DAILY NEWS

Daily News – 23rd, 24th and 25th February 2019

Singapore Real Estate

Kuok Group plans mall and 480 apartments on Pasir Ris site
The Allgreen Properties and Kerry Properties tie-up that clinched the 99-year leasehold white site next to Pasir Ris MRT station is planning to develop about 480 apartments above three levels of retail space. Its winning bid of nearly S$700 million works out to S$684.48 per square foot per plot ratio (psf ppr), based on a total gross floor area of 1.02 million sq ft.
https://www.businesstimes.com.sg/real-estate/kuok-group-plans-mall-and-480-apartments-on-pasir-ris-site
https://www.straitstimes.com/business/property/pasir-ris-white-site-clinched-by-allgreen-properties-kerry-properties-tie-up

Treasure sells 272 units on launch weekend
Singapore’s largest condominium Treasure at Tampines moved 272 units at an average S$1,280 per sq ft (psf) over its launch weekend. That translates to about 12 per cent of the 2,203 units in all, and about 56 per cent of the 490 units developer Sim Lian launched over the weekend.
https://www.businesstimes.com.sg/real-estate/treasure-sells-272-units-on-launch-weekend
https://www.straitstimes.com/business/property/mega-condo-treasure-at-tampines-sells-272-units-of-490-released-at-launch

Companies’ Brief

Boustead Projects inks JV deal to develop aerospace, high-tech park in Subang
Boustead Projects has entered into a joint-venture (JV) agreement with Malaysian-listed Malaysia Airports Holdings for the incorporation of a JV company to undertake the development of an aerospace and high-tech park within the Subang Aerotech Park in Subang, Malaysia. Through the JV, their respective subsidiaries – BP Aerotech (Subang) and Malaysia Airports (Subang) – will hold 70 per cent and 30 per cent of the equity interest in the JV company BPMA Subang.
https://www.businesstimes.com.sg/companies-markets/boustead-projects-inks-jv-deal-to-develop-aerospace-high-tech-park-in-subang

Stable earnings seen for retail Reits despite F&B woes
While any business slowdown for food & beverage (F&B) players could potentially dampen rental reversions for Singapore’s retail real estate investment trusts (Reits), it is unlikely to dent the earnings for these S-Reits. With F&B firms facing an increase in operating costs from higher wages, coupled with headwinds such as a tight labour market and intense competition…
https://www.businesstimes.com.sg/companies-markets/stable-earnings-seen-for-retail-reits-despite-fb-woes

Jump in Hong Fok’s share price prompts SGX query
Property developer Hong Fok said in response to a Singapore Exchange (SGX) query on Friday that it is not aware of any information not previously announced that could explain recent “unusual price movements” in its shares. However, it noted that its share prices started trending upwards after it released its financial statement and dividend announcement for FY2018 on Feb 28. Hong Fok has also bought back its own shares several times in March, by way of market acquisitions in line with its share purchase mandate.
https://www.businesstimes.com.sg/companies-markets/jump-in-hong-foks-share-price-prompts-sgx-query

Sabana Reit’s Tuas property sale called off
Sabana Reit’s divestment of a Tuas industrial building is off for now after the purchaser did not obtain approvals from JTC, a condition for the sale. The buyer, Kim Soon Lee (Lim) Heavy Transport, is not prepared to further extend the long stop date, the Reit said in a statement to the Singapore Exchange (SGX) on Saturday.
https://www.businesstimes.com.sg/companies-markets/sabana-reits-tuas-property-sale-called-off
https://www.straitstimes.com/business/companies-markets/sabana-reits-tuas-industrial-building-sale-off-the-table

ERA Realty launches S$1m grant to attract new talent
The competition for agent acquisition is heating up, with ERA Realty Network launching a programme that will offset a significant portion of a real estate agent’s initial fees to kickstart a career in real estate sales. On Friday, ERA announced a S$1 million startup grant for new real estate salespersons joining the industry.
https://www.businesstimes.com.sg/real-estate/era-realty-launches-s1m-grant-to-attract-new-talent
https://www.straitstimes.com/business/property/era-launches-1m-grant-to-attract-new-property-agents

Aspial buys back S$3.8m 5.05% notes due 2019 in S$20m repurchase plan
Aspial Corporation has repurchased as at March 22, S$3.8 million in aggregate 5.05 per cent notes due 2019, after a buyback programme commenced on March 14. The company said that the proposed repurchase up to S$20 million in aggregate principal amount of notes in cash has closed. The notes were issued by Aspial under its S$700 million multi-currency debt issuance programme…
https://www.businesstimes.com.sg/companies-markets/aspial-buys-back-s38m-505-notes-due-2019-in-s20m-repurchase-plan
https://www.straitstimes.com/business/companies-markets/aspial-buys-back-38m-of-notes-due-2019-in-20m-repurchase-plan

Views, Reviews, Forum & Others

Empowering employees to be creative
Chia Ngiang Hong
President
Real Estate Developers’ Association of Singapore (REDAS)
In this digital age, to compete successfully in today’s challenging business environment, companies have to be at the forefront of technologies and innovation.
https://www.businesstimes.com.sg/views-from-the-top/empowering-employees-to-be-creative

Real estate for the afterlife
If the ever-soaring price of condos in New York City has your head spinning, wait until you shop for a cemetery plot. Prices for the last piece of real estate that any New Yorker will ever own – a cemetery plot or an above-ground crypt – have also climbed significantly over the years. Basic cemetery plots mostly cost US$4,500 to US$19,000 (S$6,000 to S$25,600)…
https://www.straitstimes.com/opinion/real-estate-for-the-afterlife