2017 developers’ sales hit 4-year high; momentum expected to continue
Reflecting the upbeat sentiment in the property market, developers’ sales of private homes and executive condominiums (ECs) were the highest in four years in 2017. This momentum is expected to gain traction this year, given a healthy pipeline of new property launches. Based on preliminary estimates, developers sold 14,707 units, 23 per cent higher than the 11,971 units sold in 2016
Goldilocks economy tiptoes around three grumpy bears
The “papa bear” of inflation – one of three bears to watch in the current “Goldilocks economy” and which currently seems missing in action – could roar back and catch investors off-guard, as the downward pressure on prices due to a globalised world might soon peter out. This comes as Singapore is set to gain from stronger prospects in 2018, with a global economy that is chugging along at a “not too hot, not too cold” rate, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at the UBS Wealth Insights forum on Monday.
Singapore households’ inflation expectations inch up to 2.97% in December: SMU survey
Inflation expectations in Singapore stayed tame as geopolitical uncertainties cooled the euphoria from global economic growth, a survey by the Singapore Management University (SMU) showed on Tuesday. The results ofthe survey last month showed that Singapore households expect the median one-year-ahead headline inflation (or CPI-All Item inflation) to inch up to 2.97 per cent from their forecast of 2.93 per cent recorded in September 2017.
Rare dip in Singapore’s population density last year
Last year, the average number of people per square kilometre in Singapore dipped slightly – the first time this has happened in more than a decade. Population density growth came to a halt, as foreigner numbers fell while land area kept expanding. Density – calculated as total population divided by land area – was 7,796 last year, down from 7,797 in 2016, official figures show.
Singapore Real Estate
Marina One, Duo developments symbolic – and also viable projects
The two new integrated developments that are the fruit of the 2010 land-swap deal between Singapore and Malaysia are not just iconic buildings of national importance, but are also projects that have the mandate to be commercially viable, the chairman of M+S has said. Azman Yahya was referring to Marina One and Duo, the two mixed developments declared open on Monday. The opening of the projects, jointly developed by Singapore and Malaysia, was timed ahead of the eighth Singapore-Malaysia Leaders’ Retreat.
Paya Lebar Quarter signs up tenants for over half of office space
Paya Lebar Quarter (PLQ), a S$3.2 billion mixed-use development by Lendlease, has secured tenants for more than 50 per cent of its office space. This includes some that are under final offer or in advanced negotiations, ahead of the offices’ scheduled opening in the third quarter this year. This was announced at the topping-out ceremony of one of the three office towers on Monday, which was attended by National Development Minister Lawrence Wong.
Freehold Dunearn Gardens up for en bloc sale
Dunearn Gardens, a rare freehold high-rise residential redevelopment site off Newton Road, has been launched for collective sale by public tender. The owners of the 114-unit estate are expecting offers above their reserve price of S$488.8 million, said Knight Frank Singapore, the exclusive marketing agent for the site. Including an additional development charge of S$35.7 million payable to the state to intensify the use of the site to the maximum permissible gross floor area (GFA), the land rate is estimated to be S$1,962 per square foot per plot ratio (psf ppr).
Frasers Centrepoint Singapore secures lease commitments of over 70% for Frasers Tower=
Frasers Centrepoint Singapore has secured lease commitments of over 70 per cent for Frasers Tower in the Central Business District. The developer announced on Monday it has confirmed two anchor tenants – Microsoft Singapore and French integrated oil and gas company Total Oil – which will occupy a combined space of 232,200 sq ft in the upcoming 38-storey office building. Other tenants include names in the financial, business and consumer goods sectors, such as Sumitomo Corporation, Arup, Fonterra, Pacific Life and serviced office provider The Executive Centre.
JLL likely has world’s largest 3D-enabled property portfolio
Real estate consultancy JLL could now have the world’s largest 3D-enabled property portfolio, the company announced on Monday. This is the result of its partnership with Foyr, an Indian startup that provides visualisation and customisation services for interior spaces, and in which JLL recently led a US$3.8 million Series A funding round.
Capital World launches Malaysia’s largest indoor theme park concept
Catalist-listed property developer Capital World Limited has launched Malaysia’s biggest indoor theme park concept at its Capital City Project in Johor, a project with a gross development value of RM2.4 billion (S$0.8 billion).
Aspen steps up Selangor push with RM58.8m investment
Aspen (Group) Holdings is pursuing its third project in Selangor, Malaysia, with a RM58.8 million (S$19.6 million) investment into a commercial site via a joint venture with Selangor Agricultural Development Corp (PKPS).
Sabana Reit manager waiting for approval for appointment of new CEO candidate
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has identified a candidate to be appointed as chief executive and has submitted an application to the Monetary Authority of Singapore (MAS) for the appointment.
AA Reit to divest factory building in Soon Lee Road for S$8.17 million
The manager of AIMS AMP Capital Industrial Reit (AA Reit) is divesting a factory building in Jurong Industrial Estate for S$8.17 million. It announced on Monday that it had entered into an agreement for the divestment of the property at 10 Soon Lee Road through its trustee HSBC Institutional Trust Services (Singapore) on Jan 12.
Views, Reviews & Forum
Hone digital innovation, technology and manpower to keep Singapore relevant
The golden digital era has brought the global market to the doorstep of businesses in Singapore, increasing their reach and transforming traditional business models into leaner and more disruptive agents of growth.
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