Property recovery can further add to GDP growth in 2018: economists
After four years in the doldrums, the rapidly recovering property market is expected to give the Singapore economy a lift in 2018 – possibly pushing overall growth to come in stronger than expected, said private sector economists. Alongside an electronics surge and external growth, the property sector was ranked among the top three upside factors for the economy next year, according to the Monetary Authority of Singapore’s (MAS) Survey of Professional Forecasters. Some 23 economists and analysts responded to the latest quarterly survey sent out on 23 November.
Government opts for balanced approach to state land sales for H1 2018
The Ministry of National Development’s (MND’s) decision to maintain state land sales for private residential development for the next half year at around the same levels as the current half’s slate is seen as a balanced approach between having, currently, a strong land demand and avoiding a potential oversupply in future. JLL national director Ong Teck Hui said: “Even if there had been more sites on the first-half 2018 programme, the current optimistic bidding for residential land may not be moderated as demand for sites is still keen, with developers trying to secure land to capitalise on the market recovery.”
Singapore IPOs provide fillip to equity capital markets
Initial public offerings (IPO) by Singapore-domiciled companies, both in domestic and overseas stock markets, have provided a boost to Singapore equity capital market (ECM) activity in 2017, in a preliminary report on Singapore ECMs by Thomson Reuters. In this year so far, US$6.9 billion in total – across 67 issuers – has been raised by Singapore-domiciled companies tapping into ECMs, a rise of 44 per cent compared to 2016.
Rise in job seekers unemployed for 25 weeks or more: MOM
There are more job seekers in Singapore who have been unemployed for 25 weeks or more. This trend emerged even as the unemployment rate for Singaporeans declined slightly, according to the labour report for the third quarter of 2017. The long-term unemployment rate rose to 0.8 per cent in September, up from 0.7 per cent in June, according to figures released on Wednesday by the Ministry of Manpower (MOM).
HP unveils S$100m campus, home to its first advanced manufacturing centre
Singapore’s advanced manufacturing sector has received a fillip with the opening of HP’s new Asia-Pacific Japan (APJ) campus at Depot Close. HP on Wednesday officially unveiled its S$100 million new APJ headquarters located in the Telok Blangah district of Singapore. Spanning over 450,000 sq ft, it is also home to HP’s first Smart Manufacturing Applications and Research Centre (Smarc) in the world.
Singapore Real Estate
Choice of attractive sites beckons developers
A bevy of attractive sites on the first half 2018 state land sale slate beckons developers. Most of the six residential sites, old and new, on the confirmed list are expected to be in good demand with their appealing attributes, say property consultants. A 0.57-hectare plot along Cuscaden Road in prime district 10 that can yield just about 170 units is expected to be keenly contested due to its plum location and relatively bite-sized lump-sum investment.
Singapore condo rents slip 0.3% in Nov; HDB rents ease 0.5%: SRX
Private non-landed home rentals slipped by 0.3 per cent in November from a month ago, a gentler decline from the 0.7 per cent dip in October, flash estimates from SRX Property showed on Wednesday. The main drag in November came from the Outside Central Region (OCR), which saw rents drop by one per cent in November, followed by a 0.5 per cent fall in the Rest of Central Region (RCR).
Derby Court, Parkway Mansion finally sold – above reserve price
Third time is a charm for the collective sales of two private residential developments, Derby Court and Parkway Mansion. The appointed marketing agents said on Wednesday that the two properties have been sold after two earlier unsuccessful attempts at a collective sale. RH Developments Pte Ltd, a subsidiary of Roxy-Pacific Holdings, won the tender for Derby Court with a bid of S$73.88 million.
UOB partners Shanghai home rental platform Mamahome
United Overseas Bank (UOB) on Wednesday announced its partnership with Shanghai-based startup Mamahome, in the property technology (proptech) firm’s first move outside of China. UOB will support Mamahome’s expansion into Singapore by integrating the UOB Virtual Account Solution into Mamahome’s online Web service and mobile app.
Oxley acquires Chevron House, property developer Centra Cove
Oxley Holdings announced on Dec 14 it has entered into sale and purchase agreements to buy Raffles Place office building Chevron House for S$660 million, as well as Singapore property developer and investment holding company Centra Cove for a cash consideration of US$12 million. Deka Singapore A Pte Ltd has sold Chevron House, a 32-storey commercial development with 27 levels of office space and a five-storey retail podium, with a net lettable floor area of 24,273 square metres (sq m).
OUE H-Trust obtains S$980m of facilities to partially refinance debt
The real estate investment trust (Reit) portion of the stapled OUE Hospitality Trust (OUE H-Trust) has obtained S$980 million of loan facilities to partially refinance S$1.2 billion of existing debt. The new facilities comprise two term loan facilities and two revolvers, according to a filing with the Singapore Exchange. The lenders are BNP Paribas, DBS Bank, OCBC Bank and Standard Chartered.
ESR Reit acquires 80% interest in SPV holding Ang Mo Kio property for S$240m
ESR Reit (Real Estate Investment Trust) has acquired an 80 per cent interest in a special purpose vehicle that owns a leasehold interest in a property in 7000 Ang Mo Kio Avenue 5 in Singapore for S$240 million, marking its largest acquisition to date. The acquisition was funded with internal cash resources, existing bank debt facilities and part of the proceeds from ESR-Reit’s subordinated perpetual securities, said its manager ESR Funds Management (S) Ltd in an announcement on Thursday morning.
Far East unit to sell Malaysian property for RM11.5m
A wholly-owned subsidiary of Far East Group has accepted a letter of offer to sell a land parcel together with a factory in Malaysia at RM11.5 million (S$3.80 million) to Ng Hin Kwee & Sons Sdn Bhd. The announced sale consideration for the offer accepted by Far East Maju Engineering Works Sdn Bhd excludes goods and services tax.
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