DAILY NEWS

Daily News – 15 June 2022 (Wed)

AEW’s S$675m Westgate Tower purchase adds to Singapore office deals momentum
The Singapore office investment sales market continues to gather momentum, notwithstanding headwinds from geopolitical uncertainty and rising interest rates. Investor interest seems to be extending beyond the central business district (CBD).
https://www.businesstimes.com.sg/real-estate/aews-s675m-westgate-tower-purchase-adds-to-singapore-office-deals-momentum

Dunman Road, Pine Grove Government Land Sales sites awarded to highest bidders
Singapore – The tenders for state-owned residential sites in Dunman Road and Pine Grove have been awarded to the highest bidders, the Urban Redevelopment Authority (URA) said on Tuesday (June 14).
https://www.straitstimes.com/business/property/dunman-road-pine-grove-government-land-sales-sites-awarded-to-highest-bidders

Singapore households’ net worth grows as residential asset values climb
Market watchers expect the total value of private homes and Housing Board (HDB) flats held by households to keep rising, albeit more slowly than before, and in turn further bolster household net worth.
https://www.businesstimes.com.sg/real-estate/singapore-households-net-worth-grows-as-residential-asset-values-climb

Weak market sentiments may spur more privatisation deals: industry players
The recent privatisation offer for Frasers Hospitality Trust (FHT) is the latest in a long string of offers that have taken place in the local market as weakened investor sentiment creates value for founders and private equity groups.
https://www.businesstimes.com.sg/companies-markets/weak-market-sentiments-may-spur-more-privatisation-deals-industry-players

Singapore climbs back to 3rd place from 5th in global competitiveness ranking
Singapore has climbed back up to become the world’s 3rd most competitive economy, after having slipped to 5th place in 2021 following 2 straight years at the top. In the 2022 Institute for Management Development (IMD) World Competitiveness Ranking, Denmark claimed the top spot for the first time, pushing Switzerland down to 2nd place.
https://www.businesstimes.com.sg/global-enterprise/singapore-climbs-back-to-3rd-place-from-5th-in-global-competitiveness-ranking
https://www.straitstimes.com/singapore/singapore-rebounds-to-worlds-3rd-most-competitive-economy

Far East Orchard to make 4th investment in student hostel in Bristol
Real estate company Far East Orchard has acquired a plot of land in Bristol through a joint venture (JV) with Woh Hup Holdings and Way Assets to develop a student hostel in the English city, the mainboard-listed company said in a bourse filing on Tuesday (Jun 14).
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-to-make-4th-investment-in-student-hostel-in-bristol

Brokers’ take: Phillip raises Pan-United target price on higher demand for concrete
Phillip Securities on Monday (Jun 13) raised Pan-United’s target price to S$0.68 from S$0.46 on higher demand for ready-mixed concrete (RMC) brought about by the recovery of the construction sector. It maintained a “buy” call on the counter.
https://www.businesstimes.com.sg/companies-markets/brokers-take-phillip-raises-pan-united-target-price-on-higher-demand-for-concrete

Proposal for Frasers Property to take hospitality trust private may raise expectations for sponsors
Some investors will almost certainly gripe about not being offered a high enough price. And, there could be some hand-wringing about the local market losing good listings because of pitifully low valuations.
https://www.businesstimes.com.sg/opinion/proposal-for-frasers-property-to-take-hospitality-trust-private-may-raise-expectations-for