DAILY NEWS

Daily News – 31th, 1st and 2nd Sep 2019

Singapore Real Estate

Muted updates to DC rates amid challenging macro scene
Against the backdrop of a challenging macroeconomic environment, the government has announced muted adjustments in development charges (DC). The Ministry of National Development on Friday evening announced that it is raising DC rates for commercial use by 1.7 per cent on average for the period Sept 1, 2019 to Feb 29, 2020. The increase is only a shade of the 9.8 per cent hike for the last revision that took effect on March 1 this year.
https://www.businesstimes.com.sg/real-estate/muted-updates-to-dc-rates-amid-challenging-macro-scene
https://www.straitstimes.com/business/property/development-charges-for-non-landed-residential-use-cut-again

Luxus Hills, Parc Clematis see brisk sales
Developer Bukit Sembawang Estates has sold 71 of the 78 homes of its Luxus Hills (Signature Collection) during the preview weekend at prices ranging from S$3.058 million to S$4.2 million. A total of 32 homes were sold on Aug 30, the first day of preview, prompting the developer to release the remaining 46 homes for sale.
https://www.businesstimes.com.sg/real-estate/luxus-hills-parc-clematis-see-brisk-sales
https://www.straitstimes.com/business/property/71-units-or-91-of-luxus-hills-landed-homes-in-seletar-hills-sold-during-preview
https://www.straitstimes.com/business/property/parc-clematis-condo-in-clementi-sells-324-units-on-launch-day

More than 2,700 flats in Punggol to be launched in September
The Housing and Development Board (HDB) will launch two new Build-to-Order (BTO) projects in the waterfront district of Punggol in September, each with designs that hark back to the town’s rich history. The first, Punggol Point Crown, is inspired by the old Ponggol Zoo that was located near the Straits of Johor between the late 1920s and the early 1940s, and owned by the late William Lawrence Soma Basapa.
https://www.businesstimes.com.sg/real-estate/more-than-2700-flats-in-punggol-to-be-launched-in-september
https://www.straitstimes.com/singapore/housing/2-new-punggol-bto-projects
https://www.straitstimes.com/singapore/housing/hdb-to-launch-over-2700-flats-in-punggol-point-for-sale
https://www.channelnewsasia.com/news/singapore/hdb-to-launch-bto-projects-in-punggol-inspired-by-early-zoo-11861836
https://www.todayonline.com/singapore/punggols-latest-bto-projects-hark-back-towns-history-fishing-village-and-its-former-zoo

Property agencies use tech to boost customer experience, help agents meet rising expectations
Singapore — Just a few years ago, property agent Evonne Tang remembers flipping through the classified advertisements every morning, painstakingly perusing property listings and circling ones that could potentially interest her clients. However, all this information — and more — is now at her fingertips, thanks to mobile applications provided by property agencies, drastically reducing the time she has to…
https://www.todayonline.com/singapore/property-agencies-use-tech-boost-customer-experience-help-agents-meet-rising-expectations

URA moves to conserve former SCGS buildings at Emerald Hill
Plans are in the works to conserve three buildings on the site of the former Singapore Chinese Girls’ School (SCGS) in Orchard Road, said the Urban Redevelopment Authority (URA) on Friday. It said it has proposed their protection and that the buildings will be adapted to house new cultural and lifestyle uses, in line with the government’s plans to strengthen and differentiate Orchard Road with unique offerings.
https://www.businesstimes.com.sg/real-estate/ura-moves-to-conserve-former-scgs-buildings-at-emerald-hill
https://www.straitstimes.com/singapore/ura-to-conserve-3-buildings-at-scgs-former-orchard-rd-site

Sitting on a goldmine: Owners of HDB flats in coveted sites can profit from soaring prices
Interest in newer public housing projects like Pinnacle @ Duxton resurfaced recently when Prime Minister Lee Hsien Loong unveiled in his National Day Rally speech that 9,000 public and private residential flats will be built on the sea-fronting strip of land now occupied by the Keppel Club after its land lease expires at the end of 2021. Judging by its waterfront location and proximity to the central business district…
https://www.straitstimes.com/business/property/owning-an-hdb-flat-in-some-areas-like-sitting-on-a-goldmine

Singapore Economy

End of Libor will see replacement of SOR benchmark
Singapore will transition from the use of the Sing-dollar Swap Offer Rate (SOR) to the Singapore Overnight Rate Average (SORA) over the next two years, as the scandal-tainted Libor is due to meet its end after 2021. The SOR – a benchmark used to price derivatives and business loans here – will be impacted given the demise of Libor, as the Singapore rates benchmark uses the US-dollar (USD) Libor in its computation.
https://www.businesstimes.com.sg/banking-finance/end-of-libor-will-see-replacement-of-sor-benchmark
https://www.straitstimes.com/business/banking/panel-to-oversee-interest-rate-benchmark-transition
https://www.channelnewsasia.com/news/business/singapore-bank-lending-rates-benchmarks-sor-sora-11857108

