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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2nd November 2017

Singapore Economy

Everyone has a critical role in journey: Heng Swee Keat
In the future economy, everyone has a critical role to play and everyone has to act as one – this may appear to be a simple point but it gets to the very heart of the future economy.  Finance Minister Heng Swee Keat, who had thought hard on the matter and distilled the essence of it, said everyone has a stake in the future of the economy.

MAS offers funding help to boost issuing of catastrophe bonds
To provide financing quickly in the aftermath of regional disasters or catastrophic losses, Singapore has moved to develop alternative risk transfer mechanisms such as insurance-linked securities (ILS) and government pools.  As a start, the Monetary Authority of Singapore (MAS) will fund 100 per cent of the upfront costs incurred in issuing catastrophe bonds – assets that pay insurers if they suffer cataclysmic losses out of Singapore.

Grab launches GrabPay to eateries and retailers
Singapore is yet another step closer to a cashless society, as Grab on Wednesday launched its mobile wallet service GrabPay to merchants.  This means that starting from Wednesday, consumers can use GrabPay to pay at select hawker stalls, restaurants and retail outlets in Singapore.

Industry digital plan lends Singapore logistics SMEs a hand
Small and medium-sized logistics businesses will find opportunities to take part in projects that could benefit the entire industry through a newly revealed Industry Digital Plan (IDP), the Infocomm Media Development Authority (IMDA) said on Wednesday.  The online plan will guide logistics SMEs towards participating in projects and national initiatives that aim to “uplift the whole sector”.

Singapore Real Estate

Jervois Road site buys: Tiong Seng unit backs out
Tiong Seng Holdings said its subsidiary TSky (Jervois) yesterday exercised its right to rescind the option to buy two freehold sites in Jervois Road.  This comes after the necessary redevelopment approval for the sites was not granted to TSky (Jervois) “due to restriction of redevelopment plans for the remaining left-behind plots”, Tiong Seng said in a regulatory filing with the Singapore Exchange.

mm2 Asia to acquire Cathay Cineplexes for $230m after failed bid for Golden Village
Singapore Entertainment company mm2 Asia announced on Thursday (Nov 2) it has entered into an option agreement to acquire all of Cathay Cineplexes’ Singapore cinema operations, with the acquisition aimed to close on Nov 24.  The move will see mm2 acquire Cathay Cineplexes’ eight cinemas across Singapore, comprising 64 screens, or 11,569 seats.

Companies’ Brief

Far East H-Trust posts 8% drop in Q3 DPS on lower revenue from serviced residences
Far East Hospitality Trust (Far East H-Trust) posted a lower distribution per stapled security (DPS) of 1.03 Singapore cents for the third quarter ended Sept 30, down 8 per cent from 1.12 Singapore cents a year ago.  For the quarter under review, gross revenue slipped 2 per cent year on year to S$27.46 million on the back of lower master lease rental from the hotels and serviced residences and softer performances from retail and office spaces, the Reit said.

CapitaLand Commercial Trust completes acquisition of Asia Square Tower 2
CapitaLand Commercial Trust (CCT) completed the S$2.09 billion acquisition of Asia Square Tower 2 (AST2) from BlackRock Asia Property Fund III LP on Wednesday.  In an announcement, CCT’s manager CapitaLand Commercial Trust Management said that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as CCT’s trustee, has completed the acquisition of AST2 which is Singapore’s second largest office tower sale in history.

Oxley unveils dividend policy on favourable market conditions
Oxley Holdings has unveiled a dividend policy of paying dividends not less than 25 per cent of the group’s consolidated profit after tax for the financial years ending June 30, 2018 (FY2018) and June 30, 2019 (FY2019).  The property developer said this was after “having considered the current favourable market conditions”.

FLT posts Q4 DPU of 1.77 S cents, 9% above forecast
Frasers Logistics & Industrial Trust (FLT) on Thursday posted a distribution per unit (DPU) of 1.77 Singapore cents for its financial period ended Sept 30, 2017, an 8.6 per cent increase from its forecasted 1.63 cents.  Gross revenue for the quarter came up to A$42.2 million (S$44.07 million), 4.8 per cent higher than the forecasted A$40.3 million, while adjusted net property income was A$32.3 million, 4.7 per cent above forecast. FLT, whose fiscal year ended on Sept 30, was formed in June 2016, and so no year-on-year comparisons were provided.

Views, Reviews & Forum

Why S’pore is renewing focus on private markets
When global private markets continue to be mainstreamed and de-risked, it is wise for MAS to focus on private markets as an even larger channel for firms to access capital.  Earlierthis week, the Monetary Authority of Singapore (MAS) released the industry transformation map (ITM) for financial services, which aims to achieve annual growth in financial sector real value-added of 4.3 per cent and to create 4,000 additional jobs in the financial services and fintech sectors.

Global Economy & Global Real Estate

Got £100m to spare? London mansion with a very special view could be yours

Brexit pushes up office rentals in Frankfurt

Foreign home buyers back in Vancouver

Hong Kong home sells for HK$1.1b

Hong Kong’s CK Asset to sell office tower for record HK$40.2 b

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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