DAILY NEWS

Daily News – 21st June 2019

Singapore Real Estate

Bungalow in Belmont Rd selling for S$39.8m
A newly-completed, fully furnished freehold bungalow off Holland Road is being transacted for S$39.8 million. The price works out to S$2,653 per square foot on land area of 15,001 sq ft. Located in Belmont Road, in the Belmont Park Good Class Bungalow (GCB) Area, the two-storey property comes with an attic, roof terrace and a basement for 10 cars.
https://www.businesstimes.com.sg/real-estate/bungalow-in-belmont-rd-selling-for-s398m

Freehold Sky Everton condo at former Asia Gardens site to open for booking on Saturday
Real estate developer SL Capital’s freehold condo Sky Everton, the former Asia Gardens, will be open for booking on Saturday with prices starting from S$1.14 million for a one-bedroom unit. SL Capital is a joint venture between Sustained Land Pte Ltd, Ho Lee Group, Kwong Lee Land and Penjuru Capital Pte Ltd.
https://www.businesstimes.com.sg/real-estate/freehold-sky-everton-condo-at-former-asia-gardens-site-to-open-for-booking-on-saturday
https://www.straitstimes.com/business/property/sl-capital-launching-sky-everton-condo-at-former-asia-gardens-site-on-saturday

Companies’ Brief

CDL prices S$200m four-year fixed rate notes at 2.8%
City Developments Limited (CDL) has set a 2.8 per cent coupon for its S$200 million four-year senior fixed rate notes. The unrated and unlisted notes are issued under the developer’s S$5 billion medium term note programme, and will mature on June 27, 2023.
https://www.businesstimes.com.sg/companies-markets/cdl-prices-s200m-four-year-fixed-rate-notes-at-28
https://www.straitstimes.com/business/companies-markets/cdl-prices-200m-four-year-fixed-rate-notes-at-28

Keppel Land secures first green loan for Tianjin Eco-City project
Keppel Land, a unit of mainboard-listed Keppel Corp, has secured its first green loan facility via its subsidiary of Keppel LandChina, for the Phase 1 development of Seasons City in the Sino-Singapore Tianjin Eco-City. The green loan, disbursed by HSBC Group China, amounts to 850 million yuan (S$170 million) and will be on a five-year term. This is also the first green loan granted by the HSBC Group China…
https://www.businesstimes.com.sg/companies-markets/keppel-land-secures-first-green-loan-for-tianjin-eco-city-project

Fragrance Group offers to buy back up to S$30m of its S$100m due-2021 notes
Property developer Fragrance Group is proposing to repurchase up to S$30 million in aggregate principal amount from the holders of its S$100 million 4.75 per cent unsecured notes due November 2021. Fragrance Group will repurchase the notes in cash, at the daily prevailing market price quoted for them, including accrued interest, subject to a price cap of 97 per cent of the principal amount of the notes.
https://www.businesstimes.com.sg/companies-markets/fragrance-group-offers-to-buy-back-up-to-s30m-of-its-s100m-due-2021-notes
https://www.straitstimes.com/business/companies-markets/fragrance-group-offers-to-repurchase-up-to-30m-of-its-100m-due-2021-notes

Straits Trading unit targets S Korea, Australia logistics deals
Straits Real Estate (SRE), a unit of mainboard-listed Straits Trading Co, has entered a partnership in South Korea with real estate investment firm IGIS Asset Management to invest in logistics facilities in Greater Seoul, with an initial capital commitment of KRW110 billion (about S$127 million). Once fully deployed, it is expected that the initial commitment will have a portfolio of up to KRW400 billion, SRE announced…
https://www.businesstimes.com.sg/companies-markets/straits-trading-unit-targets-s-korea-australia-logistics-deals

Cromwell E-Reit buying 6 European properties for 239.6m euros; raising up to 150m euros from private placement
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) will buy three freehold properties in France and three freehold properties in Poland for a total of 239.6 million euro (S$366.9 million), financed with a mix of debt and equity through a private placement. The six acquisitions are expected to increase the Reit’s distribution per unit (DPU) and strengthen its portfolio, said the Reit’s manager on Friday…
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-buying-6-european-properties-for-2396m-euros-raising-up-to-150m
https://www.straitstimes.com/business/companies-markets/cromwell-e-reit-buying-6-european-properties-for-2396m-euros-raising-up

Views, Reviews, Forum & Others

Value opportunities for real estate in Asia-Pac cities and beyond
Many investors are starting to realise that most developed countries seem to be caught in a low growth, low inflationary and low interest rates world. Though the US Federal Reserve has started to normalise interest rates since end-2015, it has recently backpedalled from further rate hikes. Other major central banks have kept policy rates around their all-time lows and are still awaiting…
https://www.businesstimes.com.sg/opinion/value-opportunities-for-real-estate-in-asia-pac-cities-and-beyond