The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 26th February 2019

Singapore Real Estate

Pine Grove a litmus test for developers’ en bloc appetite
After an arduous en bloc journey lasting years, Pine Grove is finally up for collective sale – with an asking price of S$1.86 billion.  Given the size of the price tag and scale of the redevelopment – possibly yielding more than 2,000 units – the former HUDC project along Ulu Pandan Road will be a litmus test for developers’ appetite for billion-dollar deals.

Peace Centre/Peace Mansion in 5th attempt at collective sale
The owners of Peace Centre/Peace Mansion have put the prime mixed development site at 1 Sophia Road up for tender again, with a reserve price of S$688 million, or about S$1,474 per square foot per plot ratio (psf ppr).  Peace Centre/ Peace Mansion (PCPM) sits on a 76,617 square feet site, with a gross floor area of slightly over 600,000 sq ft.


Singapore Economy

Forecast for 2019 headline inflation trimmed as Jan reading eases to 0.4%
The oil price slump has led the Singapore authorities to trim their forecast for headline inflation, after January all-items prices rose by a slower-than-expected 0.4 per cent on the year before – down from 0.5 per cent in December 2018, and falling short of the 0.6 per cent estimate by private economists in a Bloomberg poll.  The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI), citing the sharp drop in global oil prices in Q4 2018, has cut the headline inflation forecast for 2019 by half a percentage point to between 0.5 per cent and 1.5 per cent, down from between one per cent and 2 per cent previously. But core inflation expectations were left unchanged, at between 1.5 per cent and 2.5 per cent in a reflection of the smaller weightage given to oil-related items by that indicator.


Companies’ Brief

CapitaLand tops out Raffles City Chongqing
Real estate developer CapitaLand has topped out the eighth and final skyscraper of Raffles City Chongqing in China, with the 1.12 million square-metre project that sits on the historic Chaotianmen site on track to open in the second half of 2019.  On Monday, it was announced that the development’s 250-metre high sky bridge, called The Crystal, had been completed.

Frasers Property associate makes 19.75b baht offer for Golden Land
Frasers Property’s indirect associated company is making a conditional voluntary tender offer (VTO) for all the issued securities of Golden Land Property Development for about 19.75 billion baht (S$851.9 million) in cash, subject to regulatory and shareholder approval.

Ho Bee Land’s Q4 net profit falls 20.5% to S$81.4m
A provision for a potential tax liability brought down Ho Bee Land’s fourth quarter net profit by 20.5 per cent to S$81.4 million.  The potential tax liability amounting to S$20.3 million relates to the group’s gain on sale of Hotel Windsor in 2013, due to authorities raising an additional tax assessment in 2018.

PropNex launches new HDB Auction service; Q4 profit slides on cooling measures
In an industry first, PropNex Realty – which on Monday reported lower earnings for Q4FY18 on the back of July’s property cooling measures – is launching an auction service for HDB flats.  “HDB Auction” will allow the buying and selling of HDB flats in open public tender where flat owners can offer and sell to the highest bidder, subject to the reserve price.

United Engineers full-year net profit falls 36% on weaker revenue
United Engineers, which has businesses in property development and engineering services, on Monday posted a 36 per cent fall in full-year net profit on weaker revenue.  Net profit for the 12 months ended Dec 31, 2018 stood at S$55.76 million, compared with a restated net profit of S$87.18 million posted the same period a year ago.

Aspial full-year profit jumps on property sales
Aspial Corporation, which sells jewellery and develops property, saw its full-year net profit jump on a surge in revenue from its real estate business.  Net profit for the three months ended Dec 31, 2018 stood at S$28.35 million, compared with a net profit of S$2.31 million posted the same period a year ago. 

BBR Holdings swings to loss on lower sales, absence of profits from Lakelife condo
BBR Holdings, a construction and property firm, on Monday said that it swung into a full-year net loss amid lower sales and an absence of development profits from the sale of Lakelife Executive Condominium.  Net loss for the 12 months ended Dec 3, 2018 stood at S$3.36 million, reversing from a net profit of S$10.4 million.


Global Economy & Global Real Estate

Buying abroad, with a logo

China has met debt control target as it ramps up economic support

India lowers tax on new home sales ahead of general election

German company snapping up properties at a pre-Brexit bargain

Property bust rattles Australia’s surging economy


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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