The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News -20th, 21st and 22nd January 2018

Top Story

Punggol Digital District: Singapore’s first tech-driven enterprise district
The Punggol Digital District (PDD), a new 50-hectare development in Punggol North, is set to become Singapore’s first Enterprise District driven by technology and innovation.  It will comprise a JTC business park for digital economy-type companies, the Singapore Institute of Technology (SIT), and community facilities including a hawker centre, community club and heritage trail.

Foreign interest seen returning to Singapore residential market
Foreign demand is expected to return to the Singapore residential property market this year, Bank of Singapore (BOS) believes.  This is backed by the prospects of a price recovery and better leasing environment, as well as the fact that home prices have fallen to a sweet spot after four years of decline to render the market more affordable compared to other global cities.

Developers poised to gain from launches
Property developers thrived on the share market last year but now the pressure is on to back up the optimism with some solid sales figures.  Analysts are pointing to firms that are able to unleash a raft of new launches to ride the market upswing, particularly those companies that built up their land bank before the spike in site prices.

Singapore Economy

Singapore to sign free trade agreement with Sri Lanka
Singapore will sign a free trade agreement (FTA) with Sri Lanka this week – its 13th bilateral deal and, significantly, its first since the Trans-Pacific Partnership (TPP) faced a setback last year when the United States withdrew from it.  The signing will be witnessed by Prime Minister Lee Hsien Loong and his host, President Maithripala Sirisena, tomorrow.

UOB tests out new branch concept aimed at millennials in Tampines
United Overseas Bank (UOB) is piloting a new branch concept at its Tampines branch to meet the needs of families and young professionals.  This is in line with the bank’s focus to offer relevant financial solutions and services to its millennial customers.

Singapore considering regulation of e-waste disposal
The government, in planning a comprehensive system to manage growing electronic and electrical waste (e-waste) in Singapore, will be looking into introducing laws to require electronics producers and retailers to play their part.

Tune in to Money FM 89.3 for business news starting Jan 29
Those looking to stay on top of the latest business news, learn how to manage their money or find out what’s behind the bitcoin craze while driving to work or back home will soon be able to tune in to Singapore’s first financial radio news station.  Singapore Press Holdings Radio will launch Money FM 89.3 on Jan 29 to cater to busy professionals looking to make their money work harder.

Singapore Real Estate

UOB Kay Hian bullish on S’pore residential, office segments
They noted the strong pick-up in sales momentum and pricing in the residential sector in 2017. This was led by the luxury segment (transactions above S$3,000 per square foot), which first showed signs of recovery in early 2016.  The residential recovery was also driven by “pent-up” demand arising from the implementation of the Total Debt Servicing Ratio in 2013, they added in their research report.

Suburban malls continuing to gain, as tech drives retail changes
The Singapore retail market has been resilient and retail sales are generally up compared with a year ago.  Food and beverage (F&B) continues to be a major driver of activity, with upmarket operators such as Pablo, Pizza Express, Da Paolo Gastronomia and PS Cafe expanding, while a number of mass market operators, including Din Tai Fung, Let’s Eat, Burger King and Jollibee, have continued to open new outlets.

Singapore office rents to rise the most in Asia  
Singapore office rents are set to post the biggest gains among Asian cities as an increase in demand runs into moderating supply, according to real-estate services firm Cushman & Wakefield.  Office rents in all major Asian cities, with the exception of Tokyo, are set to rise over the next two years, according to forecasts from Cushman.

New 13km cycling network opens in Bedok
Bedok residents can now cycle seamlessly from Chai Chee to Upper East Coast Road, as the neighbourhood opens new cycling lanes.  The completion of 13km of dedicated cycling paths makes Bedok the ninth cycling town here, joining areas such as Jurong Lake District, Punggol and Pasir Ris.

Companies’ Brief

Roxy-Pacific partners Tong Eng group MD to buy Kismis View for S$102.75m
Roxy-Pacific Holdings and the group managing director of Tong Eng Group, Teo Tong Lim, have joined hands to acquire a residential leasehold site in the Upper Bukit Timah area for S$102.75 million.  Kismis View, a 43-unit development, has been collectively sold to a 60-40 joint venture between Roxy-Pacific subsidiary RP Ventures and Mr Teo’s private family office TE2 Development.

CDL sells 18 units of high-end Leonie Hill project on first day of sale
City Developments Ltd (CDL) moved 18 units of its high-end condominium project New Futura at an average selling price of S$3,200 per square foot (psf) on the first day of launch on Thursday.  Market watchers have described this as a decent showing at the Leonie Hill Road freehold development, given that most of the units sold were the three- and four-bedroom ones.

Frasers Commercial Trust inks term loan facility of £88 million
Frasers Commercial Trust (FCOT) has entered into an agreement for a transferable term loan facility of £88 million (S$161 million).  This agreement between the real estate investment trust’s (Reit) trustee, British and Malayan Trustees Limited, and DBS Bank Ltd is for a term of six months from the date of first draw-down of the loan facility, said its Reit manager Frasers Centrepoint Asset Management (Commercial) Ltd.

Heeton prices S$118m fixed-rate notes at 6.08% interest
Heeton Holdings Limited has priced its S$118 million fixed-rate notes at an interest rate of 6.08 per cent per annum, payable semi-annually in arrear.  These notes, due on July 19, 2021, are part of the S$300 million multi-currency debt issuance programme established in July 2013.

Astaka CEO upbeat on its Iskandar projects
There are stocks that an investor can fall sound asleep on (safe bets that don’t require incessant monitoring) and then, there is Catalist-listed Astaka Holdings – a stock that for most part is asleep.

Views, Reviews & Forum

Collective sales a key part of urban renewal
The letters touching on collective sales failed to touch on the principle underlying such sales – urban renewal.  In Hong Kong, clusters of dirty, rundown apartments are visible in parts of Kowloon, Causeway Bay, Wanchai and other areas.

Global Economy & Global Real Estate

Downtown Sacramento is a city reborn

US retailers still facing glut of stores despite holiday sales rebound

UK Brexit negotiators set for struggle to find good deal for London

Wanda’s 2017 revenue down 10.8% amid asset sales

Wanda expected to declare sale of Australian projects: sources

Consortium awarded A$2b contract for Sydney development

Purchase a flat in India and get to meet Donald Trump Jr

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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