DAILY NEWS

Daily News – 24 February 2016

Singapore Economy

Singapore economy grew 2% in 2015, weakest since 2009
The Republic’s economy expanded by 2 per cent in 2015, the weakest annual growth since 2009 when the economy was hit by the global financial crisis, according to figures released by the Ministry of Trade and Industry (MTI) on Wednesday (Feb 24). The figure was a sharp drop from the 3.3 per cent growth the previous year, and was revised downwards from the 2.1 per cent growth initially projected.
http://www.channelnewsasia.com/news/singapore/singapore-revises-q4-gdp/2543540.html
http://www.todayonline.com/singapore/spore-economy-grew-2-2015-weakest-annual-growth-2009

Singapore trade falls 9.5% in 2015 amid declining oil trade
Trade in Singapore declined overall in 2015 as a decline in oil trade outweighed growth in non-oil trade, according to data released by International Enterprise (IE) Singapore on Wednesday (Feb 24). Total merchandise trade decreased 9.5 per cent in 2015 to S$884.1 billion, down from S$997 billion in the previous year. Total merchandise exports fell 7.2 per cent in 2015, while merchandise imports declined 12.1 per cent in the same period.
http://www.channelnewsasia.com/news/singapore/singapore-trade-falls-9-5/2543532.html

Singapore Real Estate

Property launches in Singapore pick up amid muted demand
Developers are starting to launch new projects in Singapore, following a quiet start to 2016. And while there is an underlying demand for homes, one analyst said developers must keep prices relatively low to attract buyers. CapitaLand’s Cairnhill Nine is one of the latest projects to be unveiled on Tuesday (Feb 23). The integrated development, a 268-unit residential tower, is part of the same complex as the Ascott Orchard Singapore, a 220-unit serviced residence slated to open early 2017.
http://www.channelnewsasia.com/news/business/singapore/property-launches-in/2541834.html

CapitaLand prices Cairnhill project ‘to fit market conditions’
AN integrated development by CapitaLand, comprising a residential tower and an Ascott serviced residence, will soon come up at the site of Somerset Grand Cairnhill opposite Paragon along Orchard Road. Both will be completed in end-2016. At a showflat viewing, CapitaLand Singapore CEO Wen Khai Meng said the residential project has been designed to fit the current market conditions.
http://www.businesstimes.com.sg/real-estate/capitaland-prices-cairnhill-project-to-fit-market-conditions
http://www.straitstimes.com/business/property/capitaland-tests-market-with-cairnhill-project-debut

Chip Eng Seng unit puts in top bid for site near Tanah Merah MRT
A CHIP Eng Seng unit has put in the highest bid for a residential site at New Upper Changi Road/Bedok South Avenue 3 (Land parcel B). The site was put up for sale by the Urban Redevelopment Authority last month.
http://www.businesstimes.com.sg/real-estate/chip-eng-seng-unit-puts-in-top-bid-for-site-near-tanah-merah-mrt
http://www.straitstimes.com/business/property/strong-bids-at-third-gls-residential-site-tender-this-year
http://www.channelnewsasia.com/news/business/singapore/residential-site-near/2541744.html

oxy-Pacific set to launch two condos later in year
Property group Roxy-Pacific Holdings will likely launch two freehold condominiums later this year. It told a results briefing yesterday that a development in Sea Avenue near Marine Parade and one in Jalan Eunos could be ready to go by the third or fourth quarter. Executive chairman and chief executive Teo Hong Lim noted that the site at 26 Sea Avenue “has its attraction; (but) we don’t foresee many competitors”.
http://www.straitstimes.com/business/roxy-pacific-set-to-launch-two-condos-later-in-year

Industrial sites at Tampines and Tuas launched for sale
One Confirmed List site at Tampines North Drive 3 (Plot 3) and one Reserve List site at Tuas South Link 1 (Plot 1) have been launched for sale by public tender, JTC announced on Tuesday (Feb 23). The 0.58 ha site at Tampines North Drive 3 (Plot 3) has a 20-year tenure with a maximum permissible gross plot ratio of 2.5. The tender for this site closes on Apr 19, 11am.
http://www.channelnewsasia.com/news/singapore/industrial-sites-at/2541106.html

Marina Square says rat problem ‘under control’
http://www.straitstimes.com/singapore/marina-square-says-rat-problem-under-control?login=true

Companies’ Brief

Centurion stays upbeat on demand; profit down on lack of one-off gains
Centurion Corp remains confident of the demand for purpose-built worker accommodation both in Singapore and Malaysia despite a softening economy and, in the case of Malaysia, unclear government policies on foreign labour.
http://www.businesstimes.com.sg/companies-markets/centurion-stays-upbeat-on-demand-profit-down-on-lack-of-one-off-gains

Cushman & Wakefield appoints new Singapore MD
Cushman & Wakefield has appointed industry veteran Stephen Saul as its managing director. He takes over the post on March 1, and replaces Toby Dodd, who will take on a new role in the US as executive managing director, account management in the Tri-State and East Regions in the Americas for Global Occupier Services.
http://www.businesstimes.com.sg/real-estate/cushman-wakefield-appoints-new-singapore-md

Global Economy & Global Real Estate

Indonesia aims to build up Reit market
Indonesia’s financial regulator is trying to increase the number of listed real estate investment trusts (Reits) there as it moves to deepen its capital markets, according to a senior official. “The market in Indonesia needs many different types of products available, (which is why) we are pushing for the development of Reits,” said Ms Nurhaida, chief executive of capital market supervision at the Otoritas Jasa Keuangan (OJK), or the Indonesia Financial Services Authority.
http://www.straitstimes.com/business/indonesia-aims-to-build-up-reit-market

China’s Moon Lake Investment gets nod to buy oldest Australian dairy farm
http://www.businesstimes.com.sg/real-estate/chinas-moon-lake-investment-gets-nod-to-buy-oldest-australian-dairy-farm

CEO of embattled Mexican builder ICA quits – sources
http://www.businesstimes.com.sg/real-estate/ceo-of-embattled-mexican-builder-ica-quits-sources

Japan REITs in for Bumpy Ride If Europe Is Any Guide: Chart
http://www.bloomberg.com/news/articles/2016-02-23/japan-reits-in-for-bumpy-ride-if-europe-is-any-guide-chart

Sales of Existing U.S. Homes Rise to Second-Highest Since 2007
http://www.bloomberg.com/news/articles/2016-02-23/sales-of-existing-u-s-homes-rise-to-second-highest-since-2007

Home Prices in 20 U.S. Cities Increase at Steady Pace
http://www.bloomberg.com/news/articles/2016-02-23/home-prices-in-20-u-s-cities-rose-at-steady-pace-in-december

Morgan Stanley Says U.S. Commercial Real Estate Price Growth Will Be Flat
http://www.bloomberg.com/news/articles/2016-02-23/morgan-stanley-says-u-s-commercial-real-estate-price-growth-will-be-flat-this-year

Why Some Think Australia’s Housing Market Is Due for a 2008 Moment
http://www.bloomberg.com/news/articles/2016-02-22/one-sign-australia-s-housing-market-is-due-for-a-2008-moment