DAILY NEWS

Daily News – 24th May 2019

Singapore Real Estate

Mandai eco-resort will feature tree houses
Singapore-based architectural firm WOW Architects will spearhead the design of Mandai Park Holdings’ (MPH) much feted eco-resort, which will open its doors in 2023. Wong Chiu Man, the managing director of WOW Architects, shared about the resort’s eco-conscious design features at a media conference on Thursday.
https://www.businesstimes.com.sg/real-estate/mandai-eco-resort-will-feature-tree-houses
https://www.straitstimes.com/singapore/play-zookeeper-at-mandai-resort
https://www.channelnewsasia.com/news/singapore/mandai-eco-resort-rooms-treehouses-banyan-nature-11557908
https://www.todayonline.com/singapore/new-mandai-resort-will-offer-unprecedented-access-nature-treehouses-for-guests

Midas Land unveils maiden project Jervois Privé
Property development firm Midas Land, founded by industry veterans Dawn Lim and Mike Ho, today unveiled its maiden residential development Jervois Privé at Tanglin. Located at 100A Jervois Road, the 45-unit freehold development in District 10 will be open for public preview from Saturday.https://www.businesstimes.com.sg/real-estate/midas-land-unveils-maiden-project-jervois-priv%C3%A9

Singapore Economy

Core inflation eases to 1.3% but overall price index up
Core inflation in Singapore eased again last month, as a fall in the cost of electricity and gas as well as lower food inflation more than offset higher services inflation, according to data released yesterday. Core inflation – which strips out private transport and accommodation costs – declined to 1.3 per cent on a year-on-year basis last month, after dipping to 1.4 per cent in March from 1.5 per cent in February.
https://www.straitstimes.com/business/economy/core-inflation-eases-to-13-but-overall-price-index-up
https://www.businesstimes.com.sg/infographics/headline-inflation-edges-up-core-inflation-down-in-april
https://www.channelnewsasia.com/news/singapore/singapore-cpi-inflation-april-mas-11558128

Companies’ Brief

Keppel Infrastructure Trust launches S$1b multicurrency debt programme
The trustee-manager of Keppel Infrastructure Trust (KIT) has set up a S$1 billion multicurrency debt issuance programme on May 23. Under the programme, Keppel Infrastructure Fund Management may “from time to time” issue notes and perpetual securities in Singapore dollars, US dollars or other currencies agreed between the trustee-manager and the relevant dealer(s), it said in an exchange filing late Thursday night.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-launches-s1b-multicurrency-debt-programme
https://www.straitstimes.com/business/companies-markets/keppel-infrastructure-trust-launches-1b-multicurrency-debt-programme

Cushman & Wakefield hires Singapore-based international project marketing head to lead new team
Cushman & Wakefield’s UK residential team has appointed John Koh as its head of international project marketing based in Singapore, the real estate services firm said in a press statement on Thursday. Mr Koh joins the firm to lead a new in-house team specialising in the sale of new-build London and UK residential developments.
https://www.businesstimes.com.sg/real-estate/cushman-wakefield-hires-singapore-based-international-project-marketing-head-to-lead-new
https://www.straitstimes.com/business/property/cushman-wakefield-hires-singapore-based-international-project-marketing-head-to

Boustead Projects’ earnings dip 2% to S$5.7m in Q4
Real estate player Boustead Projects saw earnings slip 2 per cent to S$5.7 million for the fourth quarter, amid weaker gross margins in its core design-and-build segment, coupled with depreciation costs for its Alice@Mediapolis project. Gross margins for the quarter fell to 18 per cent from 28 per cent a year ago, due to lower cost savings from previously completed projects.
https://www.businesstimes.com.sg/companies-markets/boustead-projects-earnings-dip-2-to-s57m-in-q4

First Sponsor extends payment deadline for 465m yuan Chengdu project disposal
Mainboard-listed First Sponsor Group’s indirect wholly-owned subsidiary, Chengdu Gaeronic Real Estate (CGRE), has extended the payment deadline, allowed payment in instalments, and further amended other payment terms for its proposed sale of certain parts of Chengdu Cityspring. CGRE is selling parts of the mixed-use residential and commercial project in China for around 465 million yuan (S$92.5 million) in cash to Minyoun Industrial Group, a Chengdu-based hotel, real estate and finance company.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-extends-payment-deadline-for-465m-yuan-chengdu-project-disposal

Views, Reviews, Forum & Others

Public housing policies must serve long-term needs
I do not think young buyers with little Central Provident Fund (CPF) savings would be deterred by the new rules on housing loans and do not agree with Mr Timothy Toh (Changes to CPF, HDB rules present many challenges, May 20). The authorities had stated that only a very small percentage of buyers will be affected by the new rules, which were intended to promote overall longer-term financial prudence for those acquiring a home, building a family and planning for retirement.
https://www.straitstimes.com/forum/letters-in-print/public-housing-policies-must-serve-long-term-needs

Don’t expect a bargain from Chinese conglomerates’ asset dumps
You might think the trophy real-estate assets of distressed Chinese conglomerates would go at fire-sale prices. The latest deals show that’s not the case. The US luxury hotel collection of Anbang Insurance Group is a prime example. The once-sprawling Chinese company, which Beijing rescued early last year, is close to selling a suite of properties it bought for US$5.5 billion three years ago.
https://www.businesstimes.com.sg/real-estate/dont-expect-a-bargain-from-chinese-conglomerates-asset-dumps