DAILY NEWS

Daily News – 22nd March 2018

SINGAPORE ECONOMY

Dual class shares likely to be limited to SGX main board
With China joining the fray to woo back the billions it lost when homegrown startups listed overseas, the battle to list the next FANG (Facebook, Amazon, Netflix, Google) and BAT (Baidu, Alibaba and Tencent) has just become hotter. By end March, Singapore Exchange (SGX) will publish its response to a consultation issued last year on dual class shares (DCS) – the controversial structure which allows founders and certain shareholders to have higher voting rights or dividends than others.
http://www.businesstimes.com.sg/companies-markets/dual-class-shares-likely-to-be-limited-to-sgx-main-board

SINGAPORE REAL ESTATE

More commercial sites hop onto collective sale train
More commercial developments are jumping onto the collective sale bandwagon even as the success rate for such deals pale in comparison to residential developments. Among them is Singapore Shopping Centre at Clemenceau Avenue, which has only 29 years left on its tenure and where the secretariat of Real Estate Developers’ Association of Singapore (Redas) is located.
http://www.businesstimes.com.sg/real-estate/more-commercial-sites-hop-onto-collective-sale-train

Freehold Olina Lodge launched for collective sale at S$220m
Owners of Olina Lodge, a freehold project at 15 Holland Hill in prime district 10, hope that third time’s the charm in their collective sale attempt. They have launched their properties collectively this time with a reserve price of S$220 million. This translates to a land rate of S$1,631 per square foot per plot ratio (psf ppr), said sole marketing agent Singapore Realtors Inc (SRI).
http://www.businesstimes.com.sg/real-estate/freehold-olina-lodge-launched-for-collective-sale-at-s220m

Good Class Bungalow deals start to rev up
A few big ticket deals in Good Class Bungalow (GCB) Areas were sealed recently. These include a bungalow in Dalvey Road near the Israeli Embassy that went for S$35.4 million – or S$1,757 per square foot on the freehold land area of 20,143 sq ft.
http://www.businesstimes.com.sg/real-estate/good-class-bungalow-deals-start-to-rev-up

Freehold commercial development at Joo Chiat up for sale at S$18-20m
A freehold commercial development along Joo Chiat Road, which is owned by a single owner, has been put up for sale for S$18-20 million by expression of interest. The indicative price range works out to S$969-1,077 per square foot (psf) over the gross floor area (GFA), said marketing agent Knight Frank.
http://www.businesstimes.com.sg/real-estate/freehold-commercial-development-at-joo-chiat-up-for-sale-at-s18-20m

Olina Lodge, Verdun House up for collective sale for S$220m, S$60m respectively
Owners of Olina Lodge, a freehold project in prime district 10, hope that third time’s the charm for their collective sale attempts and have launched their properties for en bloc sale – this time with a reserve price of S$220 million. This translates to a land rate of S$1,631 per square foot per plot ratio (psf ppr), said sole marketing agent Singapore Realtors Inc (SRI).
http://www.businesstimes.com.sg/real-estate/olina-lodge-verdun-house-up-for-collective-sale-for-s220m-s60m-respectively

One Raffles Place Shopping Mall gets facelift
OUE Commercial Reit announced on Wednesday that its portfolio property, One Raffles Place Shopping Mall, will undergo asset enhancement initiatives in mid-2018 as part of efforts to revitalise the mall with a “more diverse and dynamic tenant mix”.
http://www.businesstimes.com.sg/real-estate/one-raffles-place-shopping-mall-gets-facelift
http://www.straitstimes.com/business/companies-markets/oue-c-reit-to-spruce-up-one-raffles-place-mall

Changi’s T2 to undergo major facelift
Changi Airport Terminal 2 will undergo a major facelift, with works expected to start next year and end by 2024, The Straits Times has learnt. The works at T2 will include several upgrades, including new check-in areas and counters so that more self-service options for passengers can be rolled out. The baggage-handling system will allow for more automation – and be operated by fewer people – to sort early check-in bags, for example.
http://www.straitstimes.com/singapore/transport/changis-t2-to-undergo-major-facelift

COMPANIES’ BRIEF

Sasseur Reit offers public tranche of 13.8m units at S$0.80 apiece
Sasseur Reit is offering 266.6 million units at 80 Singapore cents each in the first initial public offering (IPO) of a real estate investment trust (Reit) this year in Singapore. This comprises 252.8 million placement shares and a public tranche of 13.8 million, according to its registered prospectus filed March 21.
http://www.businesstimes.com.sg/companies-markets/sasseur-reit-offers-public-tranche-of-138m-units-at-s080-apiece
http://www.straitstimes.com/business/companies-markets/chinese-outlet-mall-operator-launches-ipo

Tee International Limited proposes bonus issue of warrants
Tee International Limited announced on Wednesday that it is proposing a bonus issue of up to 50.2 million free warrants on the basis of one bonus warrant for every 10 existing ordinary shares at an exercise price of S$0.215 payable in cash. Each bonus warrant issued will carry the right to subscribe for one new share at its exercise price.
http://www.businesstimes.com.sg/companies-markets/tee-international-limited-proposes-bonus-issue-of-warrants

VIEWS, REVIEWS, FORUM & OTHERS

For Singapore to stay on top, economic restructuring cannot rest
Foreign buyers accounted for over 70 per cent of the total sales value of two high-end projects, according to their developer City Developments. At its New Futura project near Orchard Road, foreign buyers were mainly from China, Indonesia and Malaysia, and also included Singapore permanent residents.
http://www.businesstimes.com.sg/opinion/for-singapore-to-stay-on-top-economic-restructuring-cannot-rest

HDB supply: Too cool, too hot, or just right?
It is a scenario that alarms Housing Board flat owners who see their home as an ever-appreciating asset – but which young people who are home-hunting might cheer: A vast overhang of flats for sale amid shrinking demand, and which pushes prices down.
http://www.straitstimes.com/singapore/hdb-supply-too-cool-too-hot-or-just-right