The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 18 February 2016

Singapore Economy

Singapore exports to China drop 25%; services growth may not hold up
Singapore’s exports to China dived a worrying 25.2 per cent in January – its worst performance in seven years. With the first set of government economic data for 2016 out on Wednesday, it appears the real economy has deteriorated along with the meltdown in stock markets around the world.

Singapore Real Estate

CapitaLand explains why it exited Asia Square negotiations
Capitaland on Wednesday implied that it had earlier bowed out of negotiations to buy the Asia Square Tower 1 office building because the property did not fit with its group strategy, and its yields did not meet requirements. At its results briefing, CapitaLand Singapore CEO Wen Khai Meng said: “Whether it’s Asia Square or any (other) opportunities, when we look at them, we judge them according to two criteria: whether it fits in with our strategy, and whether the return profile of the project meets our requirements.

Worker dies after crane collapses

Companies’ Brief

GLP, Canada Pension Plan in JV to develop Japan projects
Global Logistic Properties (GLP) and Canada Pension Plan Investment Board (CPPIB) have set up an equally held joint venture to develop logistics facilities in Japan. GLP, a developer of cutting-edge warehouses, said on Wednesday that the new GLP Japan Development Venture II will have total equity commitments of 100 billion yen (S$1.23 billion) to start, but the size of the 50-50 venture is expected to reach US$2 billion over three years, GLP said.

CapitaLand Q4 profit down 40%, impairments announced
Capitaland’s fourth-quarter net profit fell 39.5 per cent to S$247.7 million, mainly due to lower fair value gains from the revaluation of investment properties and an absence of disposal gains from Westgate Tower. Net profit for the full year ended Dec 31, 2015 slipped 8.2 per cent to S$1.1 billion.

Koh Brothers’ earnings up 22% in Q4
Koh Brothers Group has posted a 22 per cent increase in net profit for the fourth quarter ended Dec 31, 2015 to S$7.57 million. Sales rose 10 per cent to S$112.28 million. The sales improvement was mainly contributed by the construction and building materials divisions.

New search engine to feature reviews of property agents
Banking on the power of customer reviews to prod property agents to deliver better service, a new search engine by OrangeTee will, from Feb 26, let customers rate agents’ performance. The “Property Agents Bank” is possibly the first search platform in Singapore to provide customer ratings and reviews on agents.

Sim Lian Group
Sim Lian Group is launching for sale today its executive condominium (EC) project at Choa Chu Kang Avenue 3. Applications for the 534-unit Wandervale are now open until Feb 28. The balloting and booking date is on March 5. The EC features 130 three-bedroom units, 322 three-bedroom premium units and 82 four-bedroom units ranging from 958 to 1,249 sq ft.

Global Economy & Global Real Estate

China promises economic stability as G-20 meet looms

UK startup to allow individuals to fund commercial projects

The intriguing mathematics that turns Manhattan properties into Israeli shekels

Ferrari theme park developer may extend debt maturities

China’s US$600b subprime mortgage crisis is already here

China banks hiding losses in ‘opaque’ receivables accounts

Chinese developers’ bet on HK looks misguided

Aussie Labor Party calls for cuts in property tax perks

British Columbia sets citizenship disclosure for home buyers

Toronto Developer Delays Alberta Condos Amid Oil Crunch

Housing Starts in U.S. Drop to Lowest Level in Three Months

Wholesale Prices in U.S. Unexpectedly Rise on Higher Food Costs

Australia’s Property Tax Perks Are in the Crosshairs

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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