The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2nd June 2017

Top Story

MCL Land bags Eunosville for S$766m, boosting YTD en bloc sales to S$1.5b
In the third biggest collective sale in Singapore, Hongkong Land’s fully-owned unit MCL Land has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.  This works out to a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio (ratio of maximum gross floor area to land area) of 2.8 and to top up the site’s lease to 99 years. The site has a balance lease term of about 71 years.

Singapore Economy

G20 group to consult widely, think deeply about review of global financial governance: Tharman
Deputy Prime Minister Tharman Shanmugaratnam said on Friday (June 2) that the international group of top economists and leaders, which he chairs, will consult widely and think deeply about how international financial system can evolve to meet new world challenges.

Singapore Real Estate

CBRE launches Ang Mo Kio coffee shop tender at S$16.8m
CBRE has launched a public tender for the sale of a 4,079 square foot coffee shop in a central Singapore residential estate with an asking price of S$16.8 million.  The property, which was on a 91-year leasehold that started in 1993, now has a remaining tenure of 67 years. It is located at block 631 on Ang Mo Kio Avenue 4, said the commercial real estate services firm in a press release on Thursday. CBRE is the sole marketing agent for the tender.  At an asking price of S$16.8 million, the property works out to be about S$4,100 per square foot.

China developer tops bids for Hougang site
The Hongkong-listed China property developer Fantasia Holding Group has come out on top in a contest for a residential land parcel in Hougang.  Its subsidiary Fantasia Investment (Singapore), together with Sun Renwang and Yang Xinping, beat 10 other bidders with the offer of S$75.80 million for the 1.34-ha land parcel Lorong 1 Realty Park, the Urban Redevelopment Authority (URA) said on Thursday.  This translates to S$525.58 per square foot (psf) per plot ratio, based on the maximum gross floor area of the 99-year leasehold site.

Three Singapore winners at Smart Cities Innovation Awards
A company that aims to help commercial buildings save up to 40 per cent on their power bills is among three Singapore entities to win awards in an international competition for ideas that use technology to improve urban living.

Companies’ Brief

Perennial emerges as possible buyer for UEL
United Engineers Ltd (UEL) and its subsidiary WBL Corp Ltd are once again poised to be sold, and the proposed buyer is Perennial Real Estate.  UEL shares jumped to as high as S$2.78 before closing at S$2.76, up 13 cents or 4.9 per cent. Perennial also surged, to S$0.90, up 4.5 cents or 5.3 per cent.

CapitaLand’s Shanghai office asset ‘swap’ gets thumbs up from analysts
Analysts on Thursday called CapitaLand’s Shanghai office “asset swap” a clever move, as the property group is essentially unlocking value from a mature stabilised asset and simultaneously gaining entry into a newly- completed property of similar quality, but at lower price levels.

Tuan Sing upsizes bond offering by 25% to S$150m
Tuan Sing Holdings has raised the size of a bond offering to S$150 million from S$120 million to accommodate demand from investors, the property developer said on Friday before the market opened.  Tuan Sing is offering three-year senior unsecured notes at par at a 6 per cent coupon under its S$900 million multicurrency medium-term note programme.

Views, Reviews & Forum

Orchard Road: From shopping to lifestyle
We thank everyone for their views on the future of Orchard Road.  Today’s consumers seek lifestyle and leisure experiences beyond mere retail transactions and like other iconic shopping areas, Orchard Road must reinvent itself and evolve to stay relevant.

Global Economy & Global Real Estate

Record US$2m sought for NYC island condo

Obamas buy their rental home in Washington

High-end luxury homes all the rage in Miami

UK house prices fall for 3 months in a row, first time since 2009: Nationwide

China’s May PMIs point to peak of recent growth

HK tops poll to be the world’s most competitive economy in 2017

Australia’s biggest state hikes taxes for foreign property buyers

South Korea Q1 GDP growth revised up to 1.1% q-o-q on construction boost

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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