Property-bound Singapore capital now prefers home turf
The capital flight to greener pastures abroad from Singapore has slowed to a trickle, amid a turnaround in the property market at home. Data compiled by Real Capital Analytics and Knight Frank Research shows that the number of outbound investment deals dwindled to 34 in the first half of 2017. The figure was 144 for last year, and 503 in 2015. The transaction value of deals done in the first half of the year also slid – to S$6.7 billion, from S$14.6 billion last year and S$37.7 billion in 2015.
Young couples to get flats sooner: HDB
Putting down roots and building a love nest used to take young couples typically between three to four years. Not anymore. They can get their new homes sooner – about 2.5 years from the time they apply to purchase the flats. The Housing and Development Board (HDB) announced on Wednesdaythat it will offer some Build-To-Order (BTO) flats with shorter waiting time, and introduce the Re-Offer of Balance Flats (ROF), a new sales mode, in August.
S’pore hotel rates, airfares to take off in 2018
Airfares in Singapore are expected to rise by 3.9 per cent next year, outpacing the region, while hotel prices here are projected to see a 3.2 per cent increase as the hotel industry picks up pace, according to a report. In comparison, Asia-Pacific airfares are expected to grow at a slower 2.8 per cent in 2018, and regional hotel prices are expected to see a rise of 3.5 per cent, fuelled by higher demand from strong local economies such as China and India, the fourth annual Global Travel Forecast showed. The report was released by Carlson Wagonlit Travel and the GBTA Foundation, the research arm of the Global Business Travel Association.
Singapore Real Estate
Singaporeans’ interest in Australian property wanes
Singaporeans are still buying property in Australia but their interest has dwindled slightly, given the abundance of residential options back home. Julian Sedgwick, head of sales and marketing for high-end property developer Crown Group Australia, said that if the recent sales performance at the group’s mixed-use project, Waterfall, is a good proxy, Singaporeans seem to be holding back from international property purchases partly due to the abundance of options in their own domestic property market.
Singapore Conference Hall to get big revamp
Two staircases in the Singapore Conference Hall (SCH) which were demolished in 2000 will be rebuilt in upcoming renovations to replicate the appearance of the concourse from the past. These were the stairs that founding father Lee Kuan Yew climbed on his way to the auditorium to deliver National Day Rally speeches in the 1980s. They were removed when the conference hall underwent renovations 17 years ago.
Century-old heritage road in way of Tengah air base expansion
Parts of a century-old road may have to be sacrificed to make way for the Tengah Air Base expansion. However, portions of the Lim Chu Kang heritage road could yet survive, with The Straits Times understanding that the authorities are looking at how they can be retained. On Tuesday, the Ministry of National Development (MND) said that Lim Chu Kang Road will be realigned to make way for a bigger air base.
Rowsley soars on Peter Lim’s healthcare move
Singapore billionaire and former remisier king Peter Lim’s proposed injection of healthcare assets into Rowsley – a real estate and investment company of which he is the controlling shareholder – sent its shares soaring on Wednesday. The stock, which was last traded at S$0.073 before a trading halt on Tuesday, opened trading at S$0.115 and more than doubled to S$0.147 at its intraday high after an intraday low of S$0.111.
CCT to set aside some divestment gains to shore up H2 DPU
The manager of CapitaLand Commercial Trust (CCT) has said that it will use some of the gains from its recent divestments to make up for the loss of distributable income contributions in H2 this year following the sale of Wilkie Edge and 50 per cent of One George Street (OGS). The group posted improvements in distribution per unit (DPU) for Q2 and H1 ended June 30, 2017, over the corresponding year-ago periods, on the back of a better performance and higher contribution from CapitaGreen.
Qingjian Realty to launch condo in Bukit Batok
Qingjian Realty (South Pacific) Group said on Wednesday it is launching its first mixed-use development in Singapore. Located in Bukit Batok, the development offers 516 residential units and 6,000 square metres of retail space. While the developer had yet to confirm estimated average rental price for its retail space, it said the average price for its residential units was S$1,280 per square foot (psf).
