Singapore Real Estate
Innovation key to attracting real estate investment, talent: JLL
In today’s technology-driven world, innovation-oriented cities with highly talented workforces have a competitive advantage. It’s not just about having the latest technology. These cities are where investors want to be. That’s good news for Singapore, which is one of the most innovative cities in the world, according to JLL’s latest Innovation Geographies Research.
71 Robinson Road quietly put on the market
Stealth marketing is going on at 71 Robinson Road, which was last transacted in April 2008 at a then-record price of S$3,125 per square foot. The Business Times understands that an expression-of-interest exercise to find a buyer for the 15-storey office block began without publicity in April, with the appointed marketing agents, CBRE and JLL, approaching a small pool of potential buyers.
Singapore non-oil exports fall for 3rd straight month in May, with declines in electronic, non-electronic shipments
Singapore’s non-oil domestic exports (NODX) slumped by double digits for the third straight month in May, as uncertainty from global trade tensions, the fading of the electronics cycle, and a high base from a year ago continue to bite. NODX extended its decline to fall by 15.9 per cent in May, following a 10 per cent drop in April, according to the latest report by Enterprise Singapore.
FDI in Singapore up in 2018 despite slowdown in global flows
Foreign direct investments (FDI) continued to flow into Singapore last year, even when global FDI fell for a third straight year to its lowest since the 2008 global financial crisis. FDI in Singapore jumped from US$76 billion in 2017 to US$78 billion in 2018, lifting Singapore by one placing to 4th in the top 10 world rankings of FDI destinations, according to the World Investment Report 2019 issued by the United Nations Conference on Trade and Development (UNCTAD).
US-China trade war starts to bite in Singapore
At a factory in Tuas, company manager Michael is seeing his inventory of raw materials for the production of semiconductor chips pile up. “Semiconductor production is practically dead. I have three times the inventory that I need,” said Michael, who was using a pseudonym because he was not authorised by his company to speak publicly.
Frasers Hospitality to grow footprint in Europe with Malmaison, Capri brands
Frasers Hospitality is aiming to scale up its presence in Europe over the next three to five years by leveraging its Malmaison and Capri by Fraser brands. The hospitality arm of Frasers Property Group is planning to ramp up the number of hotels under the Malmaison and Hotel du Vin brands to 50 properties in the United Kingdom and Ireland over the next three years, Guus Bakker…
Mapletree eyes S$10b of deals a year as more funds planned
Mapletree Investments may strike up to S$10 billion of deals annually buying and selling properties as it seeks to set up more private funds over the next five years. The company prefers to raise funds for acquisitions by selling assets, rather than through bank loans or issuing bonds, group chief executive officer Hiew Yoon Khong said in an interview.
A-iTrust to invest in forward purchase of special economic zone development in Pune
The trustee-manager of Ascendas India Trust (A-iTrust) said after trading hours on Friday that it will be investing in a forward purchase of BlueRidge 3, a 1.8 million square feet special economic zone development located at Hinjewadi, Pune for a total estimated purchase consideration of about S$194.34 million. A-iTrust will also provide project funding as part of the agreement with vendors…
Chip Eng Seng to invest 153m yuan in real estate project in Taicang City
Chip Eng Seng announced on Friday that it is investing about 153 million yuan (S$30 million) in a real estate development project in Taicang City, Jiangsu, China. The company, through its wholly owned subsidiary, and Haiyi Shantou Investment Group Co will jointly invest in Taicang Jianianhua Real Estate Development Co (Project Co), which owns the real estate property for the project.
Low Keng Huat Q1 net profit slides 91% with no sales project launched
Construction engineering company Low Keng Huat on Friday posted a net profit of S$450,000 for the first quarter ended Apr 30, down 91 per cent from S$5.17 million a year ago on the back of lower profit from the development segment as there was no project launched for sale in Q1. Revenue fell 88 per cent to S$8.88 million due to absence of sales from Kismis as the project was fully sold as at June 2018…
Tan to be List SIR’s research and consulting director
List Sotheby’s International Realty (List SIR) has appointed former Knight Frank senior executive Alice Tan as its director for research and consulting in South-east Asia. Ms Tan’s appointment at the luxury property brokerage will take effect from July 1.
