DAILY NEWS

Daily News – 21 Nov 2019

Singapore Real Estate

CapitaLand, CDL, Ascott Reit to redevelop Liang Court into mixed-use complex
Real estate heavyweights CapitaLand Limited, City Developments Limited (CDL) and Ascott Residence Trust (Ascott Reit) on Thursday said they will together redevelop the Liang Court site. The site comprises Liang Court mall, midscale hotel Novotel Singapore Clarke Quay and serviced residence Somerset Liang Court Singapore.
https://www.businesstimes.com.sg/companies-markets/capitaland-cdl-ascott-reit-to-redevelop-liang-court-into-mixed-use-complex
https://www.straitstimes.com/business/property/liang-court-2-adjoining-hotels-to-be-turned-into-mixed-use-development-with-700

CapitaLand to sell The Star Vista for S$296m
Capitaland is selling its stake in a mall to the partner with whom it had jointly developed the property. The mainboard-listed company said in a statement on Wednesday that it will sell The Star Vista to Rock Productions, the business arm of New Creation Church (NCC) for S$296 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-to-sell-the-star-vista-for-s296m
https://www.channelnewsasia.com/news/business/capitaland-sell-star-vista-rock-productions-new-creation-12111054
https://www.todayonline.com/singapore/capitaland-sell-star-vista-s296-million-rock-productions

Home loans more accessible with sliding interest rates
Homebuyers are being enticed by cheaper home loans as interest rates slide in line with softer economic conditions. Banks are offering longer fixed rate loans such as fixing the interest rate for five years, as well as lower floating rate packages starting at 1.82 per cent per year to attract homebuyers, and those looking to refinance.
https://www.businesstimes.com.sg/banking-finance/home-loans-more-accessible-with-sliding-interest-rates

Shophouses in Bali Lane, Duxton Road up for sale by tender
A pair of shophouses in Bali Lane in Bugis is up for sale by tender at a “fire sale” price of S$9.8 million, while another shophouse at Duxton Road has been launched for sale with a guide price starting from S$4.9 million, marketing agent PropNex Realty announced on Wednesday. The guide price of S$9.8 million for the shophouses at 13 and 14 Bali Lane works out to about S$3,797 per square foot (psf).
https://www.businesstimes.com.sg/real-estate/shophouses-in-bali-lane-duxton-road-up-for-sale-by-tender
https://www.straitstimes.com/business/property/shophouses-along-bali-lane-duxton-road-up-for-sale-by-tender

Singapore Economy

Singapore narrows 2019 GDP growth forecast to 0.5-1% on biomedical, aerospace showing
Singapore has narrowed its official full-year growth forecast for 2019 to 0.5 to 1 per cent, following a better-than-expected third-quarter economic performance on the back of robust growth in the biomedical and aerospace manufacturing sectors, and early signs that the electronics slowdown may be easing.
This was better than initial expectations of a zero to 1 per cent growth, which had been downgraded…
https://www.businesstimes.com.sg/government-economy/singapore-narrows-2019-gdp-growth-forecast-to-05-1-on-biomedical-aerospace
https://www.straitstimes.com/business/economy/singapore-economy-grows-05-in-q3-beating-estimates-2019-growth-forecast-narrowed-to
https://www.channelnewsasia.com/news/singapore/latest-singapore-gdp-forecast-2019-q3-growth-12112926
https://www.todayonline.com/singapore/singapore-narrows-2019-growth-forecast-05-1-q3-growth-picks

Singapore trade and NODX growth forecasts trimmed after further declines in Q3
Non-oil domestic export (NODX) growth and total trade continued to fall in the third quarter, prompting the government to further trim its NODX and trade forecasts for 2019 to -4.5 to -4.0 per cent and -10.0 to -9.5 per cent respectively. For 2020, trade promotion agency Enterprise Singapore expects growth of zero to 2.0 per cent for both total trade and NODX.
https://www.businesstimes.com.sg/government-economy/singapore-trade-and-nodx-growth-forecasts-trimmed-after-further-declines-in-q3
https://www.straitstimes.com/business/economy/singapore-exports-forecast-cut-again-to-10-to-95-for-2019-may-see-growth-next-year
https://www.channelnewsasia.com/news/singapore/singapore-exports-q3-nodx-2019-forecast-12112908
https://www.todayonline.com/singapore/singapores-exports-down-96-q3

