DAILY NEWS

Daily News – 25th June 2019

Singapore Real Estate

Office floor at Sim Lim Tower up for sale with S$15m asking price
A freehold strata office floor at Sim Lim Tower in Jalan Besar has been put up for sale by tender with an asking price of S$15 million, marketing agent Edmund Tie & Company (ET&Co) said on Monday. Located on the 15th storey of the 17-storey building, the property spans the entire floor and has a total area of about 778 square metres (sq m) or 8,374 square feet (sq ft). It offers a 360-degree panoramic view over the surrounding shophouses and the city skyline, ET&Co said.
https://www.businesstimes.com.sg/real-estate/office-floor-at-sim-lim-tower-up-for-sale-with-s15m-asking-price
https://www.straitstimes.com/business/property/sim-lim-tower-office-floor-up-for-sale-at-15m

Korea pension fund expected to take stake in Frasers Tower
South Korea’s National Pension Service (NPS) is expected to take a stake in Frasers Tower in Singapore’s Central Business District, The Business Times understands. Market watchers note that NPS has been doing exclusive diligence on the acquisition for some time, for a 50 per cent stake in the 38-storey, premium Grade-A specification office building on Cecil Street.
https://www.businesstimes.com.sg/real-estate/korea-pension-fund-expected-to-take-stake-in-frasers-tower

Club St corner heritage shophouse up for sale again at S$23 million
A corner conservation shophouse at 65 Club Street has been relaunched for sale at an indicative guide price of S$23 million via a public tender exercise. The heritage three-storey building with an attic has a 999-year lease tenure and occupies a land area of 2,083 square feet (sq ft) and a total floor area of 5,640 sq ft, said the exclusive marketing agent JLL on Monday.
https://www.businesstimes.com.sg/real-estate/club-st-corner-heritage-shophouse-up-for-sale-again-at-s23-million
https://www.straitstimes.com/business/property/club-street-heritage-shophouse-on-the-market-again-for-23m

Three conservation shophouses in Little India up for sale with S$11m reserve price
Three adjoining corner shophouses in the Little India heritage area are up for sale with a reserve price of S$11 million, said its marketing agent Cushman & Wakefield on Monday. The properties, with individual land titles, sit on a combined land area of about 3,870 square feet, and has an estimated total floor area of about 7,771 sq ft. The indicative price of S$11 million works out to be about S$1,415 per sq ft (psf) of total floor area.
https://www.businesstimes.com.sg/real-estate/three-conservation-shophouses-in-little-india-up-for-sale-with-s11m-reserve-price
https://www.straitstimes.com/business/property/three-adjoining-little-india-conservation-shophouses-for-sale-with-11m-reserve

Sim Lim Square extends en bloc tender deadline as prospective bidders consider future hotel
Singapore: Tech hub Sim Lim Square has extended the closing date for its collective sale tender by one month to give prospective bidders more time to explore the possibility of converting the commercial site into a hotel, the property’s marketing agent SLP International told CNA on Monday (Jun 24). The tender, which was meant to close on Monday, will now close at 3pm on Jul 22.
https://www.channelnewsasia.com/news/singapore/sim-lim-square-extends-tender-deadline-en-bloc-sale-hotel-11657216

Singapore Economy

Forecasting recession and recovery is a mix of science, art and timing
More economists are now saying that Singapore could enter a downturn next year, as the simmering US-China trade war threatens to bubble over and affect the rest of the world. But this very group of people would be the first to admit that a forecasting model that can predict when an economic downturn will hit and how bad it will be remains a highly elusive prize.
https://www.businesstimes.com.sg/government-economy/forecasting-recession-and-recovery-is-a-mix-of-science-art-and-timing

May core inflation stable, overall consumer prices up
Last month’s core inflation remained stable as higher retail and food inflation offset a steeper decline in the prices of electricity and gas, according to data released yesterday. Core inflation – which strips out private road transport and accommodation costs – came in at 1.3 per cent year on year in May, unchanged from the figures in April.
https://www.straitstimes.com/business/economy/may-core-inflation-stable-overall-consumer-prices-up
https://www.businesstimes.com.sg/infographics/headline-inflation-edges-up-core-inflation-holds-steady-in-may

Trade tension ‘unlikely to lead to crisis, but global economy could split’
Trade tensions between the United States and China are not likely to lead to a global financial crisis, but could, in the long term, cause a split in the structure of the global economy, said Prime Minister Lee Hsien Loong on Monday. “They are going to have a bifurcation of technology, of markets, of trust. I think that is a very bad consequence for the world,” he told the Nikkei Asian Review.
https://www.businesstimes.com.sg/government-economy/trade-tension-unlikely-to-lead-to-crisis-but-global-economy-could-split
https://www.straitstimes.com/singapore/trade-tensions-could-cause-split-in-global-economy-pm

Companies’ Brief

Getting into the heart of the community
Frasers Property Singapore chief executive Christopher Tang feels most satisfied when the firm succeeds in creating spaces that the community appreciates and products that deliver real value to customers. “The greatest sense of achievement for me is, for instance, when we as a team create a shopping mall and know that it has become part of the rhythm and routine of the community life, and it enjoys that special space in the hearts of shoppers.”
https://www.businesstimes.com.sg/companies-markets/getting-into-the-heart-of-the-community