Bank lending dips in July, weighed down by fall in business loans
A drop in business loans was the main drag to total bank lending in July, even as housing loans continued to slide for the seventh straight month. Bank lending in Singapore dipped 0.9 per cent to S$680.7 billion in July from a month ago, on broad weakness across both business and consumer loans. This is its first decline after five months of growth, going by preliminary data from the Monetary Authority of Singapore (MAS).
https://www.businesstimes.com.sg/banking-finance/bank-lending-dips-in-july-weighed-down-by-fall-in-business-loans
https://www.straitstimes.com/business/banking/bank-lending-down-as-home-loans-fall-for-7th-straight-month

Companies’ Brief

Keppel Infrastructure Trust war chest tops billion dollars
Months after Keppel Infrastructure Trust (KIT) bought chemicals supplier Ixom for A$1.1 billion (S$1.03 billion), the manager is still on the prowl for deals. “We have more than a billion dollars of buying power, and we do need to grow the business,” said Matthew Pollard, who became chief executive of the manager last year. “That includes opportunities that either are coming from our sponsor, Keppel Corp, or (are) external.”
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-war-chest-tops-billion-dollars

Keppel unit buys 2nd Haidian property in China’s ‘Silicon Valley’ for 178.6m yuan
Keppel Land China is buying another completed commercial property in Beijing’s Haidan district through its acquisition of Beijing Shunxiangren Enterprise Management Co for around 178.6 million yuan (S$35.1 million). The property is Shangdi Neo, a five-storey development indirectly owned by Beijing Shunxiangren, Keppel Corp said on Monday in a regulatory announcement.
https://www.businesstimes.com.sg/companies-markets/keppel-unit-buys-2nd-haidian-property-in-chinas-silicon-valley-for-1786m-yuan
https://www.straitstimes.com/business/companies-markets/keppel-unit-buys-2nd-property-in-chinas-silicon-valley-for-351m

Bukit Sembawang Estates CEO steps down
The chief executive officer of property developer Bukit Sembawang Estates is stepping down, as he has completed his full term of office as per his employment contract, the company said on Friday night. Ng Chee Seng will retire as CEO and executive director of the company with effect from Aug 31, and consequently relinquishes his position as a member of the company’s project development committee as well.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-estates-ceo-steps-down

Sun Venture secures maiden green club loan of S$455m for 71 Robinson Road
Sun Venture, a real estate investment company with a focus on commercial real estate in Singapore, has secured its first green club loan of S$455 million for the acquisition of 71 Robinson Road. The building is a 15-storey office tower at the corner of Robinson Road and McCallum Street in the Central Business District.
https://www.businesstimes.com.sg/real-estate/sun-venture-secures-maiden-green-club-loan-of-s455m-for-71-robinson-road

Metro: From retail pioneer to property giant
The name Metro may not conjure up images of glitz and glamour, but the local department store named after Hollywood studio Metro-Goldwyn-Mayer was once at the forefront of the high-end retail scene. In its heyday, it carried the latest fashion and French perfumes, and was known for its star-studded events.
https://www.straitstimes.com/business/metro-from-retail-pioneer-to-property-giant

Top Global to buy 43 units in Thong Teck Building for S$170m from Allied Tech director
Mainboard-listed property group Top Global has decided to buy 23 freehold commercial strata-titled lots with 43 property addresses in Thong Teck Building for S$170 million. The properties comprise 39 office units and four retail units located within the nine-level Thong Teck Building on 15 Scotts Road, which was built in the mid-1970s and upgraded in 2014.
https://www.businesstimes.com.sg/companies-markets/top-global-to-buy-43-units-in-thong-teck-building-for-s170m-from-allied-tech
https://www.straitstimes.com/business/companies-markets/top-global-to-buy-43-units-in-thong-teck-building-for-170m-from-allied

Views, Reviews, Forum & Others

Exciting times for Greater Southern Waterfront
Prime Minister Lee Hsien Loong unveiled numerous exciting projects in the recent National Day Rally, including the Greater Southern Waterfront (GSW) that is in line with the vision that Singapore is a city of possibilities. The GSW stretches from Gardens by the Bay East to Pasir Panjang Terminal. With 2,000ha of land, it will be six times the size of Marina Bay.
https://www.straitstimes.com/business/invest/exciting-times-for-greater-southern-waterfront

DBS sees growth in family offices in Singapore
DBS Private Bank (PB) is making a concerted effort to assist ultra high net worth clients in terms of wealth planning and structuring, helping them in particular to establish a family office should they need one. Lee Woon Shiu, DBS PB regional head of wealth planning, family office and insurance solutions, says: “We’ve made a deliberate effort to focus on the slightly higher and ultra high net worth segments of clients.
https://www.businesstimes.com.sg/investing-wealth/dbs-sees-growth-in-family-offices-in-singapore

Me & My Property: Home’s a sweet spot in the right location
Entrepreneur Gerald Tan’s interest in real estate was ignited in childhood when he would accompany his mum and dad to view potential investment properties. “My parents have always been interested in property,” he recalls. “Since I was a young child, they would take me along to view properties with them, teaching me how to assess a property, looking at its layout, facing, location and so on, in order to…
https://www.straitstimes.com/business/invest/homes-a-sweet-spot-in-the-right-location