S’pore, Poland ink pacts to boost economic ties
Economic cooperation between Singapore and Poland received a boost yesterday with the signing of several new agreements. It will be further bolstered when the European Union-Singapore Free Trade Agreement (EUSFTA) goes into force, President Tony Tan Keng Yam said yesterday. Speaking to 100 businessmen at the maiden Poland-Singapore Business Forum, Dr Tan said the trade deal, which is the first between the EU and a South-east Asian country, will “send a strong signal of the EU’s commitment to engage Asia”.
Singapore Real Estate
Bellwether property stocks beat benchmarks with 21.5% YTD gain
The shares of real estate developers and operators have outperformed the broader market on the back of a recovery in the residential market. The SGX Real Estate Developers and Operators Index, which has 16 constituents with a combined market capitalisation of S$79.5 billion, has recorded total returns of 17.9 per cent in the year to date, higher than the benchmark Straits Times Index’s 13.3 per cent. Five real estate developer stocks in the STI, which make up 15 per cent of the STI weights, have enjoyed a 21.5 per cent gain so far this year.
Executive condo One Canberra changes AGM venue over cost concern
An executive condominium that was due to hold its first annual general meeting (AGM) at a country club will now meet at a more modest community club instead – following pressure from residents and community leaders to cut unnecessary cost. One Canberra’s AGM is now set for June 24, after the executive condo’s appointed managing agent, Realty International Associates (RIA), agreed to postpone the meeting by a week so that it can be held at Chong Pang Community Club.
Braddell flyover to open after long delay
After over four years and repeated delays, a new flyover connecting motorists from Lorong 6 Toa Payoh directly to the Braddell underpass will open on June 11 at 6am. The Land Transport Authority (LTA) said yesterday that, as part of the project, a stretch of Braddell Road between Toa Payoh North flyover and the Central Expressway (CTE) has also been widened from dual three-lanes to dual five-lanes.
LHN secures first overseas carpark management contract
Real estate management services group LHN Limited has secured its first overseas carpark management contract in Hong Kong, in its bid to expand into the Greater China region and ahead of a recently announced proposed dual listing in Hong Kong. The three-year contract was awarded to the group’s recently incorporated and wholly-owned subsidiary, LHN Parking HK Limited, bringing the total number of carpark properties under LHN’s management to 42, including 41 existing ones in Singapore.
Boustead Projects’ Q4 earnings jump 165% on one-off gains
Real-estate player Boustead Projects reported a 165 per cent jump in fourth-quarter earnings, thanks mainly to one-off gains for the period. The group’s net profit attributable to shareholders climbed to S$14.3 million in the three months ended March 31, 2017, from S$5.4 million the year before. This was despite a 35 per cent year-on-year drop in revenue to SS$38.5 million in the fourth quarter, due to lower revenue contributions from both its design-and-build and leasing businesses.
GP Batteries narrows Q4 losses to S$4.02m
GP Batteries International Ltd narrowed its net losses for the fourth quarter ended March 31 to S$4.02 million, from S$10.84 million a year ago on the back of higher revenue and lower operating expenses. This brings its full-year net profit to S$3.49 million, a 45.5 per cent growth from a year ago. Revenue for the three months ended March 31 grew 13 per cent to S$191.74 million on the back of stronger sales of primary batteries and rechargeable batteries.
RHT Health Trust reports 18.8% drop in Q4 DPU
RHT Health Trust reported a 18.8 per cent drop in distribution per unit (DPU) for the fourth quarter ended March 31 to 1.12 cents. It attributed the drop to the reduced share in Fortis Hospotel Ltd (FHTL) of 49 per cent, down from 100 per cent previously, and higher corporate taxes and loan interest costs. The management also decided to reduce the payout from distributable income from 100 per cent in fiscal 2016 to 95 per cent in fiscal 2017, to use the retained distributable income for capital expenditure and future growth.
Viva Industrial Trust settles Jackson Square rent issue
Viva Industrial Trust has come to a settlement agreement with Jackson International, which provides rental income support for Viva’s Jackson Square property and last month went into liquidation. As part of the settlement with Jackson and its director and shareholder Tan Phong Guan, Jackson will be fully discharged from its obligations to Viva as facilities manager, as well as its obligations under a rental support arrangement inked in 2014, the Reit manager said on Sunday night.
GLP signs 182,000 sqm of new leases in Japan, China
Mainboard-listed Global Logistic Properties (GLP) said on Tuesday (May 23) it has signed 182,000 square metres (2 million square feet) of new leases in Japan and China over the past two months. In Japan, GLP has inked 69,000 sqm of pre-lease agreements at GLP Nagareyama in Greater Tokyo with third-party logistics providers (3PL). GLP Nagareyama is one of GLP’s largest developments in Japan and is expected to provide 271,000 sqm of net leasable area upon full completion.
Views, Reviews & Forum
S’pore’s business community ready for Belt and Road projects
The Belt and Road Forum for International Cooperation, held from May 14-15 in Beijing, was a resounding success and has generated wide interest among the business community in Singapore. China’s pledge of more than US$100 billion in Belt and Road projects resonated positively with world businesses, notwithstanding differing views in regard to the initiative’s outlook.
China could be the future of the sharing economy
It has been an excellent few months for start-ups in China’s sharing economy. Perhaps too good. The bike-sharing industry landed its first unicorn, and companies that allow phone users to share battery packs have raised at least US$150 million (S$208 million) in recent weeks. But at the same time, one start-up recently announced that it expects to share at least 500,000 umbrellas in Guangzhou this year while a Jiaxing-based basketball-sharing company is getting positive coverage in the state media. No doubt, given the hype, they will not have trouble securing funding.
Global Economy & Global Real Estate
Growing unease over Trump’s son-in-law’s holdings
Lululemon in talks to fill Sephora’s Fifth Avenue vacancy
London house prices recover in May as sellers shrug off election
China’s yuan weakens against US dollar, hits low against currency basket
UrWork Takes on WeWork in Fight for China’s Shared Office Spaces
Shadow of 1997 bust looms as HK home prices and housing debt hit highs
Developer unfazed by influx of China firms
Aussie housing spurs S&P to cut banks; biggest lenders spared
India’s $1.3 Trillion Housing Bonanza Draws Piramal Loan Bet
Ski slope in Paris? Not yet as promoters face growing outcry
Cuba’s first luxury hotel opens in Havana
Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article