DAILY NEWS

Daily News – 14th Aug 2019

Singapore Real Estate

Braddell View mega site relaunched for en bloc sale at same reserve price of S$2.08b
Singapore’s largest private residential site – Braddell View estate – has been relaunched for collective sale by tender, with the owners’ reserve price remaining unchanged at an eye-grabbing S$2.08 billion. Owners of the residential units stand to receive between S$2.04 million and S$4.03 million each if the sale succeeds, marketing agent Colliers International said on Tuesday. Apartments range in size from 1,453…
https://www.businesstimes.com.sg/real-estate/braddell-view-mega-site-relaunched-for-en-bloc-sale-at-same-reserve-price-of-s208b-0
https://www.straitstimes.com/business/property/braddell-view-in-fresh-collective-sale-effort
https://www.channelnewsasia.com/news/singapore/braddell-view-en-bloc-second-attempt-same-reserve-price-11805050
https://www.todayonline.com/singapore/braddell-view-launches-another-en-bloc-bid-barely-3-months-after-failed-attempt

White House Park GCB for sale, could fetch S$75m-S$80m
A freehold good class bungalow (GCB) at White House Park – in District 10 in Bukit Timah – is up for sale by tender, with the marketing agent expecting offers in the S$75 million to S$80 million range. The two-storey property sits on a land area of 35,290 square feet, and has a frontage of 54 metres onto White House Park. The plot allows for a single mansion or it can be sub-divided into two GCB parcels.
https://www.businesstimes.com.sg/real-estate/white-house-park-gcb-for-sale-could-fetch-s75m-s80m

Singapore Economy

Growth downgrades, heightened risks and the stimulus question
As Singapore further slashed its official growth forecast on Tuesday, the question of economic stimulus moves loomed large. Not time yet, argued some. Targeted measures needed soon, said others. But where there is no disagreement is that it will be a challenging period for the Republic ahead.
https://www.businesstimes.com.sg/government-economy/growth-downgrades-heightened-risks-and-the-stimulus-question
https://www.straitstimes.com/business/economy/spore-slashes-growth-forecast-exports-tumble
https://www.channelnewsasia.com/news/singapore/singapore-slashes-annual-gdp-forecast-to-0-1-amid-strong-11803990
https://www.todayonline.com/singapore/singapore-slashes-2019-gdp-growth-forecast-after-sharp-q2-contraction

Construction looks to turn corner with slower 4.6% Q2 decline
The tide may be turning for the ailing construction sector, which has been a persistent drag on growth, a government economist has said. Construction shrank by 4.6 per cent year on year in the second quarter, with the decline easing from 5.2 per cent in the quarter before, according to figures from the Ministry of Trade and Industry (MTI) on Monday.
https://www.businesstimes.com.sg/government-economy/construction-looks-to-turn-corner-with-slower-46-q2-decline

MAS chief economist rules out off-cycle Singdollar tweaks
Singapore’s central bank will not make an unscheduled change to monetary policy, despite a fresh economic downgrade, chief economist Edward Robinson told reporters on Tuesday. His comments come amid market watchers’ growing confidence of easing at the mid-October policy meeting, with some also hoping for fiscal stimulus and more active market intervention.
https://www.businesstimes.com.sg/government-economy/mas-chief-economist-rules-out-off-cycle-singdollar-tweaks
https://www.straitstimes.com/business/economy/mas-rules-out-off-cycle-monetary-policy-review
https://www.channelnewsasia.com/news/singapore/mas-sgd-not-considering-off-cycle-monetary-policy-review-11804286

Companies’ Brief

OUE Q2 net profit soars on gain from divestment of stakes
Property developer OUE Limited on Tuesday posted a ballooning in net profit to S$60.9 million for its second quarter ended June 30. This was more than 10 times the S$5.3 million that it reaped a year ago. This was mainly due to a one-off S$136.6 million gain on disposal of Aquamarina Hotel, which owns Marina Mandarin Singapore.
https://www.businesstimes.com.sg/companies-markets/oue-q2-net-profit-soars-on-gain-from-divestment-of-stakes

New properties, higher occupancy boost Centurion’s Q2 earnings
Worker dormitory and student accommodation company Centurion Corporation on Tuesday posted a 4 per cent increase in net profit to S$10.2 million for its second quarter ended June 30, on the back of an 8 per cent increase in revenue to S$32.9 million. The higher revenue was mainly due to contribution from the group’s newly added properties such as dwell East End Adelaide in Australia and dwell Princess Street…
https://www.businesstimes.com.sg/companies-markets/new-properties-higher-occupancy-boost-centurions-q2-earnings

