Clear skies for Singapore office sector – but beware potential headwinds
Singapore prime CBD Grade A office rentals are heading into their third year of increases on the back of steady demand amid tightening completion of new office space. Property consultants are generally still painting a picture of clear skies, with the familiar set of demand drivers – coworking operators and other flexible office space providers, and tech companies – expected to lead the way. Some are also hopeful of more office demand from financial institutions.
Singapore Real Estate
Woodlands industrial site up for tender
JTC on Thursday said that it has accepted an application to put up an industrial site at Woodlands Avenue 12 for sale by public tender. The land parcel was made available for application through the Reserve List system under the second half 2018 Industrial Government Land Sales (IGLS) Programme. JTC said that it had received an application with a committed bid price of at least S$36 million.
Singaporeans’ earnings up, progress on bread-and-butter issues: Report
Singaporeans earned higher incomes last year and unemployment remained low, even amid uncertainties due to the changing global environment. They also saw improvements in bread-and-butter issues such as housing and healthcare. These were among the findings flagged in the Singapore Public Sector Outcomes Review, which takes stock of how Singapore has fared in key areas of national interest such as the economy and transport.
JustCo to operate GuocoLand’s co-working space at Collyer Quay
Singapore-based JustCo has been tapped to operate GuocoLand’s 16,800 square foot co-working space at 20 Collyer Quay, which will take the start-up’s portfolio to 15 centres in Singapore. This comes as it is gearing up to break into new cities and countries across Asia next year such as Seoul, Melbourne, Sydney and Vietnam. It presently has a total of 23 centres across Singapore, Jakarta, Shanghai and Bangkok.
Frasers Property Australia to acquire Melbourne housing estate for A$202.5m
Frasers Property Australia, a division of Singapore-listed Frasers Property, on Thursday exchanged contracts to acquire The Grove housing estate at Tarneit in Melbourne from developer Stockland for A$202.5 million (S$197.1 million).
Goodland unit buys industrial properties in Tai Seng estate for S$18.9m
Property developer Goodland Group has bought industrial properties located on Kim Chuan Drive for S$18.9 million through its Goodland Citrine unit, it said on Thursday. The acquisition was executed by exercising an option to purchase.
Keppel pays S$56.6m to buy rest of shopping mall I12 Katong it does not own
A unit of Keppel Corporation’s property arm is taking full control of shopping mall I12 Katong, paying about S$56.6 million to buy the remaining shares that it does not own in the property. Keppel said on Thursday that DC Reit Holdings – in turn a wholly owned unit of Keppel Land – will acquire 77.6 per cent of the issued share capital of PRE 1, which owns I12 Katong, from the subsidiary of Alpha Asia Macro Trends Fund.
Perennial-led JV wins tender for Yunnan development with 341.5m yuan bid
Perennial Real Estate Holdings, through its 45 per cent owned joint venture (JV) vehicle Perennial HC Holdings, has won the tender to develop two plots of land next to the Kunming South High Speed Railway (HSR) in Yunnan, China, at a land tender price of 341.5 million yuan (about S$67.6 million).
Hwa Hong takes 71% stake in $32.4m acquisition of London office building
Hwa Hong Corp has taken a majority stake in an £18.5 million acquisition of an office building in London, the investment holding company announced on Friday (Dec 21). Hwa Hong took a 71.39 per cent interest in Garrett Property Holdings (GPH) for a nominal value of £71.39 (S$113.90), with the remaining shares held by unrelated parties including Langland Estates Ltd (UK) and Steptwice Company.
Views, Reviews, Forum & Others
NTUC Enterprise gets nod for acquisition of Kopitiam
Singapore’s competition watchdog gave the green light yesterday to NTUC Enterprise’s proposed acquisition of food centre operator Kopitiam, paving the way for it to become what is believed to be the biggest operator of coffee shops and food courts here.
Investors fear US Fed may hurt growth with rate hikes
United States Federal Reserve chairman Jerome Powell is beginning to look like the Grinch who stole the much longed-for Santa rally from stock markets across the world. Investors had hoped for a less aggressive approach from the Fed after Wall Street slipped into correction territory on concerns over slowing growth.
Global Economy & Global Real Estate
US home sales rise unexpectedly in Nov
Asia’s central banks have almost no reasons to hike rates in 2019
SEA markets down on Fed hike and plans for more hikes
Hong Kong tracks Fed hike but flags risks from trad
Israeli families in talks for potential London office tower site
Real estate hurts Dubai bourse, all major Gulf markets slide
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