes.com.sg/companies-markets/sasseur-reit-posts-q1-dpu-of-1656-singapore-cents-beating-forecast
https://www.straitstimes.com/business/companies-markets/cromwell-e-reit-posts-63-higher-dpu-to-102-euro-cents-for-q1

APAC Realty Q1 net profit slides 70% to S$1.78m on lower transaction volume
APAC Realty’s net profit for the first quarter ended March 31 sank 70 per cent year-on-year to S$1.78 million on the back of lower transaction volume following the cooling measures in July last year. Revenue fell 26.4 per cent to S$77.41 million owing to lower brokerage income from resale and rental of properties and a decrease in brokerage income from new home sales. Earnings per share was 0.49 Singapore cent, down from 1.67 cents a year ago.
https://www.businesstimes.com.sg/companies-markets/apac-realty-q1-net-profit-slides-70-to-s178m-on-lower-transaction-volume

Fragrance in the red with S$3.7m Q1 loss
Fragrance Group has been hit by a sharp drop in revenue for the first quarter following the recent completion of a major Singapore project, with the property company flagging the possibility of posting “negative results” in the quarters ahead. For the three months ended March 31, Fragrance reported a net loss of S$3.7 million, reversing from a profit of S$8.5 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/fragrance-in-the-red-with-s37m-q1-loss

GSH Corp Q1 net profit dives 70.3% on higher cost of sales, finance expenses
Net profit for GSH Corporation dived 70.3 per cent to S$329,000 for the first quarter ended March 31, down from S$1.1 million a year ago, the property developer reported in a Singapore Exchange (SGX) filing on Monday. The decline came on the back of higher cost of sales, up 17.6 per cent year-on-year, as well as higher finance expenses, which rose 28.2 per cent or S$1.2 million to S$5.5 million.
https://www.businesstimes.com.sg/companies-markets/gsh-corp-q1-net-profit-dives-703-on-higher-cost-of-sales-finance-expenses

Views, Reviews, Forum & Others

The Big Read: Run-down but not out — old iconic shopping centres find a way into Singaporeans’ hearts
Singapore: When the school bell rang, there was one place that then 13-year-old Wang Yiming looked forward to going, and it was not home. It was Queensway Shopping Centre. Just a short five-minute bus ride away from her old River Valley High School campus at Malan Road, the octagonal mall was the ultimate hangout spot for the lower secondary school student and her friends.
https://www.channelnewsasia.com/news/singapore/queensway-bras-brasah-peninsula-plaza-old-icon-shopping-centres-11528068