Multilateralism a core factor in ensuring Asean’s growth: PM Lee
Prime Minister Lee Hsien Loong on Tuesday underlined Asean’s strong belief that multilateralism is key to the region’s growth and stability as well as international cooperation. He made this point at the opening ceremony of the Asean Summit, against the backdrop of a shifting geopolitical landscape that has seen some countries, including major powers, resort to unilateral actions and bilateral deals.
Asean should take advantage of opportunities in trade war
THE trade war between the US and China presents opportunities for Asean as companies look to diversify their risk and look for new places to plant their productions. Meanwhile, the onus is on Asean members to continue to build up their capabilities to be an attractive destination for investment said Chan Chun Sing, Minister for Trade and Industry, at a panel discussion on navigating Asean’s economic future on Tuesday.
Putin breaks ground for new Russian Cultural Centre
A Russian Cultural Centre that houses a Russian Orthodox Church will rise at an empty plot of land in Rangoon Road near Little India, a symbol of Russia’s growing ties with Singapore. The ground-breaking ceremony for the project was officiated yesterday by Russia’s President Vladimir Putin and President Halimah Yacob, with the unveiling of a large cornerstone by the two leaders.
Choice of next PM could now be down to two
The ruling People’s Action Party (PAP) is expected to announce its line-up of office-holders within two weeks. Sources say the choice for the crucial first assistant secretary-general (ASG) post – potentially Singapore’s next prime minister – has narrowed to two: Finance Minister Heng Swee Keat and Trade and Industry Minister Chan Chun Sing.
Singapore Real Estate
CapitaLand, GIC jointly acquire Shanghai’s twin towers
Capital recycling at CapitaLand moved up a gear with its latest purchase of an iconic project in China’s financial city. South-east Asia’s biggest developer, through an investment fund, is teaming up with GIC to acquire Shanghai’s tallest twin towers for 12.8 billion yuan (S$2.54 billion).
3 Kampong Glam shophouses up for sale at S$29.5m
Private equity-owned Columbia Real Estate is offering three restored adjoining conservation shophouses for sale. The three shophouses are freehold properties located at 8, 10 and 12 Aliwal Street. They have been zoned “commercial” and have been approved for use as a boarding house with a hotel licence.
Billion-dollar en bloc candidates still in play, but will developers bite?
Mandarin Gardens, a 99-year leasehold condominium, recently raised its asking price by nearly 12.5 per cent from S$2.479 billion to S$2.788 billion, after it was discovered that the land that the residential development is situated on had been undervalued by over S$300 million.
Keppel Land ready to roll out AI-backed smart homes
Keppel Land and Habitap have unveiled Singapore’s first smart home powered by artificial intelligence. This smart home that comes equipped with the machine learning capabilities is touted as being capable of anticipating users’ preferences and usage patterns. Property developer Keppel Land said that it intends to apply such smart home systems at its upcoming residential development in Nassim Hill.
Condo resale prices dip 0.4% in October
Resale prices of private non-landed homes in Singapore declined for the third straight month in October after the latest round of property cooling measures, flash estimates by real estate portal SRX Property on Tuesday showed. Condominiums and private apartment resale prices weakened by 0.4 per cent last month from September.
HDB launches over 7,000 flats for sale, including first BTO project in Tengah
The Housing and Development Board (HDB) launched 7,214 flats for sale on Tuesday under the Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercise for November. There are 3,802 BTO units for sale, ranging from S$101,000 (excluding grants) for a two-room Flexi unit in non-mature estate Tengah, to more than S$472,000 (excluding grants) for a five-room flat in mature estate Tampines.
UOL to launch two projects in 2Q 2019; Q3 profit slides 85%
Despite highlighting that the July cooling measures have affected sentiment in the Singapore residential property market, UOL Group is planning to launch two projects in the second quarter of next year. They are a freehold residential project with about 56 units on the former Nanak Mansions site in Meyer Road, and a 99-year leasehold project in Silat Avenue with about 1,074 residential units and 1,300 square metres of commercial space.
UOL Q3 net profit down 85% to S$92.8 million mainly due to one-off gain on consolidation of UIC in Q3 2017
UOL Group posted an 85 per cent decline in third-quarter group net profit to S$92.8 million from S$609.2 million in the year-ago period. The drop was due mainly to the S$535.6 million gain recognised in Q3 FY2017 upon the consolidation of United Industrial Corporation (UIC) from Sept 1, 2017.
CapitaLand posts 13.6% rise in Q3 profit to S$362.2m
Property developer CapitaLand Limited on Wednesday posted a 13.6 per cent rise in net profit for the third quarter, on the back of higher operating profit and gains from asset recycling. Net profit rose to S$362.2 million from S$318.8 million a year ago, as operating profit improved 13.3 per cent to S$233.7 million from S$206.3 million on contributions from newly acquired and opened investment properties in Singapore, China and Germany.
Yanlord Land earnings jumps 61.3% to 1.01 billion yuan
REAL estate developer Yanlord Land Group recorded a 61.3 per cent increase in its third-quarter profit, on the back of significantly more gross floor area sold and higher average selling price per square metre. The China-based developer reported 1.01 billion yuan (S$201 million) in net profit for the three months ended September, up from 627.5 million yuan in the corresponding period a year ago. Earnings per share rose to 52.41 fen from 32.41 fen.
