DAILY NEWS

Daily News – 17th May 2019

Singapore Real Estate

Canberra Link EC site up for tender
The Housing and Development Board (HDB) has put an executive condominium (EC) site at Canberra Link in Sembawang up for sale by public tender, it said on Thursday. The 99-year leasehold site is the only EC parcel of five confirmed list sites under the first half-2019 government land sales (GLS) programme. On the first half-2019 reserve list, there is one EC site at Fernvale Lane that can yield 525 units. Reserve list sites are launched only upon successful application by a developer or when there is sufficient market interest.
https://www.businesstimes.com.sg/real-estate/canberra-link-ec-site-up-for-tender
https://www.straitstimes.com/singapore/housing/hdb-launches-tender-for-canberra-link-ec-site

Singapore Economy

Singapore non-oil exports extend double-digit drop for 2nd straight month in April; confounding expectations
Singapore’s exports extended its double-digit decline for the second straight month in April, surprising economists who had expected a milder drop. Non-oil domestic exports (NODX) fell by 10 per cent last month on the back of a high base a year ago, according to the latest report by Enterprise Singapore.
https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-extend-double-digit-drop-for-2nd-straight-month-in
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-extend-slide-with-10-drop-in-april
https://www.channelnewsasia.com/news/singapore/nodx-exports-singapore-april-trade-11541580

Singapore firms scramble to mitigate trade war fallout as orders dive
Singapore businesses across various sectors from manufacturing to trading to services are feeling the heat from the extended US-China trade war as new orders dive – with some bracing for a decline in revenue this year. Firms tell The Business Times they have put expansion plans on hold as they try to manage the disruptions by finding new markets to diversify their customer and supplier base, as well as moving up the value stream to create more price-inelastic products.
https://www.businesstimes.com.sg/government-economy/singapore-firms-scramble-to-mitigate-trade-war-fallout-as-orders-dive

Companies’ Brief

FCT to buy a third of Waterway Point from Frasers Property for S$440.6m
Frasers Centrepoint Trust (FCT) is looking to acquire a one-third interest in Waterway Point, a large suburban mall located in Punggol, from its sponsor Frasers Property in a S$440.6 million deal. At the same time, FCT is launching an equity fund-raising exercise; S$245.3 million of the total proceeds from that will go towards partly financing the acquisition, it announced on Thursday.
https://www.businesstimes.com.sg/companies-markets/fct-to-buy-a-third-of-waterway-point-from-frasers-property-for-s4406m
https://www.straitstimes.com/business/companies-markets/fct-to-buy-one-third-stake-in-waterway-point-from-frasers-property-for

Frasers Logistics & Industrial Trust to sell Australian warehouse, outdoor area
Frasers Logistics & Industrial Trust (FLT) is selling a warehouse and open-air storage and parking area in Australia for A$15 million (S$14.2 million), the manager said on Thursday. At the same time, the manager is weighing its options for the rest of the freehold property at 610, Heatherton Road, Clayton South, in the state of Victoria.
https://www.businesstimes.com.sg/real-estate/frasers-logistics-industrial-trust-to-sell-australian-warehouse-outdoor-area

Wing Tai issues S$150m 4.48% perpetual securities
Mainboard-listed property and retail player Wing Tai Holdings will be issuing S$150 million NC5 4.48 per cent perpetual securities. NC5 or non-core 5 refers to securities not redeemed or called before year five. The securities are expected to be issued on or around May 24, subject to customary closing conditions, the group said on Thursday in a regulatory filing.
https://www.businesstimes.com.sg/companies-markets/wing-tai-issues-s150m-448-perpetual-securities

Eagle Hospitality Trust prices IPO at US$0.78, below indications
Eagle Hospitality Trust (EHT) has priced its initial public offering (IPO) at US$0.78 per stapled security, below the indicated range of US$0.80 to US$0.81. A total of 580.6 million stapled securities are being offered, comprising an international placement of 535.7 million stapled securities to investors, including institutional and other investors in Singapore, and an offering of…
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-prices-ipo-at-us078-below-indications

IReit Global DPU down 1.1% to 0.89 euro cent for Q1
Europe-focused real estate investment trust IReit Global’s first quarter distribution per unit (DPU) was 0.89 euro cent, down 1.1 per cent from 0.90 euro cent for the year-ago period. There was marginal change in the Reit’s results versus the year-ago period. Net property income was 7.6 million euros for the quarter to March 31, down 1.8 per cent from 7.7 million euros previously, mainly due to an increase in property operating expense by 30.2 per cent.
https://www.businesstimes.com.sg/companies-markets/ireit-global-dpu-down-11-to-089-euro-cent-for-q1
https://www.straitstimes.com/business/companies-markets/ireit-global-q1-dpu-down-11-to-089-euro-cent

Views, Reviews, Forum & Others

Explainer: How Muis’ fatwa on joint tenancies affects Muslim homeowners
Singapore — On Monday (May 13), Singapore’s Islamic Religious Council (Muis) issued a new fatwa — or ruling — which recognises a joint-tenancy contract as valid under the religion. While it is a common form of ownership arrangement when buying properties in Singapore, few Muslims in Singapore realise that there is a difference in the way civil law and Syariah law define property ownership under a joint-tenancy contract.
https://www.todayonline.com/singapore/explainer-how-muis-fatwa-joint-tenancies-affects-muslim-homeowners