EU, Singapore a step closer to signing free trade agreement
In the first step towards signing and concluding the European Union-Singapore Free Trade Agreement (EUSFTA), the European Commission has presented the outcome of the negotiations to the European Council. The initialled agreement now needs to be approved by the Council of Ministers and ratified by the European Parliament.
Singapore Real Estate
Kampong Bugis master developer tender to be launched in 1 to 2 years
A tender for a master developer to redevelop Kampong Bugis near the Kallang River into a car-lite residential precinct will be called in the next one to two years, The Business Times understands. The land up for tender, likely to stand at about 13 ha, is expected to have a 99-year leasehold. It includes a cordoned-off 3.14 ha area, which is where Kallang Gasworks used to stand; the facility ceased operations when national gas production was relocated to Senoko Gasworks in 1997.
Lian Beng JV buys Sembawang Shopping Centre from CapitaLand Mall Trust
Lian Beng-Apricot Sembawang (LBAS) is buying Sembawang Shopping Centre from CapitaLand Mall Trust (CMT) for S$248 million, a price tag that is almost the double the suburban mall’s latest valuation. LBAS is a 50-50 joint venture company of home-grown construction firm Lian Beng Group (Lian Beng), and Apricot Capital, the private investment firm of the Super Group’s Teo family.
Oxley, SC Global, Super Group bosses take shares in Lian Beng spin-off
The public tranche of property developer SLB Development’s initial public offering (IPO) was about 20.6 times subscribed, ballot results on Thursday showed. SLB’s offering comprised 238 million new shares at S$0.23 apiece. The size of the public tranche was a mere 8 million shares. The remaining 230 million shares were placed out. Overall, SLB’s public and placement tranches combined were 1.7 times subscribed.
Keppel Corp Q1 profit up 34% buoyed by property division
Underpinned by its property business, Keppel Corporation’s net profit for the first quarter ended March 31 jumped 33.7 per cent to S$337.5 million. Group revenue also improved by 17.8 per cent to S$1.47 billion, bolstered by stronger revenues from property and infrastructure divisions, which mitigated the impact of lower work volume in the offshore and marine (O&M) division.
Frasers Commercial Trust DPU down 4.4% to 2.40 Singapore cents for Q2
Frasers Commercial Trust (FCOT) posted a distribution per unit (DPU) of 2.40 Singapore cents for the three months ended March 31 – the second quarter of their financial year – down 4.4 per cent from 2.51 Singapore cents a year before. Gross revenue for the quarter fell 18 per cent year-on-year to S$33 million, while net property income (NPI) fell 25.3 per cent to S$22.4 million.
ESR-Reit DPU down 15.6% to 0.847 Singapore cent for Q1 with larger unitholder base
ESR-REIT’S distribution per unit (DPU) fell 15.6 per cent for the first quarter ended March 31, to 0.847 Singapore cent from 1.004 cents a year ago. This was after its unitholder base was enlarged with new units issued on March 28, said ESR-Reit’s manager ESR Funds Management in a Singapore Exchange filing on Friday morning.
Fragrance Group prices its S$125m 6.1% 2021 notes
Fragrance Group has priced its S$125 million 6.125 per cent fixed-rate notes, which mature on April 26, 2021 under the company’s S$1 billion multicurrency debt issuance programme. The notes are expected to be issued on April 26, 2018 at 100 per cent of their principal amount and in denominations of S$250,000, the company said in a filing with the Singapore Exchange on Thursday evening.
Design Studio Group’s Q1 net profit dives 84%
Interior fit-out and panelling products provider Design Studio Group has posted a net profit of S$322,000 in the first quarter, down 84.5 per cent from a restated net profit of S$2.1 million in the same period last year. Revenue in the three months ended March 31 was S$41 million, up 17 per cent from a restated S$35 million in the same period last year. Subcontractors’ costs rose 67.8 per cent to S$21.4 million.
Yanlord Land upsizes tranche size of 6.75% notes due 2023 to US$350m
Yanlord Land Group is upsizing the tranche size of the 6.75 per cent notes due 2023 to be issued Yanlord Land (HK). It will issue an additional US$50 million notes, bringing the total tranche size to US$350 million. The upsized notes will be issued on or around April 23.
VIEWS, REVIEWS, FORUM & Others
Green the colour of money where property is concerned?
Live near a park or trees blooming with flowers? Your HDB flat might fetch up to 3 per cent more, a study has found. Reviewing the resale prices of 15,962 HDB flats sold from April 2013 to April 2014, it found, on average, $11,200 of a flat’s price could be attributed to green spaces within 1.6km. This was after taking into account other aspects about the flat, including its size, proximity to good schools and age.
Short-term home stays need rules
As a key global node, Singapore has to keep pace with the times. Where short-term stays are concerned, that means coming to terms with the Airbnb phenomenon. Founded in 2008, Airbnb leverages technology to empower millions to monetise their spaces by becoming so-called “hospitality entrepreneurs”.
SP Group to launch platform for home owners to sell solar energy certs
Power grid operator SP Group is tapping blockchain technology to link up residential and other small producers of solar energy with businesses that have a carbon footprint. The blockchain-enabled digital platform – expected to be a global first when launched by the end of this year – could speed up the use of solar panels and also offer a variation of carbon emissions trading.
Global Economy & Global Real Estate
US economic growth on track despite tariff concerns: Fed report
London’s skyline soars with more than 500 skyscrapers in pipeline
InterContinental sees ‘incredible’ long-term market in UK
Worst of US-China trade tensions is over: JP Morgan
China may be set for rare property defaults, says fund manager
German homes market making up for lost ground, says developer
Starwood launches bid for stakes in CA Immo, Immofinanz
DLF to explain how it’s cashing in on India land
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article