DAILY NEWS

Daily News – 17th Sep 2019

Singapore Real Estate

August new home sales surprise with strong showing
Developers moved 1,122 new private homes in the traditionally quiet month of August, down by just 4.8 per cent from the 1,179 units sold in July, as demand remained resilient despite the weaker macro-economic environment. Last month’s sales numbers were boosted by new launch Parc Clematis and sales at projects that were launched earlier. More than 70 per cent of units sold last month were from previous…
https://www.straitstimes.com/business/property/august-new-home-sales-surprise-with-strong-showing
https://www.businesstimes.com.sg/infographics/aug-new-home-sales-up-mixed-results-so-far-for-sept-launches
https://www.channelnewsasia.com/news/singapore/august-private-home-sales-property-ura-11909708
https://www.todayonline.com/singapore/august-private-home-sales-819-year-earlier

Garlick Ave bungalow put up for sale for S$16.5m
A single storey detached bungalow located at 72 Garlick Avenue in a good class bungalow (GCB) area has been put up for sale via expression of interest (EOI) for S$16.5 million. This translates to around S$1,789.39 per square foot, based on a land area of 856.7 square metres (or 9,221 square feet).
https://www.businesstimes.com.sg/real-estate/garlick-ave-bungalow-put-up-for-sale-for-s165m
https://www.straitstimes.com/business/property/district-10-bungalow-in-garlick-avenue-gcb-area-for-sale-at-165m

Dempsey businesses in limbo over revamp plans
Before Dempsey Hill sprang up in 2007, Samy’s Curry was already drawing legions of loyal diners to the former military barracks. Now, the Dempsey institution is among a number of businesses in Tanglin Village facing uncertainty over their future as the authorities finalise their plans for the next phase of its transformation.
https://www.straitstimes.com/singapore/dempsey-businesses-in-limbo-over-revamp-plans

Singapore Economy

Business confidence for Q4 hits near two-year low
Singapore’s business confidence for the final quarter touched a near two-year low, with manufacturing and wholesale trade braced for a downturn. Overall business sentiment in the index dipped from +6.91 percentage points in Q3 to +4.82 percentage points in Q4. Year-on-year, it nearly halved from +9.19 percentage points in Q4 2018 to +4.82 percentage points.
https://www.businesstimes.com.sg/government-economy/business-confidence-for-q4-hits-near-two-year-low
https://www.straitstimes.com/business/economy/spore-business-confidence-falls-to-near-2-year-low-in-q4

Singapore’s non-oil domestic exports down 8.9% in August
Singapore’s non-oil domestic exports (NODX) fell 8.9 per cent year on year in August, breaking a five-month streak of double-digit declines, according to Enterprise Singapore figures on Tuesday. The August decline eased from July’s 11.4 per cent fall, in the second consecutive pick-up since June’s six-year low. On a month-on-month seasonally adjusted basis, NODX rose 6.7 per cent in August, strengthening from July’s 3.5 per cent growth.
https://www.businesstimes.com.sg/government-economy/singapores-non-oil-domestic-exports-down-89-in-august
https://www.straitstimes.com/business/economy/slide-in-singapore-non-oil-exports-slows-to-single-digit-89-drop-in-august
https://www.channelnewsasia.com/news/business/singapore-exports-trade-latest-data-11912074
https://www.todayonline.com/singapore/singapore-exports-fall-89-august-marking-sixth-straight-month-decline

Singapore could face higher inflation if surge in oil prices persists: Analysts
Asia’s oil-reliant economies could take a hit if crude prices remain higher, with Singapore facing potential fallout in the form of inflation, analysts said yesterday. They were responding to the surge in oil prices after drone strikes on Saudi Arabian production facilities last weekend, which took out about 5 per cent of the global supply. The processing plant at Abqaiq, where one of the attacks took place, handles crude from…
https://www.straitstimes.com/business/economy/spore-could-face-higher-inflation-if-surge-in-oil-prices-persists-analysts

