DAILY NEWS

Daily News – 23rd April 2019

Singapore Real Estate

Realty Centre in Tanjong Pagar sold for S$148m, below reserve price
Realty Centre, an office building in Tanjong Pagar, has been sold for S$148 million in the year’s first commercial en bloc sale, although the figure falls short of the reserve price. Marketing agent Cushman & Wakefield had put the freehold 12-storey office building up for collective sale with a reserve price of S$165 million in January.
https://www.businesstimes.com.sg/real-estate/realty-centre-in-tanjong-pagar-sold-for-s148m-below-reserve-price-0
https://www.straitstimes.com/business/property/realty-centre-in-tanjong-pagar-sells-en-bloc-below-reserve-price-at-148m

Kwek Leng Beng’s family buys units at Boulevard 88 condo for S$14.1m
City Developments (CDL) tycoon Kwek Leng Beng’s family has bought two units at luxury condo Boulevard 88 for about S$14.1 million. Mr Kwek’s nephew, Kwek Eik Sheng, who is group chief strategy officer at CDL, bought a ninth-storey unit for S$4.34 million.
https://www.businesstimes.com.sg/real-estate/kwek-leng-bengs-family-buys-units-at-boulevard-88-condo-for-s141m

Companies’ Brief

CapitaLand’s first closing of discretionary property equity fund raises US$391.3m
CapitaLand has raised US$391.3 million for its first discretionary real estate equity fund. Investors include institutional investors such as pension funds, insurance companies and financial institutions from Asia and Europe, the real estate group said. It is the fund’s first closing; fundraising commenced nine months before, in July 2018.
https://www.businesstimes.com.sg/real-estate/capitalands-first-closing-of-discretionary-property-equity-fund-raises-us3913m
https://www.straitstimes.com/business/companies-markets/capitaland-raises-530m-in-first-closing-of-equity-fund

Mapletree Industrial Trust reports Q4 DPU of 3.08 Singapore cents
Boosted by new contributions, Mapletree Industrial Trust’s (MIT) distribution per unit (DPU) for the fourth quarter ended March 31, 2019 rose 4.4 per cent to 3.08 Singapore cents, up from 2.95 cents a year ago. The DPU for Q4 included an advanced distribution of 1.71 cents per unit for the period Jan 1 to Feb 19, 2019, which was paid out on March 26.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-reports-q4-dpu-of-308-singapore-cents

GuocoLand to redefine office leasing at Guoco Midtown
More companies, finding that they may need to scale up and down following business imperatives, are realising that the traditional long-term lease for their office space may hamper this. Or they may want a long-term lease on the space for most of their core operations, but also the flexibility of taking on more space to start a new project.
https://www.businesstimes.com.sg/real-estate/guocoland-to-redefine-office-leasing-at-guoco-midtown
https://www.straitstimes.com/business/property/24b-mixed-use-mega-project-to-jazz-up-beach-road
https://www.channelnewsasia.com/news/business/guoco-midtown-development-beach-road-district-11467254

Perennial-led consortium to sell Chinatown Point for S$520m
Activity in the commercial property investment segment appears to be picking up, with Chinatown Point mall becoming the latest to change hands this year. A consortium of investors led by Perennial Real Estate Holdings and its consortium of investors is selling its stake in Chinatown Point for S$520 million in total, the group of listed companies announced on Monday morning.
https://www.businesstimes.com.sg/companies-markets/perennial-led-consortium-to-sell-chinatown-point-for-s520m
https://www.straitstimes.com/business/companies-markets/perennial-led-consortium-selling-chinatown-point-mall-for-520m

LMIRT Q1 DPU falls 18% as rental income drops on lease expiry
Lippo Malls Indonesia Retail Trust (LMIRT) has slashed its first-quarter payout to unitholders by 17.9 per cent, as rental income slid year-on-year. Distribution per unit (DPU) will be 0.55 Singapore cent for the three months to March 31 against 0.67 Singapore cent previously, the manager said in unaudited results released on Monday.
https://www.businesstimes.com.sg/companies-markets/lmirt-q1-dpu-falls-18-as-rental-income-drops-on-lease-expiry

Views, Reviews, Forum & Others

PODCAST: Top myths to dispel for HDB sellers and buyers (Money Hacks, Ep 40)
We host sisters Rhonda (front row on right) and Race Wong (front row on left) – who are co-founders of Ohmyhome. Ohmyhome is an online one-stop shop with a 30 per cent market share, that is aiming to make housing transactions in Singapore simple, fast and affordable.
https://www.businesstimes.com.sg/real-estate/podcast-top-myths-to-dispel-for-hdb-sellers-and-buyers-money-hacks-ep-40