DAILY NEWS

Daily News – 21st February 2019

Singapore Real Estate

Reits sector gets big boost from lifting of sunset clause on tax exemption
For Singaporeans investing in real estate investment trusts (Reits), Finance Minister Heng Swee Keat’s removal of the sunset clause for tax exemption on Singapore-listed Reits (S-Reits) and Reits Exchange-Traded Funds (Reits ETFs) distributions is undoubtedly welcome news. The extension of other tax concessions – including the concessionary income tax rate of 10 per cent for S-Reits distribution received by non-resident non-individual investors, as well as tax exemption on qualifying foreign-sourced income – also brought a smile to industry players.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/reits-sector-gets-big-boost-from-lifting-of-sunset-clause

Don’t expect quick rebound in private home prices: CapitaLand
Private home prices in Singapore are unlikely to stage a rapid rebound after the Government imposed further property curbs in mid-2018, the finance chief of the country’s largest developer said. “If we see a 5 per cent increase in home prices, I think that will be a pretty good year for the Singapore residential market,” CapitaLand chief financial officer Andrew Lim said in an interview with Bloomberg Television yesterday.
https://www.straitstimes.com/business/companies-markets/dont-expect-quick-rebound-in-private-home-prices-capitaland

Companies’ Brief

CapitaLand taking step back from Singapore housing sector unless price is good
CapitaLand, which is planning to launch two Singapore residential projects this year, does not expect to actively look for opportunities in the sector unless it can get “good pricing”, said the group’s chief executive and president, Lee Chee Koon. Speaking at a briefing after the group released its fourth-quarter results, he said: “As a company, CapitaLand, given the fact that we are quite regional … in nature, and we have various asset classes that we can play; that gives us a lot more options.
https://www.businesstimes.com.sg/companies-markets/capitaland-taking-step-back-from-singapore-housing-sector-unless-price-is-good
https://www.straitstimes.com/business/companies-markets/capitaland-q4-profit-surges-712-to-4757m

PropNex to take over agents from China Real Estate unit
Consolidation in the real estate agency industry continues, with PropNex Realty entering into a strategic collaboration with a wholly-owned indirect unit of China Real Estate Grp (CREG) which will see it absorbing salespeople from Global Alliance Property (GAP). GAP – which operates under the Century 21 franchise – will discontinue its real estate agency business, with its sales staff transferring to PropNex, which has a current sales force of over 7,500. SGX-listed CREG will continue to forge ahead with real estate development in China.
https://www.businesstimes.com.sg/real-estate/propnex-to-take-over-agents-from-china-real-estate-unit

OrangeTee transforming into ‘TechProp’ company
Many people have heard of proptech (property technology) these days, but real estate agency Orange Tee & Tie has a vision to become the first “TechProp” company in Singapore, and potentially the region at some point. Speaking at a business conference on Wednesday, the firm’s managing director Steven Tan explained the key difference between the two terms.
https://www.businesstimes.com.sg/real-estate/orangetee-transforming-into-techprop-company

Views, Reviews, Forum & Others

The future of real estate is in TechProp
Even in an era of startups, digital disruptors and online everything, traditional established companies don’t have to take a backseat and get left behind. Instead, they can face and fight the competition, and do things a notch better with their experience and expertise, which fly-by-night newcomers may not have.
https://www.businesstimes.com.sg/real-estate/the-future-of-real-estate-is-in-techprop
https://www.straitstimes.com/business/property/the-future-of-real-estate-is-in-techprop