Companies’ Brief

Mapletree Industrial Trust to raise at least S$350m from private placement
Mapletree Industrial Trust (MIT) looks to raise at least S$350 million through a private placement to partially fund its joint purchase of a North American data centre portfolio worth US$1.37 billion, which the trust said would cost it about S$965 million. It is issuing 158.3 million new units at an issue price of S$2.211 to S$2.265 per unit, with an upsize option to issue up to 22.6 million new units that would raise at least another S$50 million.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-to-raise-at-least-s350m-from-private-placement
https://www.straitstimes.com/business/companies-markets/mapletree-industrial-trust-to-raise-at-least-350m-from-private-placement

Mapletree and its Reit to buy US$1.37b of data centres
Mapletree Investments and Mapletree Industrial Trust (MIT) are set to acquire a North America data centre portfolio worth US$1.37 billion (S$1.9 billion) from data centre provider Digital Realty. They have formed a 50:50 joint venture (JV) to buy 10 powered shell data centres (called the Powered Base Building data centres) from Digital Realty for US$557.3 million.
https://www.businesstimes.com.sg/companies-markets/mapletree-and-its-reit-to-buy-us137b-of-data-centres

Keppel DC Reit to raise S$473.8m to help fund data centre acquisitions
Keppel DC Reit is planning to raise about S$473.8 million to partially fund the acquisition of a 99 per cent stake in data centre Keppel DC Singapore 4 (KDC SGP 4), along with a 100 per cent stake in 1-Net North Data Centre (1-Net North DC). The proposed equity fundraising comprises a combination of a private placement and preferential offering, as well as debt. The Reit’s aggregate leverage ratio will be reduced…
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-to-raise-s4738m-to-help-fund-data-centre-acquisitions
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-raises-s4782m-via-private-placement-preferential-offering
https://www.straitstimes.com/business/companies-markets/keppel-dc-reit-raises-4782m-via-private-placement-preferential-offering

Wing Tai subsidiary buys Australia data centre for A$51m
Regional property and lifestyle group Wing Tai Holdings said on Monday that a trustee of its wholly-owned subsidiary WT DC Trust II has agreed to buy a freehold data centre in Australia for A$51 million (S$48.2 million). Evergreen Nominees (Victoria) is the seller of the data centre, which is located within Tally Ho Business Park in Victoria.
https://www.businesstimes.com.sg/companies-markets/wing-tai-subsidiary-buys-australia-data-centre-for-a51m

Lendlease Group seeks to list Reit on SGX to raise S$1.03b
Sydney-headquartered Lendlease Group has lodged a prospectus to list a new Reit (real estate investment trust) on the Singapore Exchange (SGX) mainboard. About 387.5 million units of Lendlease Global Commercial Reit will be offered under the initial public offering (IPO) at S$0.88 per unit. The Reit’s manager, Lendlease Global Commercial Trust Management Pte Ltd, intends to raise gross proceeds of…
https://www.businesstimes.com.sg/companies-markets/lendlease-group-seeks-to-list-reit-on-sgx-to-raise-s103b
https://www.straitstimes.com/business/companies-markets/lendlease-group-seeking-to-list-new-reit-on-sgx

Tiong Seng CEO, project director on bail amid corruption probe
Mainboard-listed Tiong Seng Holdings said on Tuesday that its chief executive and executive director Pek Lian Guan and project director Pay Teow Heng are on bail amid a corruption probe. This is in relation to alleged offences under Section 6(b)1 of the Prevention of Corruption Act (Chapter 241) of Singapore, the construction firm said in a regulatory filing.
https://www.businesstimes.com.sg/companies-markets/tiong-seng-ceo-project-director-on-bail-amid-corruption-probe
https://www.straitstimes.com/business/companies-markets/tiong-seng-ceo-project-director-on-bail-amid-corruption-probe