The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 23rd, 24th and 25th September 2017

Singapore Economy

Singapore dividends to drop: study
Singapore dividends are in for another tough year to the dismay of the legions of retiree investors; they also take some shine off the bull run in which the Straits Times Index has risen some 12 per cent since January.  Aggregate dividends (ordinary plus special) in 2017 will fall 3.6 per cent year on year (yoy) to S$16 billion from S$16.6 billion reported a year ago, said financial data provider IHS Markit.

Singapore-listed firms enjoy Asean boom
Singapore-listed counters with exposure to the Asean region have prospered this year, with more opportunities up for grabs from China’s One Belt, One Road drive.  About 25 per cent of the market here comprises industrials, materials and utilities stocks which derive at least 20 per cent of their revenue from operations in the South-east Asian region.

Tuas mega port: First phase of works crosses halfway mark
The first phase of round-the-clock works to build a future port in Tuas has crossed the halfway mark, with about 2,000 workers and supervisors on site.  When The Straits Times visited the site recently, dredging and reclamation works were in full swing.  The world’s largest grab dredger, which has a bucket capacity of 200 cubic metres, has been deployed to help with this massive project.

YCH leaping into the future with Supply Chain City
When Robert Yap, executive chairman of Singapore logistics giant YCH Group, received a notice several years ago that his company had to vacate its Tuas premises to make way for an MRT extension, he was so stressed that he couldn’t sleep for three nights in a row.

Minimarts face big challenges as sales take a hit this year
Times are not good for minimarts and convenience stores this year, even though the economy looks to be improving.  For every month from January to July, sales at these stores have fallen from a year ago, latest figures from the Department of Statistics show. This contrasts with the same seven-month period last year, where year-on-year sales fell only in May.

Singapore Real Estate

Hospitality industry in S’pore gears up for seamless experience
Imagine landing at the airport and getting checked into your hotel room as you clear immigration control. Your luggage will automatically be sent to your room and be waiting for you. Welcome to the Singapore of the future — if the recommendations of the Hotel Innovation Committee are successfully implemented.  Set up in February last year to drive the local hospitality industry to adopt innovative technologies, the Hotel Innovation Committee seeks to raise productivity and relieve the manpower crunch in the sector. 

Property agent punished for lack of due care
Approached by the friend of an elderly flat owner to handle the sale of his Housing Board flat, a property agent failed to ascertain if the co-owner, who was the wife, was fully aware of the consequences of this deal.  In August 2015, PropNex Realty property agent Ng Ser Leong, 44, obtained the thumbprints of the woman in her 80s – who is illiterate, has advanced dementia and lives in an old folks’ home – on documents for the transaction. Some details were left blank.

Illegal hawkers taking away business, say Lucky Plaza shops
Retailers at Lucky Plaza mall are up in arms over what appears to be an illegal flea market that has sprung up near the building and is affecting their businesses.  While the authorities have punished some illegal hawkers, retailers say the problem still persists and hope that more can be done.  Lucky Plaza in Orchard Road is a popular hangout for Filipino domestic workers on Sundays, with many having picnics nearby.


Perennial CEO ‘not disappointed’ offer for UEL did not go through
Perennial Real Estate Holdings chief executive Pua Seck Guan said he is “not disappointed” that the Yanlord-Perennial consortium’s offer for United Engineers (UEL) did not go through, as it was never its intent to gain full ownership of the target company to begin with.  The consortium had no choice but to make an offer; the mandatory general offer was triggered by its purchase of OCBC’s approximately one-third stake in UEL in July this year.

SingHaiyi-led group bags tender for Sun Rosier for S$271m
Four weeks after the owners of Sun Rosier condominium along How Sun Drive put up their freehold site for en bloc sale, a SingHaiyi-led group has won the tender for S$271 million, higher than the asking price.  The winning bid was one of four and translates to S$1,325 per square foot per plot ratio (psf ppr) or, in total, 15.3 per cent higher than the S$235 million asking price.

Cromwell Reit IPO called off
The sizeable S$1.2 billion initial public offering of the first euro-denominated real estate trust on the Singapore Exchange is not happening.  Days after it was announced that the Cromwell European Reit’s (Cereit) stock offering would be scaled down, the idea has been canned altogether for a listing that was earlier set for Sept 28.

Views, Reviews and Forums

Don’t dismiss Hong Kong’s housing ideas
Fancy living in a cargo container barely larger than a parking lot, or being a property owner “sharing” your underutilised flat with a less fortunate family by accepting lower than market rental?  Revealed last week, these new initiatives that are meant to address housing problems faced by Hong Kong’s needy and homeless have raised eyebrows and drawn flak.

BTO process must be seen to be transparent
The Housing Board’s reply (Checks in place to ensure fair BTO balloting; Sept 15) to my letter (Clarify issues about BTO balloting and process; Aug 10) seems to indicate that a non-computerised process is used in Build-To-Order (BTO) applications.  Why is this so, when all the pertinent data is captured upfront in the online application form?

Hassle-free cash-like system the key to going cashless
The fastest and easiest way to go cashless is to adopt peer-to-peer (P2P) payment systems, like PayNow, for all low-value transactions or micro payments because it is free (Put users first for wider acceptance; Sept 21).  Vendors and retailers do not have to incur any transaction fees, so this cost is not passed on to consumers, as many retailers tend to do.  Ultimately, it is the cost and ease of use and implementation that will drive the adoption of cashless payment methods.

Global Economy & Global Real Estate 

Euro zone businesses beat forecasts as growth holds strong

Will new Fed leaders solve Yellen’s mystery of the missing inflation?

US quantitative tightening taking off after all

Republicans reportedly eye corporate tax rate of 20%

May proposes 2-year transition period after Brexit

London’s pricey homes push more into mortgages

S&P says downgraded China as credit growth still too fast

Chinese cities tighten rules on home resales

Shaanxi province probes banks for illegal lending to real estate

Cities wake up as China develops Greater Bay Area

Dubai acts to make building facades more fire-resistant

Australia’s Fairfax Media to float lucrative property ad arm

Move in or pay up, mate: Australia slaps tax on ‘ghost homes’

Quake exodus threatens Mexico City’s trendy districts


Local & Overseas Real Estate – Full Article

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