The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 14th June 2019

Singapore Real Estate

Property prices at Sentosa Cove drop to record low, a unit just sold at 50% loss
Singapore — As prices of Sentosa Cove properties drop to a record low, a condominium unit at a development called Seascape on the resort island was recently sold at a 50 per cent loss.  The three-bedroom unit was sold for S$3.1 million on May 23, which is S$3.2 million below its original purchase price of S$6.27 million in 2010, based on information from the Urban Redevelopment Authority’s transaction database, Realis.


Singapore Economy

Retrenchments up in first quarter, led by manufacturing: MOM
Retrenchments in Singapore rose in the first quarter of the year, driven by manufacturing losses and hitting mainly production and related workers from electronics, said the Manpower Ministry (MOM) on Thursday.  The number of retrenched employees stood at 3,230, up from 2,510 in the previous quarter and also higher than a year ago, the ministry said in its latest labour market report. 


Companies’ Brief

Frasers Property, ESR acquire 4.7 hectare Australia site; secures Nissan as anchor tenant
Frasers Property said on Friday that its Australia division, along with joint venture partner ESR Australia, have acquired a 4.67 hectare site at 254 Wellington Road, Mulgrave, in Australia.  The 50-50 joint venture agreement sees property group Frasers Property securing the 245 Wellington Road site, while logistics real estate platform ESR undertakes the development, forecast to be completed by late 2025.

FCT preferential offering oversubscribed; EGM for Waterway Point acquisition set for June 28
Frasers Centrepoint Trust’s (FCT) S$67.7 million preferential offering has been subscribed by almost two times, the manager of the Singapore-based retail real estate investment trust (Reit) said on Wednesday night.  Valid acceptances and excess applications were received for 196.9 per cent of the total number of new units available under the preferential offering, as at the close of the offering on June 10.

FLT divests 50% interest in Queensland property for A$134.2m
The manager of Frasers Logistics & Industrial Trust (FLT) announced on Thursday that it is divesting 50 per cent of its ownership in the property at 99 Sandstone Place, Queensland, Australia for A$134.2 million (S$126.8 million) to an entity managed by DWS2, a global real estate investment manager.  The property, which is a cold storage distribution facility, is leased to Coles Group Ltd.

GIC, Polymer Connected to develop data centre campus in Jakarta
Singapore’s sovereign wealth fund GIC is partnering data centre provider Polymer Connected to develop a data centre campus in Jakarta, both firms announced in a joint statement on Thursday.   Polymer Connected has acquired the land to build the 1.8-hectare campus in West Jakarta. The campus, which is Polymer Connected’s first in Indonesia, will adopt a hyperscale model…

Swee Hong granted moratorium of 6 months
Construction company Swee Hong said on Thursday that the company’s application to the High Court to seek a moratorium was granted on Wednesday.  For a period of six months, no resolution can be passed for the winding up of the company and no proceedings can be commenced or continued against it, among other prohibitions.

Lippo Malls Indonesia Reit prices US$250m bond at 7.25%; issued below par
Lippo Malls Indonesia Retail Trust’s (LMIRT) wholly owned subsidiary, LMIRT Capital Pte Ltd, has priced its US$250 million five-year guaranteed senior notes at 7.25 per cent, to be issued below par.  This is the Asia-Pacific’s first US-dollar high-yield bond issued by a real estate investment trust (Reit), and is also LMIRT’s maiden US-dollar bond offering, the Indonesia-focused Reit’s manager said in a filing on Thursday.

Warburg Pincus-backed ESR shelves major HK IPO
Logistics real estate developer ESR Cayman Ltd on Thursday pulled what would have been the largest Hong Kong listing so far this year, according to two people with direct knowledge of the matter.  The company, backed by private equity firm Warburg Pincus LLC, had planned to raise between US$1.16 billion and US$1.24 billion.


Global Economy & Global Real Estate

Flat global growth for 2019, but no recession, says Aberdeen

China, Hong Kong homebuyers play cross-border musical chairs in Bay Area

HK postpones land tender amid extradition bill protests

Foreign investors wary of Thai economy

The race to revive Spain’s dying ‘ghost villages’


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

Scroll to Top