Koh Brothers, Heeton Land sell off joint venture for S$41.6m
Construction and engineering firm Koh Brothers Group, together with another stakeholder, has sold off their joint venture, Buildhome Pte Ltd, for S$41.6 million. Mainboard-listed Koh Brothers’ wholly owned subsidiary, Koh Brothers Development Pte Ltd, and Heeton Land Pte Ltd, which is wholly owned by Heeton Holdings, have sold their respective 50 per cent stakes in Buildhome to Singapore-incorporated Central Core Pte Ltd, said Koh Brothers in a filing to Singapore Exchange on Wednesday evening after the market closed.
Ascott Reit’s Q2 DPU falls to 1.84 Singapore cents
Ascott Reit reported on Thursday a 0.29 cent decrease in its Q2 distribution per unit (DPU), as it was weighed down by one-off items, the effects of the rights issue and equity placement. For the three months ended June 30, 2017, the indirect wholly owned subsidiary of CapitaLand Limited posted a Q2 DPU of 1.84 Singapore cents. Its H1 DPU stood at 3.36 Singapore cents, down 0.52 Singapore cent from a year ago, as the contribution from Sheraton Tribeca New York Hotel, on top of the one-off items, the effects of the rights issue and equity placement, caused the decrease.
Malaysian developer Aspen launches Catalist IPO
Malaysia’s Aspen (Group) Holdings, a developer of affordable homes and mixed developments, has launched its initial public offering (IPO) on the Catalist board here. The firm is offering 173.3 million shares at 23 cents each. These include 4.35 million shares for the public and 168.9 million placement shares. The IPO is set to raise net proceeds of $36.72 million, which Aspen plans to use to acquire development land, repay bank borrowings and for working capital.
Coca-Cola opens $79m automated warehouse in Tuas
Coca-Cola Singapore yesterday opened a $79 million storage and distribution centre in Tuas to drive efficiency and support its growing business in the Asia-Pacific region. The investment comes as the firm evolves into a “total beverage company” catering to consumer demands for low and no-sugar drinks, and new options that provide benefits like nutrition and hydration, Coca-Cola said in a statement.
Views, Reviews & Forum
Hong Kong skyscrapers world’s most expensive says Knight Frank
Skyscrapers in Hong Kong are the world’s most expensive commercial real estate assets, according to Knight Frank LLP. Hong Kong skyscrapers are worth US$8,000 per square foot, about 60 per cent more than Tokyo’s tall towers, according to a Knight Frank report released Wednesday. The analysis used rents and prime yields to value office towers as of the fourth quarter of 2016.
Still unclear if HDB buyers are owners or lessees
As a layman, I am still confused by the HDB’s reply that purchasers of HDB flats are owners (HDB buyers are home owners, not tenants; July 19). I live in an HDB flat and have a duplicate lease. The lease was executed by me and my spouse many years ago as a lessee in the presence of a lessor – an HDB representative.
The military families of Normanton Park
Having to lock the front door is something that Ms Hayley Pereira, who recently moved into her Housing Board flat in Depot Road, is still getting used to. Her former home in Normanton Park, where the 29-year-old marketing executive had lived for nearly her entire life, had felt unusually safe. It was a tight-knit community, she noted, where “everybody knew everybody, and you were welcome at anyone’s house – if you knocked on a door, you’d find it unlocked”.
Global Economy & Global Real Estate
US housing starts and permits rebound in June
New York City’s biggest foreclosure halted as new creditor emerges
NYC’s biggest foreclosure halted as new creditor emerges
Paul Tudor Jones sells Connecticut headquarters
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US housing starts, permits rebound in June
Lloyds to seek London office in cost-saving drive
Rosenberg says London property prices could fall 10%
London housing market feeling the chills
Pace of British construction activity slows as Brexit delays investment -survey
Guangzhou offers incentives to boost home rental as housing supply falls
Dalian Wanda amends Sunac property deal after China curbs funding
Evergrande has ally against shorts as billionaire Lau invests
NZ’s Fletcher Building says CEO stepping down, cuts earnings guidance
Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article