The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 19th May 2016

Top Stories

Mapletree bets more than £500m on UK business park
In what is one of the biggest offshore property deals by a Singapore company in recent years, Mapletree Investments is paying more than £500 million (S$1 billion) for a 79-ha, freehold business park in the UK from Oxford Properties Group.  This also marks Mapletree’s largest acquisition outside Asia.  The Temasek unit said on Wednesday that the acquisition of Green Park is in line with its strategy to seize new growth opportunities in developed markets such as the UK, underpinned by strong economic and property fundamentals, to broaden its investment footprint.

More time needed to study short-term stay: URA
RESULTS of a public consultation on short-term stays in private residential properties were split, with no clear consensus, said the Urban Redevelopment Authority (URA), adding that more time is needed to study this issue.  An important piece of feedback, however, was that any change in rules should ensure a level playing field.  “Currently, regulated accommodation providers such as hotels and serviced apartment operators are subject to various regulatory requirements to ensure the safety and well-being of occupants. They are also subject to business taxes,” URA said.

Singapore Real Estate

Freehold site in Novena up for sale for S$26m
CBRE has launched an expression of interest (EOI) for the sale of a freehold site at 2 Derbyshire Road.  Nestled in Novena within an established residential enclave, the 6,768 sq ft site comes with an existing four-storey building and its current gross floor area is about 8,742 sq ft. The guide price is about S$26 million.

CDL sets new targets for sustainability
Having enjoyed more than S$31 million in power savings between 2008 and 2015, City Developments Ltd (CDL) now wants to up its game in sustainability, with new targets to be achieved in the next 4-14 years.  By 2020, the property developer wants to reduce its energy and water intensity by 22 per cent, from baseline year 2007. By 2030, the reduction target is 25 per cent, from the same baseline year. These new targets are in addition to CDL’s existing carbon emissions intensity reduction targets set in 2011, which are: 22 per cent by 2020, and 25 per cent by 2030, from baseline year 2007.

Shunfu Ville set to heat up collective sale market
The moribund collective sale market here could soon get a boost if the planned sale of Shunfu Ville goes through – potentially the largest such deal since 2007.  About 83 per cent of the Upper Thomson project’s owners by share value and total area – above the 80 per cent threshold – have signed a collective sale agreement based on a $688 million reserve price.  The collective sale committee earlier this month unanimously voted to accept a letter of intent from the interested purchaser, which is understood to be Qingjian Realty.

APP seeks buyer for factory site in Pioneer Road
Indonesia’s largest pulp and paper firm is selling its vacant premises in Pioneer Road at an indicative value of above $40 million.  The site was put up for auction in 2007 by the Inland Revenue Authority of Singapore after Asia Pulp and Paper (APP) failed to pay more than $1.8 million in property taxes.  But the property was withdrawn from auction after the company settled the tax bill.  The three-storey detached factory in Pioneer Road was built by APP in the late 1990s and used for paper-related manufacturing until operations ceased in the early 2000s. The property is believed to have been vacant since then.

Zouk delays relocation date to Clarke Quay
Local nightclub Zouk confirmed on Wednesday (May 18) that it will delay its relocation plans from Jiak Kim Street to Clarke Quay, despite previously targeting for a June opening this year.  Zouk had been given permission to extend its contract by Dec 31, 2017, if it is able to secure a new location by Jun 30 last year. It subsequently announced that it has signed a new lease for a 30,000 sq ft space at Block C in Clarke Quay.  Responding to media queries from Channel NewsAsia, a spokesperson from Zouk said the 24-year-old night club is “looking to move (at) the end of the year as of now”.

Global Economy & Global Real Estate

Unexpected Q1 rebound saves Japan’s economy from renewed recession

The potential damage from ‘Brexit’ extends far beyond Britain

China’s home prices grow fastest in 2 years

S Korea’s Hotel Lotte plans 5.7t won IPO: sources

Britain’s largest listed property developer expects London office rents to rise more slowly

CBRE to buy 49% of Malaysian real estate services provider WTW

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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