DAILY NEWS

Daily News – 26th March 2019

Singapore Real Estate

Collective sale: Mandarin Gardens fails to get green light
Mandarin Gardens, a sprawling leasehold condominium in Siglap, has failed in its attempt to sell en bloc, despite a record-high asking price of $2.927 billion. On Sunday, the day the collective sales agreement expired, it had been signed by only 68 per cent of the units, below the 80 per cent required for the land to be put up for sale. The property’s collective sales committee (CSC) chairman Vincent Teo said in a letter to owners on Sunday the committee would be…
https://www.straitstimes.com/business/collective-sale-mandarin-gardens-fails-to-get-green-light
https://www.channelnewsasia.com/news/business/mandarin-gardens-en-bloc-bid-grinds-to-a-halt-after-failing-to-11376212
https://www.todayonline.com/singapore/s29-billion-price-tag-mandarin-gardens-en-bloc-attempt-fails

Samwoh, JTC to work on construction innovation
Construction and engineering firm Samwoh Corporation has signed a Memorandum of Understanding (MOU) with JTC Corporation to boost construction innovation in Singapore. Under the agreement, JTC and Samwoh will collaborate and share resources in research and development, such as in equipment, laboratories, facilities and manpower.
https://www.businesstimes.com.sg/real-estate/samwoh-jtc-to-work-on-construction-innovation
https://www.straitstimes.com/business/construction-firms-hq-to-be-built-from-recycled-waste

Singapore Economy

Inflation edges up to 0.5% in Feb, lower than forecast
Smaller declines in private road transport and accommodation costs caused headline – or overall – inflation to go up slightly to 0.5 per cent year on year last month, compared with 0.4 per cent in the previous month, data released yesterday showed. 0020On the other hand, core inflation – which strips out private transport and accommodation costs – showed a different picture and came in a tad lower, at 1.5 per cent last month, down from 1.7 per cent in January.
https://www.straitstimes.com/business/inflation-edges-up-to-05-in-feb-lower-than-forecast
https://www.businesstimes.com.sg/infographics/headline-inflation-creeps-up-to-05-in-february
https://www.channelnewsasia.com/news/singapore/singapore-s-core-inflation-eases-to-1-5-in-february-11376568

DPM Teo on further economic cooperation with Ho Chi Minh City
Singapore’s Deputy Prime Minister Teo Chee Hean was in Ho Chi Minh City (HCMC) yesterday where he discussed cooperation on urban planning and smart city development with HCMC party secretary Nguyen Thien Nhan. In a Facebook post yesterday, Mr Teo said he had an engaging discussion with Mr Nhan on the challenges faced by cities and “how we can strengthen cooperation in urban planning and smart city development”.
https://www.straitstimes.com/asia/se-asia/dpm-teo-on-further-economic-cooperation-with-ho-chi-minh-city

Companies’ Brief

Frasers Property unit secures A$600m green loan in Australia
Frasers Property on Tuesday announced that its Australia unit has secured a A$600 million (S$576 million) five-year syndicated green loan in Australia to refinance an existing debt facility due in 2020. The corporate syndicated green loan is derived from green loan principles launched by the Loan Market Association and the Asia Pacific Loan Market Association in March last year.
https://www.businesstimes.com.sg/companies-markets/frasers-property-unit-secures-a600m-green-loan-in-australia
https://www.straitstimes.com/business/companies-markets/frasers-property-unit-secures-a600m-green-loan-in-australia

Keppel, co-investors in deal to buy Shanghai’s Yi Fang Tower for 4.6b yuan
Keppel Corp and certain co-investors have signed a deal to acquire Yi Fang Tower, a commercial development in Shanghai, China, for 4.6 billion yuan (S$916 million), the company said in a bourse filing on Tuesday. This will be done through Keppel subsidiaries under its asset management and property arms, and follows a shareholders’ agreement made on March 25 over joint venture company North Bund Keppel.
https://www.businesstimes.com.sg/companies-markets/keppel-co-investors-in-deal-to-buy-shanghais-yi-fang-tower-for-46b-yuan
https://www.straitstimes.com/business/companies-markets/keppel-co-investors-in-deal-to-buy-shanghais-yi-fang-tower-for-916m

Property agency OrangeTee & Tie partners home services startup Helpling
Real estate agency OrangeTee & Tie has partnered Germany-headquartered startup Helpling to allow its agents to access home services through the firm’s Agent App. Property agents will be able to book the services of professional housekeepers listed on the Helpling platform, making it even more convenient to get their properties cleaned before presenting them to potential homebuyers or tenants. They can also refer their clients to Helpling from the Agent App.
https://www.businesstimes.com.sg/garage/property-agency-orangetee-tie-partners-home-services-startup-helpling

Sabana Reit receives notice of rescission from buyer of Tuas property
Sabana Reit’s manager has received a notice of rescission from the purchaser of a Tuas industrial building to rescind the sales and purchase agreement. This follows the manager’s announcement on March 23 that the divestment of the property was called off after the buyer, Kim Soon Lee (Lim) Heavy Transport, did not obtain approvals from JTC, a condition for the sale.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-receives-notice-of-rescission-from-buyer-of-tuas-property

Views, Reviews, Forum & Others

Could a full-fledged Airport Reit work?
Maybank Kim Eng’s recent suggestion of setting up an airport real estate investment trust (Reit) to monetise the existing three Changi terminals so as to finance the construction of the fourth and fifth terminals is an interesting one. To be absolutely sure however, analyst Chua Hak Bin was only suggesting the retail portion of Changi Airport’s first three terminals be injected into an airport Reit.
https://www.businesstimes.com.sg/companies-markets/could-a-full-fledged-airport-reit-work