DAILY NEWS

Daily News – 18 Dec 2019

Singapore Real Estate

Singapore home prices to grow 2% in 2020, 2021: Fitch Ratings
Singapore home prices are expected to show modest growth over the next two years, riding on macro-prudential measures and stable mortgage performance, anchored by strong household finances. This is according to the latest findings from Fitch Rating’s Global Housing and Mortgage Outlook report. Overall, the rating agency expects nominal home price growth to remain at about 2 per cent in both 2020 and…
https://www.businesstimes.com.sg/real-estate/singapore-home-prices-to-grow-2-in-2020-2021-fitch-ratings%C2%A0
https://www.straitstimes.com/business/property/singapore-private-home-prices-to-rise-by-about-2-in-2020-and-2021-fitch-ratings

Asia-Pacific real estate to draw more investors
Investment in Asia-Pacific real estate hit US$125 billion (S$169 billion) in the first nine months this year, up 10 per cent year on year, with a strong 2020 forecast. Mr Stuart Crow, JLL’s chief executive officer of capital markets in Asia-Pacific, said: “Over the next two years, we expect… Asia-Pacific to outperform Europe and the Americas with an outsized portion of global investor interest.”
https://www.straitstimes.com/business/property/asia-pacific-real-estate-to-draw-more-investors

Singapore Economy

Singapore NODX falls less in Nov, analysts see signs of recovery
Singapore’s non-oil exports contracted at the slowest pace in November after nine straight months of decline, leaving analysts hopeful that the worst may be over. Non-oil domestic exports (NODX) shrank by 5.9 per cent year on year in November, according to data released by Enterprise Singapore (ESG) on Tuesday, outperforming the 6.4 per cent contraction that private sector economists polled by Bloomberg…https://www.businesstimes.com.sg/government-economy/singapore-nodx-falls-less-in-nov-analysts-see-signs-of-recovery
https://www.straitstimes.com/business/singapores-non-oil-exports-fall-by-59
https://www.straitstimes.com/business/economy/non-oil-exports-down-for-9th-straight-month-but-drop-less-than-expected
https://www.channelnewsasia.com/news/singapore/singapore-november-exports-data-fall-nodx-trade-2019-12189226
https://www.todayonline.com/singapore/singapores-november-exports-fall-59-9th-straight-month-decline

Companies’ Brief

A-HTrust suspends trading; books closure on Dec 18
Trading of Ascendas Hospitality Trust’s (A-HTrust) stapled securities was suspended on Tuesday at 9am, according to a filing by the trust’s manager before market opened. The manager had said in a filing on Dec 5 that books closure will be on Wednesday, 5pm. This is to determine the entitlements of A-HTrust stapled securityholders regarding the trust scheme of arrangement for the proposed combination of A-HTrust and Ascott Residence Trust.
https://www.businesstimes.com.sg/companies-markets/a-htrust-suspends-trading-books-closure-on-dec-18-0

Mapletree Logistics Trust refinances 7 Malaysian properties
Mapletree Logistics Trust has refinanced seven of its properties in Malaysia through the issuance of new seven-year medium-term notes, the manager said on Tuesday. Special-purpose vehicle Semangkuk issued about RM250 million (S$81.9 million) in unrated senior medium-term notes to external investors, and RM195 million in junior medium-term notes to Mapletree Logistics Trust through its trustee…https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-refinances-7-malaysian-properties

Straits Trading unit joins consortium to buy Shanghai mall
Mainboard-listed The Straits Trading Company has joined a consortium to buy a shopping centre in Shanghai for 2.42 billion yuan (S$468.9 million), the board disclosed on Tuesday. SRE Venture 16 (SREV16), its wholly-owned subsidiary, will be joining forces with a unit of a fund managed by ICBC International Investment Management and a subsidiary of ARA Asset Management, a real assets fund manager in …
https://www.businesstimes.com.sg/companies-markets/straits-trading-unit-joins-consortium-to-buy-shanghai-mall

Cromwell E-Reit to dispose of 12 Europe properties
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Tuesday said it has entered into a master sale and purchase agreement with entities owned by funds advised by Blackstone affiliates on Dec 16, to dispose of 12 properties located in the Netherlands, Denmark and France. The agreed property sales price of the portfolio is 65.7 million euros (S$99.2 million), representing a 15.2 per cent premium to the…
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-to-dispose-of-12-europe-properties

Manulife US Reit staff bring cheer to the elderly
It is a Wednesday morning, and Dignity Kitchen is bustling. Glass mugs clink against the metal table at the drink stall as tea is brewed, coffee is mixed and drinks are hurriedly turned out. Other staff survey the tables that have been laid out, fingertips still stained with flour and hair still left in their caps. They have a busy day ahead of them.
https://www.businesstimes.com.sg/life-culture/manulife-us-reit-staff-bring-cheer-to-the-elderly

San Teh to delist from SGX on Dec 19
Property firm San Teh said on Tuesday in a regulatory update that it will be delisted from the Singapore Exchange on Dec 19, 9am. The move follows an offer by the Kao family and its concert parties for all shares of the firm at S$0.28 apiece in cash which closed on Nov 21, after the offeror acquired 95.38 per cent of the company’s shares.
https://www.businesstimes.com.sg/companies-markets/san-teh-to-delist-from-sgx-on-dec-19

Views, Reviews, Forum & Others

Singapore easing property curbs seen unlikely as election looms
[Singapore] Singapore is unlikely to ease property cooling measures as it heads into a high-stakes election that could take place in the first half of next year. Although several developers, including second-largest City Developments, have called upon the government to loosen curbs to help fix an apartment glut, such a move could cost the ruling People’s Action Party votes. Relaxing property curbs risks sending prices spiraling, making it more costly for Singaporeans to own private apartments, analysts say.
https://www.businesstimes.com.sg/real-estate/singapore-easing-property-curbs-seen-unlikely-as-election-looms

Recovery on track for Singapore’s hoteliers
At this point, it’s anyone’s guess how 2020 will pan out, but things look more promising for Singapore’s hospitality counters than they have in recent years as the hotel sector emerges from a downcycle. Despite uncertainties in the global economy, tourist arrivals have held up well this year. Ahead of the peak year-end period, visitor arrivals have risen 2.3 per cent year-on-year to 15.85 million in the first 10 months of the…
https://www.businesstimes.com.sg/companies-markets/recovery-on-track-for-singapores-hoteliers

Some investors suspect a scam as Dream project in Phuket goes sour
A Phuket hotel resort project by a Singapore-based property developer that drew over $90 million in funds has gone sour, with some retail investors going as far as to lodge a police report after the company suddenly went into liquidation. Some investors of the failed developer, Castlewood Group, now suspect that they may have fallen prey to a scam.
https://www.straitstimes.com/business/property/some-investors-suspect-a-scam-as-dream-project-in-phuket-goes-sour