DAILY NEWS

Daily News – 18th Oct 2019

Singapore Real Estate

Bumper Q3 would mean banner year for hospitality deals
Singapore is headed for a bumper year for hotel sales. Hospitality deals hit the highest level recorded on a quarterly basis, hitting S$2.77 billion in the third quarter. The latest quarterly research report by real estate firm Colliers International noted that this was six times that of the previous quarter, and 19 times that of the previous year.
https://www.businesstimes.com.sg/real-estate/bumper-q3-would-mean-banner-year-for-hospitality-deals
https://www.straitstimes.com/business/property/hospitality-deals-hit-record-28b-in-q3-colliers-0

Far East Hospitality to open The Clan Hotel in Q2 2020
The Clan Hotel Singapore – the latest brand in Far East Hospitality’s portfolio – will open its doors in the second quarter of 2020, the hospitality owner and operator announced on Thursday. The luxury hotel with 324 rooms is located in Cross Street in the in the Telok Ayer neighbourhood, near Raffles Place and Chinatown.
https://www.businesstimes.com.sg/real-estate/far-east-hospitality-to-open-the-clan-hotel-in-q2-2020

Hotel Compass in Geylang up for sale with S$23-25m guide price
Hotel Compass, a freehold hotel in Geylang, has been launched for sale by public tender at a guide price of S$23 million to S$25 million, marketing agent Knight Frank Singapore said on Thursday. The eight-storey hotel has 49 rooms, and occupies a site area of 436.9 square metres (about 4,703 square feet).
https://www.businesstimes.com.sg/real-estate/hotel-compass-in-geylang-up-for-sale-with-s23-25m-guide-price-0
https://www.straitstimes.com/business/economy/china-economy-grows-60-in-third-quarter-slower-than-expected

Type of housing Singaporean parents own can impact children’s future economic status: NUS
A new research by the National University of Singapore (NUS) has found that the type of housing owned by Singaporean parents, along with the city-state’s housing policies, can significantly influence the next generation’s economic status. According to the study, children from low-income families, defined as those with parents in the bottom 60th percentile nationally, show upward mobility in housing wealth…
https://www.businesstimes.com.sg/real-estate/type-of-housing-singaporean-parents-own-can-impact-childrens-future-economic-status-nus%C2%A0
https://www.straitstimes.com/singapore/housing/spore-parents-housing-type-could-show-how-kids-will-fare
https://www.todayonline.com/singapore/housing-policies-effective-helping-children-low-income-families-upgrade-less-so-middle

Move to create list of 50 post-1965 buildings to help raise profile of Singapore’s modernist architecture
Beach Road is a star-studded avenue of historical architecture and neighbourhoods from colonial and post-independent Singapore. It comprises landmarks such as Golden Mile Complex, Kampong Glam, Shaw Tower, the Concourse, South Beach and Raffles Hotel.
https://www.straitstimes.com/singapore/move-to-inventory-post-1965-buildings-here

3D model for Tengah town wins top tech award
Future residents of new Tengah town can take comfort in the fact that their smart homes will be cool by design as the days get hotter as a result of climate change. The buildings in Singapore’s first smart-enabled town will be constructed in a way that maximises thermal comfort.
https://www.straitstimes.com/singapore/3d-model-for-tengah-town-wins-top-tech-award

Asian cities risk stumbling ‘zombie-like’ into digital dystopia
As asian cities turn to technologies such as facial recognition and artificial intelligence (AI) to deliver social welfare and public services, urban experts on Thursday urged authorities to address privacy concerns and protect the vulnerable. From India to Indonesia, governments across the region are backing hundreds of Smart Cities that use technology and data to improve waste management and energy conservation…
https://www.businesstimes.com.sg/technology/asian-cities-risk-stumbling-zombie-like-into-digital-dystopia

Companies’ Brief

CDL shares jump 5.2% after Citi reiterates ‘buy’ call
Shares of mainboard-listed property developer City Developments Limited (CDL) jumped as much as S$0.53 or 5.4 per cent on Thursday, surpassing the S$10 mark for the first time in more than a year. They ended the day S$0.51, or 5.16 per cent, higher at S$10.39.
https://www.businesstimes.com.sg/companies-markets/cdl-shares-jump-52-after-citi-reiterates-buy-call