Singapore’s Q3 manufacturing decline milder than feared; factory recovery expected in 2020
Economic growth in the third quarter was spurred by a better-than-expected showing from Singapore factories, according to data on Thursday morning, as the gross domestic product picked up by 0.5 per cent year on year. The beleaguered manufacturing sector, which has shown signs of bottoming out, contracted by 1.7 per cent year on year – less severe than the 3.5 per cent decline indicated in flash estimates and…
https://www.businesstimes.com.sg/government-economy/singapores-q3-manufacturing-decline-milder-than-feared-factory-recovery-expected

Companies’ Brief

CDL Hospitality Trusts to sell Novotel hotel for S$375.9m, buy W Singapore hotel for S$324m
CDL Hospitality Trusts (CDLHT) will sell Novotel Singapore Clarke Quay, part of a Liang Court site for redevelopment, for S$375.9 million and make an up-to-S$475 million forward purchase of a new hotel that will be part of the new integrated development. In a bourse filing on Thursday, CDLHT said it will also buy W Singapore hotel at Sentosa Cove for S$324 million.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-to-sell-novotel-hotel-for-s3759m-buy-w-singapore-hotel-for
https://www.straitstimes.com/business/property/cdl-hospitality-trusts-to-sell-novotel-hotel-for-3759m-buy-w-singapore-hotel-for

Damaged Festival Walk mall in Hong Kong remains closed
The manager of Mapletree North Asia Commercial Trust (MNACT) said its Festival Walk shopping mall in Hong Kong remains closed until further notice. Due to extensive damage suffered last week in the city’s unrest, recovery works at the property including the cleaning up of debris and the assessment of repair works required are ongoing.
https://www.businesstimes.com.sg/companies-markets/damaged-festival-walk-mall-in-hong-kong-remains-closed
https://www.straitstimes.com/asia/east-asia/festival-walk-mall-to-stay-closed-for-now
https://www.channelnewsasia.com/news/singapore/hong-kong-protests-festival-walk-mall-closed-damage-mapletree-12109986

Mapletree Investments supports Singapore Bird Race
The 35th edition of the Singapore Bird Race took place on the weekend of Nov 16-17 and saw a record turnout of over 130 participants, including more than 60 students from 10 schools. This year’s race – flagged off from Mapletree Business City (MBC) – was sponsored and hosted by Mapletree Investments, and organised by Nature Society (Singapore) together with supporting partner Birdlife International.
https://www.businesstimes.com.sg/life-culture/mapletree-investments-supports-singapore-bird-race

SPH Reit launches private placement to raise at least S$161.5m
SPH Reit has launched a private placement to raise at least S$161.5 million to partially fund its proposed A$670 million (S$627.9 million) acquisition of a 50 per cent stake in a shopping centre in South Australia. The private placement will see the listing of 156.6 million new units at an issue price of between S$1.031 and S$1.075 per unit, the manager said on Thursday.
https://www.businesstimes.com.sg/companies-markets/sph-reit-launches-private-placement-to-raise-at-least-s1615m
https://www.straitstimes.com/business/companies-markets/sph-reit-launches-private-placement-to-raise-at-least-1615m-for

CBRE snags new Singapore head of valuation & advisory services from Knight Frank
Property consultancy CBRE on Wednesday said it has appointed Png Poh Soon as its head of valuation and advisory services for Singapore, with effect from Jan 2 next year. According to CBRE, Mr Png brings with him over 17 years of experience in real estate professional services, with a specialisation in land acquisitions and property tax.
https://www.businesstimes.com.sg/real-estate/cbre-snags-new-singapore-head-of-valuation-advisory-services-from-knight-frank
https://www.straitstimes.com/business/property/cbre-hires-new-singapore-head-of-valuation-advisory-services-from-knight-frank