PropNex’s Q2 net profit slips 12% on lower commission income, higher staff costs
Real estate agency PropNex saw its bottom line shrink in its fiscal second quarter, as it took in lower commission income while bearing higher staff costs and depreciation expenses. But the group said that the primary private property market is recovering strongly, since fresh cooling measures were introduced in July last year. PropNex reported on Tuesday that its revenue for the three months ended June 30 fell 24…
https://www.businesstimes.com.sg/companies-markets/propnexs-q2-net-profit-slips-12-on-lower-commission-income-higher-staff-costs

Yanlord Land Q2 net profit tumbles 41% to 865.3m yuan
China-based property developer Yanlord Land on Tuesday said net profit narrowed another quarter, with second-quarter earnings of 865.3 million yuan (S$170 million), down 41 per cent from the same period a year ago. Revenue for the quarter ended June 30 fell 58 per cent to 4.1 billion yuan, due to the decrease in gross floor area delivered, in line with the group’s delivery schedule for the second quarter. However…
https://www.businesstimes.com.sg/companies-markets/yanlord-land-q2-net-profit-tumbles-41-to-8653m-yuan

New acquisitions boost Manulife US Reit’s Q2 DPU to 1.53 US cents
Contributions from its newly acquired properties lent a boost to Manulife US Reit’s second-quarter distribution per unit (DPU), which rose to 1.53 US cents from 1.3 US cents a year ago. The acquisitions include Centrepointe, a two-tower Class A office building in Washington DC, 1750 Pennsylvania Avenue also in Washington DC, and the Phipps Tower in Buckhead, Atlanta.
https://www.businesstimes.com.sg/companies-markets/new-acquisitions-boost-manulife-us-reit%E2%80%99s-q2-dpu-to-153-us-cents

Cromwell E-Reit subsidiary secures 124.8m euro note issuance debt facility
Cromwell European Real Estate Investment Trust’s (Cromwell E-Reit) subsidiary, Cromwell EReit Lux Finco Sarl, has entered into a 124.8 million euro (S$193.9 million) note issuance agreement with ING Bank NV and Credit Agricole Corporate and Investment Bank. The note issuance facility comprises a 104.5 million euro facility and a 87 million zloty (S$31.2 million) facility to fund value-added tax payment in relation to the…
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-subsidiary-secures-1248m-euro-note-issuance-debt-facility

Eagle Hospitality Trust’s maiden DPU beats forecast
Eagle Hospitality Trust (EHT) has posted distributable income (DI) of US$5.65 million, slightly higher than the US$5.58 million projection by 1.2 per cent in its maiden results. Distribution per unit (DPU) was 0.650 US cent or 1.2 per cent higher compared to the projected 0.642 US cent for the reporting period, the company said on Wednesday.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trusts-maiden-dpu-beats-forecast
https://www.straitstimes.com/business/companies-markets/eagle-hospitality-trusts-maiden-dpu-beats-forecast

Views, Reviews, Forum & Others

After another cut in Singapore’s GDP forecast, what could happen next? Experts weigh in
Singapore: After policymakers slashed growth projections for the second time this year, Singapore is now anticipating its slowest full-year growth in a decade. The Ministry of Trade and Industry (MTI) on Tuesday (Aug 13) said the economy will likely grow at between 0 and 1 per cent for 2019, with gross domestic product (GDP) falling in the middle of that range.
https://www.channelnewsasia.com/news/business/cut-singapore-gdp-forecast-technical-recession-mas-policy-11805166

‘No light at the end of the tunnel’, say economists as Singapore slashes 2019 trade forecast
Singapore — Grim second-quarter export numbers, coupled with a downgrade in the official forecast for the year, have all but dashed economists’ hopes for a turnaround in Singapore’s trade outlook. Trade agency Enterprise Singapore said on Tuesday (Aug 13) that total non-oil domestic exports for the year is projected to contract by 8 to 9 per cent, after slumping 14.6 per cent in April to…
https://www.todayonline.com/singapore/no-light-end-tunnel-say-economists-singapore-slashes-2019-trade-forecast

Construction sector has solid role – even in this digital age
Amid protracted economic gloom, high-growth sectors such as tech have been seen as potential bright spots. While riding the wave of these emerging industries, however, Singapore is not neglecting the importance of the stalwart construction and infrastructure sector – not just in tiding over the short-term slowdown, but for its long-term flourishing as well. Tuesday’s downgrade of the official full-year growth…
https://www.businesstimes.com.sg/opinion/construction-sector-has-solid-role-even-in-this-digital-age