The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 02 August 2019

Singapore Economy

STB chief aims to grow, anchor Mice events for the long haul
The government wants to bring in the world’s top conferences and exhibitions to Singapore, but it’s not just a numbers game.  Rather, said Singapore Tourism Board (STB) chief executive Keith Tan, it is far better to see how best to grow and anchor these events here for the long haul, and ensure the foreign delegates themselves have such a memorable experience that they will return – be it for work or leisure – in future.


Companies’ Brief

CRCT’s private placement over 3 times subscribed, S$279.4m raised
CapitaLand Retail China Trust’s (CRCT) latest equity fundraising exercise has raised S$279.4 million, which is the top-end of its predicted gross proceeds range of between S$273.4 million and S$279.4 million.  Money was raised through a private placement and a pro rata and non-renounceable preferential offering for unitholders to fund the purchase of three shopping centres from CapitaLand.

Ascendas H-Trust DPS falls after China sale bonanza
Ascendas Hospitality Trust, which sold two Beijing hotels last year as it exited the Chinese market, will pay a lower distribution per stapled security (DPS) in the first quarter in the absence of one-off proceeds from the sale.  Investors will get a DPS of 1.28 Singapore cents for the three months to June 30, down by 5.2 per cent, the managers said on Thursday.

Chip Eng Seng Q2 earnings cut by two-thirds amid foray into education
Mainboard-listed property developer Chip Eng Seng Corp plans to expand its education arm with an Australian pre-school, the company said on Thursday, even as second-quarter results showed revenue declines in its core real estate and construction businesses.  Chip Eng Seng turned in a net profit of S$3.99 million for the three months to June 30, less than one-third of the S$12.2 million that it earned in the year…

Hongkong Land H1 underlying profit up 2% to US$466m
Hongkong Land, a member of the Jardine Matheson Group, on Thursday posted a 2 per cent year-on-year rise in underlying profit attributable to shareholders to US$466 million for the six months ended June 30 as the group’s results benefited from increased contributions from both investment properties and development properties.   Including net losses of US$55 million arising primarily on the revaluation of the…

Pacific Star warns of fiscal 2019 loss
Catalist-listed Pacific Star Development is expected report a net loss for the financial year to June 30, 2019, its board warned on Thursday.  In a filing just before midnight, the board said the losses arose mainly as a result of challenging market conditions which have impacted the sales of Puteri Cove Residences during fiscal 2019.

LMIRT raises Q2 DPU by 1.7% to 0.6 S cent after debt rejig
Lippo Malls Indonesia Retail Trust (LMIRT), which recently refinanced maturing debts with a five-year bond issuance, has now sweetened the pot with a bumped-up second-quarter distribution per unit (DPU) of 0.6 Singapore cent for the three months to June 30.  The latest DPU came in higher by 1.7 per cent on the 0.59 Singapore cent payout in the year-ago period, while distributable income was up year-on-year by…

Reits, trusts improve governance, but some lapses draw regulator’s ire
The annual Governance Index for Trusts (GIFT), out Thursday evening, showed that real estate investment trusts (Reits) and business trusts listed in Singapore have continued to improve their combined governance and business risk score since the first edition of GIFT in 2017.  NUS associate professor Mak Yuen Teen, co-author of the index, noted that the four new listings/entrants to GIFT fared well, with Netlink NBN Trust…

Mandarin Oriental H1 underlying net profit slides 52% to US$10.7m
Dual-listed Jardine hotelier Mandarin Oriental’s underlying net profit – which excludes non-trading items – was more than halved for the first half, according to results released on Thursday.  Underlying net profit plunged by 52 per cent year-on-year to US$10.7 million for the six months to June 30, as revenue fell by 8 per cent to US$641 million on the closure of the iconic The Excelsior in Hong Kong, and lower earnings…


Views, Reviews, Forum & Others

HK will survive protests: ARA chief
“The overall picture doesn’t look good for Hong Kong” with ongoing protests that began in early June over the extradition bill broadening to other political and social grievances, ARA Asset Management group chief executive John Lim said Thursday.  “The Hong Kong economy will slow down and for sure the tourists will stay away,” he said at a luncheon by Asia Pacific Real Estate Association (APREA). Mr Lim is also chairman…


Global Economy & Global Real Estate

US to slap 10% tariff on US$300b more in Chinese goods: Trump

Homes sprout in US flood zones despite rising sea levels

Bank of England lowers UK growth forecasts for 2019, 2020

Dalian takes unusual steps  to contain home prices

Phonebooth-sized offices debut in Japan for telecommuting masses

Australia June retail sales post fastest growth in 4 months

New Zealand set to cut rates as global policymakers rush to battle growth risks

South Korea July exports slump for 8th month as US-China row, Japan curbs weigh

Indonesia’s annual inflation rate picks up in July, above forecast

French hotel group Accor confident over 2019 after robust H1

Campari finds buyer for exclusive French villa at 200m euros


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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