First Sponsor in joint venture to develop land in China’s Guangdong province
Mainboard-listed First Sponsor Group has entered into a joint venture agreement with Poly Bay Area Investment Development Co (Poly Bay Area) and Shoucheng Dongguan Real Estate Co (SDRE) to jointly develop three plots of land in Guangdong, China, that was acquired for three billion yuan (S$592 million), the Hong Leong-linked property developer announced on Monday morning.
UOB reaffirms offer to buyers of two condo projects under receivership
United Overseas Bank (UOB) has reaffirmed its offer to bear the additional costs to complete the construction of two unfinished residential projects which have been put under receivership after their developers ran into financial difficulties. However, the bank, which is the mortgagee in both projects, told The Business Times that this remains conditional on the home buyers waiving their rights to claim…
Mercurius to buy 50% stake in Thai property developer, jointly develop Phuket resort
Mercurius Capital Investment is looking to acquire half of a Thai private property developer, Grand Bay Hotel, for more than 310 million baht (S$13.6 million), as well as jointly develop a resort in Phuket, Thailand. The Catalist-listed firm said in a bourse filing on Monday morning that it will buy a 50 per cent stake in Grand Bay from Thailand-listed real estate developer Apex Development.
MBS returns to loan market
Singapore casino operator Marina Bay Sands (MBS) has returned to the loan market for a financing of up to S$8 billion, in the biggest test so far of lenders’ appetite for the gaming sector in the Lion City. The subsidiary of US gaming giant Las Vegas Sands has mandated four banks on the financing, comprising S$4 billion of new debt to finance the expansion of its existing integrated resort…
FSL Trust’s sponsor appoints Stirling Coleman Capital as IFA for cash offer
FSL Holdings, FSL Trust’s sponsor, has appointed Stirling Coleman Capital Limited as the independent financial adviser (IFA) for its S$0.0585 per unit cash offer for all FSL Trust units. CEL Impetus Corporate Finance Pte Ltd, on behalf of FSL Holdings, had first announced the cash offering on June 7.
Views, Reviews, Forum & Others
Burn not out
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
In today’s challenging, competitive and disruptive environment, we are continually exposed to stress and anxiety. If left unchecked, they can interfere with work performance and productivity, affecting staff’s physical and mental health and even home life. Early detection and intervention will help to lessen and ward off potential burnout.
Want to rent a luxury home for $1,000 a night?
One is a 1920s heritage bungalow in Grange Road, a stone’s throw from Orchard Road. It comes with a sprawling courtyard, playground, garden and pool, complete with a caretaker and a gardener, and parking for up to five cars. The other is a 5,000 sq ft mansion in Dunearn Road, just a three-minute stroll from the Botanic Gardens, also with a private lap pool and garden.
Chasing perks: is there a darker side to fancy offices and benefits?
These days, that ping-pong table in the office is not so unique anymore. In Singapore, employers are now dangling increasingly outrageous benefits such as unlimited vacation, cryopreservation, and fully-paid sabbaticals as the war for talent continues to heat up. That’s not forgetting the free food, sleep pods, massages and childcare, which are practically par for the course.
Global Economy & Global Real Estate
US retail sales post broad rise, prior months revised up
Hunting for ranches like penthouses means perks, or forget it
Global interest rates peak as investors anticipate rate cuts
UK ownership of additional homes reaches almost £1t, raising inequality concerns
America’s super rich snap up London’s luxury homes
China industrial output slows in May as trade war persists
China’s May property sales suffer biggest dip since Oct 2017
Protests could add to fears HK’s appeal as a financial hub would fade
Brookfield secures green loan in Perth as Asian market expands
US-China trade war’s pains and gains
WeWork mulls over US$1.9b deal for majority control of India unit
EU ministers strike shaky compromise on eurozone budget
With rents spiraling, Merkel tells landlords: Serve the public
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article