Hong Leong Finance Q3 profit surges 55.6%
Hong Leong Finance posted a net profit of S$36.7 million for its third quarter, up 55.6 per cent from S$23.6 million a year ago, on the back of higher net interest income. Earnings per share rose to 32.9 Singapore cents, up from 21.19 Singapore cents previously.
Hotel Properties’ earnings for Q3 halve to S$21.9m
Hotel Properties reported third-quarter earnings of S$21.9 million, 48.1 per cent lower than the S$42.2 million recorded a year ago. This is the result of lower contributions from its property division as well as associates and jointly controlled entities.
Cromwell E-Reit posts 10-month DPU of 0.0361 euro, beats forecast
Cromwell European Reit (Cromwell E-Reit) on Wednesday reported that its distribution per unit (DPU) for the 10 months ended Sept 30 was 3.61 euro cents, beating its forecast by 1.9 per cent. Revenue for the pan-European industrial and commercial real estate investment trust (Reit) came in at 104.3 million euros (S$162.6 million), 2 per cent higher than the 102.3 million euros forecast in its prospectus when it listed in November 2017.
DBS shuffles senior management team, grooms talent within
DBS Group Holdings has made several senior appointments that will take effect over the course of the next few months including naming Tan Su Shan as the next institutional banking head. South-east Asia’s biggest bank said on Tuesday that the new appointments underscore the bank’s efforts to develop and deepen bench strength and grooming talent from within.
Views, Reviews, Forum & Others
LTA impounds e-scooters from PMD-sharing operators for flouting regulations
A total of 42 personal mobility devices (PMD) from three PMD-sharing operators have been impounded by the Land Transport Authority (LTA) for flouting the Parking Places Act after they were found available for hire at public spaces.
MAS launches US$5b kitty to woo fund managers to drop anchor here
The Monetary Authority of Singapore (MAS) is making a US$5 billion move to anchor fund managers in Singapore, in preparation for a scale-up in private market activity. This is the first time it is launching a fund for private market investments, to be managed by top global private equity and infrastructure fund managers. The managers must either be committed to deepening their existing presence in Singapore or establishing a significant one.
The Smart City way to securing Singapore and its borders
With advancing technology and the ubiquitous Internet, it is easy for any organisation to be susceptible to hackers and terrorist attacks. For instance, July 2018 saw Singapore’s worst cyber attack when 16,000 people, including Prime Minister Lee Hsien Loong, had their personal information stolen when hackers infiltrated SingHealth computers.
After Temasek whets appetite for retail bonds, what’s next on the menu?
Following the hot reception for Temasek Holdings’ 2.7 per cent retail bonds sold last month, the obvious question is whether there will be more gold plated bonds launched for the retail investor. To recap, Temasek’s S$500 million, five-year bond which consists of a S$200 million placement tranche and a S$300 million public offer had a final order size of S$3.1 billion or 6.2 times subscribed. The placement tranche was subscribed more than seven times while the public tranche was 5.6 times subscribed.
Singapore: A global gateway for Russian enterprises?
Vladimir Putin’s visit to Singapore this week, for the first time in almost 20 years in power, highlights the growing importance of Singapore as the gateway for the Russian economy and enterprises into Asia. The Russia-Singapore Business Forum (RSBF) 2018 earlier this year concluded that while Singaporean businesses have a strong chance to profit from the growth opportunities of Russia’s consumer and technology sectors, Russian corporates and entrepreneurs could also benefit from using Singapore as a platform to internationalise their businesses.
DanSing Bridge: Singapore and Denmark’s fintech tie-up
In 2017, Singapore and Denmark planted the seeds for a strong fintech bond. Three collaboration agreements later, cross-border cooperation is blooming and several Danish fintech companies are setting up regional offices in Singapore. Through exchange and via new ways for our tech innovators and financial institutions to join forces, we shape the gateways to future expansion in the wider Asean region and the Nordics. The time is ripe to harvest fintech’s sustainable potential.
US faces credibility trap as China looks a century ahead
China is an emerging power. It is bumping into the US but the US will not let its supremacy be strategically challenged. The two worlds are colliding – there will be disruption, collateral damage. And grief. This may come across as apocalyptic but I will share why I’ve come to the conclusion the question is no longer when the collision will take place but what form it will take.
Global Economy & Global Real Estate
China has the conditions to ‘energise’ market: Premier Li
China-backed RCEP trade deal pushed back to 2019
China calls on ASEAN to work together on trade, South China Sea
China Oct loan data disappoints, signals further slowing
Japan economy shrinks 0.3% in July-September
Trump to discuss trade war with Xi at G-20 summit
Democrats are going to try to raise the corporate tax rate
Brexit impacts UK job market as EU workers fall by record
India’s retail inflation rate drops sharply, giving RBI breathing space
Mahathir appreciates Singapore’s role in helping Malaysia reclaim 1MDB monies; still keen on crooked bridge
Mahathir calls on Asean to boost intra-regional trade
Mahathir: Asean needs real cooperation, not just talk
Buffett to expand real estate empire to Milan, Dubai
Developer Damac sees ‘difficult year’ ahead for Dubai property
Co-working giant WeWork may have its landlords in a corner
WeWork gets US$3 billion in new funding from SoftBank
Pension fund AustralianSuper targets global property loans
Amazon chooses New York, Northern Virginia for additional headquarters: WSJ
U.K.’s Biggest Office REIT Gets Ready for Post-Brexit Splurge
China’s Housing Market Heading for ‘Year of Recession’, Says CICC
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article