The swankiest home address? It’s Marina Bay, not Orchard Road
Marina Bay and its surrounds may be deposing the Orchard area as the place to live in as its work-live-play concept takes hold and mega-office complexes like the Marina Bay Financial Centre and Asia Square Tower draw expatriates to luxury homes in the business district. Non-landed luxury home prices in District 1’s Raffles Place, Cecil, Marina and People’s Park areas; and District 2’s Anson and Tanjong Pagar outperformed the overall Core Central Region (CCR) in the first quarter of 2018.
Singapore exports fall for 2nd consecutive month in March
Singapore’s exports continued to disappoint for the second straight month in March, hit by a triple whammy of high base effects, cooling electronics demand and a strengthening Singdollar. This comes at a time when global trade tensions continue to mount, which could result in adverse repercussions for small, trade-dependent economies such as Singapore.
Singapore 3rd most expensive in Asia for business travel in 2017
Singapore emerged in joint third position with Seoul in a ranking of the most expensive Asian locations for business travel last year, going by research published by data company ECA International on Tuesday. Lee Quane, Asia regional director at ECA International, said the latest ranking reflected the increasing average cost of a business trip to Singapore.
Singapore Real Estate
Asia Gardens sold en bloc for S$343m to consortium
Asia Gardens, located along Everton Road in the Spottiswoode enclave, has been sold for S$343 million via collective sale to a consortium here led by developer Sustained Land. The other partners are builder-cum-developer Ho Lee Group and an investment holding company fully owned by Loi Pok Yen, logistics company CWT’s group chief executive.
JTC to launch public tender for industrial site at Tuas South Link 1 on Apr 24
JTC Corporation will put an industrial site at Tuas South Link 1 (Plot 13) up for sale by public tender on Apr 24 with a six-week tender period, after accepting the committed bid price of not less than $15.6 million, it said on Tuesday.
First Reit improves Q1 DPU to 2.15 cents
Distribution per unit for First Real Estate Investment Trust (First Reit) in its first quarter of 2018 edged up to 2.15 Singapore cents from 2.14 Singapore cents in the preceding year. That came as Q1 income available for distribution for the healthcare Reit increased 1.8 per cent to S$16.9 million from the previous year.
Keppel-KBS US Reit posts DPU of 2.32 US cents
US office landlord Keppel-KBS US Reit delivered distribution per unit (DPU) of 2.32 US cents for the period since listing from Nov 9, 2017, to March 31, 2018, beating its forecast by 0.4 per cent. This translates to an annualised distribution yield of 6.73 per cent, based on unit trading price of US$0.88. Thanks to a stable portfolio performance and a one-off compensation income, the Reit’s net property income of US$22.3 million surpassed its IPO forecast by 5.2 per cent.
GIC-backed Vietnam developer Vinhomes planning US$2b IPO
Vingroup JSC, Vietnam’s biggest developer, is targeting an initial equity offering of as much as US$2 billion for its luxury residential arm, people with knowledge of the matter said. The Hanoi-based group’s Vinhomes JSC unit is considering seeking a valuation of US$13 billion to US$16 billion in the share sale, according to one of the people, who asked not to be identified because the information is private.
Ascott Reit’s DPU up 9% to 1.28 Singapore cents for Q1
Ascott Residence Trust (Ascott Reit) saw distribution per unit (DPU) rise 9 per cent to 1.28 Singapore cents for the first quarter ended March 31, after adjustment for one-off items, in results released on Wednesday. This was up from the restated DPU of 1.17 Singapore cents in the same period a year before, following a rights issue in April 2017.
Banyan Tree increases stake in Laguna Resorts & Hotels to 86%
Banyan Tree Holdings said on Tuesday that it has increased its stake in subsidiary Laguna Resorts & Hotels to 86.3 per cent following a voluntary tender offer for all shares it does not own in the Thai-listed unit. Banyan Tree received acceptances from shareholders representing approximately 34 million Laguna shares or approximately 20.53 per cent of the total issued share capital at the end of the tender period (April 9), the company said in a filing with the Singapore Exchange on Tuesday evening.
VIEWS, REVIEWS, FORUM & Others
Condos should get 100% consent on home-sharing
The Urban Redevelopment Authority’s (URA’s) suggestion to allow for home-sharing is most unsatisfactory (URA suggests 80% consent rule for condos to offer Airbnb-style home-sharing; ST Online, April 16). Its proposed 80 per cent consent rule should apply only to developments that intend to sell en bloc for a conversion to a specific type of property that allows for home-sharing, rather than in voting for such an activity that will inconvenience the lives of the 20 per cent who do not wish to have anything to do with the business in their estate, regardless of the proposed safeguards.
Stick with old rental rules
I am shocked that the Urban Redevelopment Authority (URA) has delegated its approval of short-term stays to individual management committees based on an 80 per cent share value approval for condominiums (URA suggests 80% consent rule for condos to offer Airbnb-style home-sharing; April 16). It is part of URA’s proposed safeguards for short-term home stays.
Mock-up HDB flat a step to real home
Although it is only a mock-up of an HDB flat, for some elderly men, it is a step nearer a real home. The space – featuring a shared bedroom and kitchen – is a “training ground” for residents of Acacia Home to prepare themselves for living in the community again. Even though it has been operating at its Admiralty Street site since 2016, Acacia Home’s new building was officially opened by the Minister for Social and Family Development, Mr Desmond Lee, yesterday.
Global Economy & Global Real Estate
Industrial output cools in March, but stays strong
UK think tank sees a third of millennials never owning a home
China beats forecasts with 6.8% growth in first quarter
China may be set for rare property defaults, says fund manager Neuberger
China’s property investment up 10.4% in Q1
IMF hits out at New Zealand ban on foreign home buyers
Abu Dhabi’s Aldar Properties eyes new acquisitions-CEO
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article