State to take back Geylang plot for redevelopment
The Singapore Land Authority (SLA) on Tuesday said that the land occupied by 191 private terrace houses at Lorong 3 Geylang will return to the state when the current leases expire on Dec 31, 2020. The government has slated the land for future public housing. SLA said this is the first time that a private residential plot’s land lease is expiring and is being returned to the state. The next major estate to be affected by lease expiry will be Fuyong Estate in 2046.
Singapore Real Estate
Red Dot Design Museum moving to Marina Bay
Singapore’s Red Dot Design Museum will permanently relocate to the Marina Bay City Gallery, the museum said in a statement yesterday. The new museum in Marina Boulevard will feature galleries that host year-round exhibitions of award-winning designs. It will also collaborate with partners to host design-related exhibitions and expand its Market of Artists and Designers (MAAD) marketplace, which will be organised at Marina Bay.
Manulife US Reit’s private placement oversubscribed
Strong investor interest has led to the private placement of new units in Manulife US Real Estate Investment Trust (Manulife US Reit) being oversubscribed. Manulife US Real Estate Management, the manager of Manulife US Reit, said yesterday that its private placement of 73.6 million new units in the Reit was “well over-subscribed with strong participation from new and existing institutional investors”.
Ho Bee Land acquires London Grade A commercial building for £129.3m
A unit of Singapore-listed property group Ho Bee Land Limited has acquired a central London office building for £129.3 million (about S$228 million), it said in a Tuesday release. The unit, Stream Field Investments Limited, bought over Emmatown Properties Ltd, which in turn owns the office building, situated at 67 Lombard Street, London EC3V 9LJ.
Cambridge Industrial Trust to change name to ESR-REIT
Cambridge Industrial Trust Management Limited and Cambridge Industrial Trust will change their names to ESR Funds Management (S) Limited and ESR-REIT respectively from Friday. Announcing this on Wednesday, the trust management said the Reit’s short trading name on the Singapore Exchange (SGX) will be ESR-REIT with effect from 9am on Friday.
Fullerton Fund Management to get new asset class heads from July 1
Leadership changes are impending at Fullerton Fund Management Company with the appointment of two new investment leaders and promotion of a third, as the fund manager moves to build on succession planning. The wholly-owned subsidiary of Temasek Holdings on Tuesday said Ken Goh has been named head of equities, Vincent Chan is to assume the role of co-head of multi-asset and Ong Guat Cheng has been promoted to head of fixed income.
UOL, UIC, Haw Par request for trading halt
UOL Group, its subsidiary United Industrial Corp (UIC), and investment holding company Haw Par Corp asked for a trading halt at 7.33am on Wednesday, “pending an announcement”. All three companies come under the United Overseas business owned by the Wee family, led by patriarch Wee Cho Yaw.
Bintan Resorts unveils souped-up amenities
Bintan Resorts, the cluster of about a dozen independently run tropical beach resorts along the entire northern coast of Indonesia’s Bintan island, has had a reboot. On Tuesday, the group unveiled the slate of upgrades and initiatives undertaken for its hotels, golf courses and other amenities aimed at maintaining the novelty of the island that is only a 60-minute catamaran ride from Singapore.
Views, Reviews & Forum
Iskandar’s success still up in the air
The development region of Iskandar Malaysia in Johor has captured Singaporeans’ imagination in the past decade with the prospect of spacious and affordable homes, and for industrialists, the possibility of lower-cost expansion. Iskandar has often been described as the Shenzhen to Singapore’s Hong Kong. The authorities in Iskandar have also said they were studying the Shenzhen-Hong Kong relationship.
Global Economy & Global Real Estate
US dollar rises against major Asian currencies
Now is not the time to raise rates, says BOE chief
Wealthy Chinese rise to 1.6m in past decade, up nearly 9 times: survey
‘Prison-cell’ flats show limits of housing policy
‘Dangerous situation’ for city’s market: financial secretary
Billionaire Li Ka-Shing said to retire by 2018: WSJ
New Malaysian financial district takes shape amid 1MDB tumult
Swanky township coming up on Pudu Jail site
Johor’s Forest City adding land in second phase of development
Aussie central bank keeps eye on job, housing markets
Investors Shun Indonesia Developers Amid Home Price Surge
Tokyo’s Tsukiji fish market to move, but will return after 5 years
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