MCT prices placement units at rich end of price range on strong demand
Mapletree Commercial Trust (MCT) has priced a S$458 million overnight placement of new units at S$2.28 per unit to cover the rich end of initial indications. Price talk was at a range of S$2.24 to S$2.28 per unit for the deal, which was launched on Wednesday. According to MCT, the private placement was about seven times covered, and saw strong participation from new and existing investors.
https://www.businesstimes.com.sg/companies-markets/mct-prices-placement-units-at-rich-end-of-price-range-on-strong-demand

Keppel’s Q3 profit falls 30% in absence of divestment gains
Keppel Corp’s third quarter net profit fell 30 per cent to S$159 million from a restated S$227 million a year ago in the absence of a divestment gain and higher net interest expense that was partly offset by higher contributions from associated companies and property trading projects in China and Singapore.
https://www.businesstimes.com.sg/companies-markets/keppels-q3-profit-falls-30-in-absence-of-divestment-gains

KORE to raise US$75.6m from private placement to fund Dallas property buy
Keppel Pacific Oak US Reit (KORE), previously known as Keppel-KBS US Reit, has undertaken a private placement to fund its purchase of an office property in the US. It will raise US$75.6 million after the issue was priced at the higher end of a range of between 70.1 US cents and 72.5 US cents per new unit.
https://www.businesstimes.com.sg/companies-markets/kore-to-raise-us756m-from-private-placement-to-fund-dallas-property-buy
https://www.straitstimes.com/business/companies-markets/keppel-pacific-oak-us-reit-placement-to-raise-at-least-1001m-for-dallas

SPH posts 23% drop in earnings, to trim 5% staff from media group
Singapore Press Holdings (SPH) will be trimming its workforce by some 130-odd staff as it continues to streamline operations amid the digital transformation of its core media business. Those affected are from the group’s media solutions division (MSD), magazines and smaller subsidiaries. They include non-contract renewals and retirements as well as 71 staff who will be retrenched. SPH newsrooms were not affected…
https://www.businesstimes.com.sg/companies-markets/sph-posts-23-drop-in-earnings-to-trim-5-staff-from-media-group
https://www.straitstimes.com/business/companies-markets/sph-to-shed-130-jobs-to-rein-in-costs
https://www.todayonline.com/singapore/sph-lay-5-cent-staff-part-restructuring-efforts

Pollux Properties guides for net loss in Q1
Pollux Properties said on Thursday that it expects to record a net loss for the first quarter ended June 30 compared to the same period a year earlier. This is due mainly to an increase in share of loss from a joint-venture company owing to delays in obtaining the strata title for theproperty from the Singapore Land Authority.
https://www.businesstimes.com.sg/companies-markets/pollux-properties-guides-for-net-loss-in-q1

Soilbuild Construction’s precast & prefab unit wins S$28.8m HDB contract
Soilbuild Construction Group has won a contract worth S$28.8 million to fabricate, supply and deliver precast concrete components, including Prefabricated Prefinished Volumetric Construction works for a public housing development project in Tengah, Singapore, it said on Thursday. The project is expected to commence in the first quarter of 2020 for completion by the second quarter of 2021.
https://www.businesstimes.com.sg/companies-markets/soilbuild-construction%E2%80%99s-precast-prefab-unit-wins-s288m-hdb-contract

Second Chance Properties guides for lower profit in FY19
Mainboard-listed Second Chance Properties said on Thursday that it expects to report a lower profit for the financial year ended Aug 31, compared to the last financial year. This is primarily due to unrealised loss on revaluation of properties recorded in the 2019 financial year, compared to unrealised gain on revaluation of properties reported in the year before.
https://www.businesstimes.com.sg/companies-markets/second-chance-properties-guides-for-lower-profit-in-fy19

Property plays a bright spot in cautious session
Going by recent actions in Asia’s equity markets, investors seem to be clinging onto positive news, be it hopes of a Brexit deal or signals of a strong US corporate season. But they were reminded on Thursday of the reality of global growth concerns, US-China issues, as well as doubts over a Brexit deal, which made for a cautious session.
https://www.businesstimes.com.sg/companies-markets/property-plays-a-bright-spot-in-cautious-session

UrbanMatch aims to ‘matchmake’ home buyers, sellers
Think dating apps – but for property buyers and sellers. UrbanZoom, an artificial intelligence driven proptech startup based in Singapore, on Thursday announced the launch of UrbanMatch, a digital “matchmaking” service to provide personalised, recommended homes that best fit the criteria sought by genuine home buyers.
https://www.businesstimes.com.sg/companies-markets/urbanmatch-aims-to-matchmake-home-buyers-sellers