The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 25th July 2018

Top Story

28 ‘residential units’ in Tiong Bahru reclassified to run businesses
Tiong Bahru staples such as Por Kee Eating House and Ting Heng Seafood Restaurant have had their status in the estate secured.  On Tuesday, the Urban Redevelopment Authority (URA) said it will rezone 28 residential units in the conserved estate into residential units with shops on the first storey.


Singapore Economy

Don’t let cyber attack derail Smart Nation drive: DPM Teo Chee Hean
Even as Singapore takes steps to prevent another cyber attack like the one which compromised the data of around 1.5 million SingHealth patients, the incident should not be allowed to derail the country’s push towards becoming a Smart Nation.  Deputy Prime Minister Teo Chee Hean made this clear while speaking at the Public Service Engineering Conference 2018 at Resorts World Sentosa yesterday.

Changi flying high with more travellers in first half of year
It was a busy first half of the year for Changi Airport, and industry experts say it could be heading for another record-breaking year.  Not only were more people travelling between January and June, but airlines also continued to add new flights and destinations.


Singapore Real Estate

Far East buys 27 residential units in ex-AA Centre
Far East Organization, which acquired the first six levels of the former AA Centre in River Valley Road in 2013, is buying 27 of the 28 residential units on the upper floors of the 14-storey, freehold building.  The property group is paying a total of S$124.10 million for the bulk purchase of the 27 units – 23 apartments and four penthouses. This works out an average price of S$2,574 per square foot based on the total strata area of about 48,222 sq ft.

DBS taps EdgeProp, Averspace for new online property marketplace
DBS Bank has launched an online property marketplace that aggregates close to 100,000 property listings from EdgeProp and Averspace, it said on Tuesday.  The DBS Property Marketplace ( aims to be a one-stop-shop where new home buyers can browse listings and link up with utilities providers, as well as renovation, cleaning and moving services. DBS said it will also work with partners to figure out how it can digitalise the conveyancing process.

En bloc hopefuls extend tender closing dates
With no successful collective sale deals since the latest cooling measures took effect on July 6, some projects that have already launched their tenders are extending their deadlines.  The tender for Horizon Towers, launched on July 5 at a reserve price of S$1.1 billion, will now close on Sept 12 instead of the previously announced Aug 7.

JTC offers solar power to homes, businesses
Businesses and some home owners can now directly access solar energy from the national grid for the first time under a new programme by government agency JTC Corporation and energy retailer Sun Electric.  The model, dubbed SolarRoof, allows power to be harnessed from solar panels on the rooftops of JTC’s buildings. It lets consumers buy this electricity even if the buildings they occupy are not equipped with solar panels.


Companies’ Brief

Asset enhancement at Northpoint City North Wing drives growth at FCT
Frasers Centrepoint Trust’s (FCT) distribution per unit (DPU) edged up 1.8 per cent year on year to 3.053 Singapore cents for the third quarter ended June 30, while the enhanced Northpoint City North Wing drove net property income growth.

MIT posts 2.7% rise in Q1 DPU
Mapletree Industrial Trust (MIT) on Tuesday posted a 2.7 per cent rise in distribution per unit (DPU) for the fiscal first quarter.  DPU for the three months ended June 30, 2018 stood at three Singapore cents, up from 2.92 Singapore cents from the year-ago period. 

Suntec Reit Q2 DPU down a marginal 0.8%
Suntec Real Estate Investment Trust’s (Suntec Reit) distribution per unit (DPU) edged down to 2.474 Singapore cents for the second quarter ended June 30, 0.8 per cent lower than the 2.493 Singapore cents DPU for the year-ago period.  Gross revenue rose 3.7 per cent year-on-year to S$90.5 million, while net property income rose 2.2 per cent to S$60.7 million, both due mainly to higher contribution from Suntec Singapore and Suntec City Mall offsetting a lower contribution from Suntec City office.

Ascott Residence Trust reports flat Q2 DPU of 1.84 S cents
Acquisitions of two German and one Singapore property in 2017 helped drive up Ascott Residence Trust’s numbers for its second fiscal quarter, while distribution per unit (DPU) remained at 1.84 Singapore cents, the same as that for the corresponding year-ago period.  The real estate investment trust (Reit) highlighted that the acquisition of Ascott Orchard Singapore, as well as Germany’s Citadines City Centre Frankfurt and Citadines Michel Hamburg – all with master leases – helped provide income stability and contribute to its bottom line.

Banyan Tree to sell Seychelles assets for US$70m to Middle East buyer
Banyan Tree Holdings on Tuesday said it plans to sell its entire assets portfolio in Seychelles for US$70 million to a buyer from the Middle East, but will continue to manage Banyan Tree Resort Seychelles under a hotel management agreement.  The portfolio comprises the Banyan Tree Resort as well as all the land plots it owns in Seychelles.

Weiye’s delisting offer made unconditional
Weiye Holdings – a property developer and equipment manufacturer – said the delisting offer has been made unconditional, after the resolution was passed during an EGM on Tuesday.  Weiye announced earlier in March this year its intention to delist from the Singapore Exchange (SGX). It will, however, remain listed on the Hong Kong Stock Exchange.

Yoma Strategic swings into S$15.9m Q1 loss
Myanmar-focused Yoma Strategic Holdings fell into a loss of S$15.9 million for the three months ended June 30, 2018, as the stronger US dollar resulted in an S$11.3 million currency translation loss from its US dollar-denominated borrowings.  This first quarter loss, from a net profit of S$2.8 million for the same period a year before, came despite a 13.9 per cent growth in revenue to S$29.4 million from S$25.8 million previously.


Views, Reviews, Forum & Others

Families driving luxury hotel growth: Expert
While the luxury hotel sector faces challenges, including fiercer competition and difficulties in attracting and retaining manpower, industry veteran Christoph Mares is bullish about its prospects.  The chief operating officer of Mandarin Oriental Hotel Group believes rising demand for tourism and leisure, especially from families, will drive the growth of luxury hotels globally.


Global Economy & Global Real Estate

US July preliminary IHS Markit Composite Prices rise sharply

US home sales sag as prices reach record high amid shortage of properties

Tel Aviv, Dubai among world’s priciest Airbnb cities

UK mulls tougher foreign takeover rules

U.K. Tourism Increases

Facebook doubles down on London with space for 6,000 workers

China state-owned firms’ profits up 21% y-o-y in Jan-June: Securities Times

China unveils new measures to aid growth

Robust eurozone PMI data gives euro a boost

Housing Downturn Puts $20 Billion in Indian Bank Loans at Risk

Office Tower 1 marks topping out ceremony in Saigon

Trump Organization Plans $197 Million Expansion in Scotland


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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