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 Jun 2018

Top Story

Singapore among region’s top cross-border investors in commercial real estate
Singapore was the third-highest source of commercial real-estate capital outflow in the Asia-Pacific last year, with a 35 per cent growth in cross-border purchases to US$19.9 billion.  This is based on Knight Frank’s Active Capital: The 2018 Report, which lists the sources and destinations of cross-border investments in global commercial real estate.


Singapore Economy

Consumer prices up 0.4% in May, in line with expectations
Singapore’s headline inflation rose last month, with further increases expected in the coming months.  The consumer price index (CPI) was up 0.4 per cent year-on-year, in line with economists’ expectations and picking up the pace from April’s 0.1 per cent rise, the Department of Statistics said yesterday.


Singapore Real Estate

CWT chief buying Good Class Bungalow for S$36m
CWT’s group chief executive Loi Pok Yen is understood to have entered into a deal to buy a two-storey freehold bungalow along Coronation Road West for S$36 million.  The price works out to S$1,416 per square foot, based on the land area of 25,429 sq ft. Located within the Oei Tiong Ham Park Good Class Bungalow (GCB) Area in District 10, the property is being sold by the wife of Tee Yih Jia’s executive chairman Sam Goi. She had paid S$28 million in 2013 for it.

Condo in Bidadari to debut soon
Park Colonial, a new condominium in the Bidadari enclave and next to Woodleigh MRT station, is set to be launched on July 14.  Jointly developed by CEL Development, Heeton Holdings and KSH Holdings, the estate on a land area of 19,547 sq m will comprise six towers with 805 residential units.

Dalvey Court up for S$160m en bloc sale
Dalvey Court owners have put the condominium development near the Singapore Botanic Gardens up for collective sale with a reserve price of S$160 million, according to a press statement on Monday.  The freehold, nine-storey building in District 10 comprises 32 apartment units on 4,103.1 square metres, or 44,165 square feet, of land off Bukit Timah Road. The site is zoned “residential” under the Urban Redevelopment Authority’s Master Plan 2014, and may be built up to 1.6 times the site area, also known as the plot ratio. There is a 12-storey height control on the site.

Valuation reporting guide for listed companies, Reits and IPOs launched
A valuation reporting guide for listed companies, real estate investment trusts (Reits) and initial public offerings was launched on Monday by the Singapore Institute of Surveyors and Valuers (SISV).  This is the result of a collaboration with the Singapore Exchange (SGX) to jointly review valuation practices and the reporting carried out by real estate valuers that are engaged by listed issuers.

Roxy-Pacific, Tong Eng ink agreement to sell 117 Clarence Street for A$153 million
Roxy-Pacific Holdings and Tong Eng Group has entered a definitive sale and purchase agreement to sell 117 Clarence Street in Sydney for A$153 million (S$154 million) to an Australian domiciled institutional investor.  The agreement was made between Roxy-Pacific and Tong Eng’s 50-50 joint venture company Feature-Roxy as well as ICPF Nominees, the trustee for Clarence Street Precinct Trust, the nominated entity for the purchaser.

AVA launches 7 land parcels for farming at Lim Chu Kang
The Agri-Food & Veterinary Authority of Singapore (AVA) said on Tuesday that it has launched five land parcels for vegetable farming, and two land parcels for quail-egg farming at Lim Chu Kang for sale by public tender on Tuesday.  Each land parcel has a lease term of 20 years, ranging from 16,096.3 square metres to 20,500.2 sq m. 


Companies’ Brief

MYP enters definitive agreement to sell freehold MYP Plaza
Mainboard-listed MYP said on Tuesday that it has, through wholly owned subsidiary Affreton, entered into a definitive agreement with Golden Estate Properties Pte Ltd to sell freehold MYP Plaza for S$247 million.  Completion of the proposed disposal is expected to occur on July 20 or such other date that is mutually agreed by both parties in writing.

ARA to fully acquire Cache’s Reit, property managers in deal with CWT
ARA Asset Management (ARA) has agreed to acquire all the shares that it does not already own in the Reit manager and property manager of Cache Logistics Trust (Cache) – the third time an industrial Reit manager may be changing hands in recent years.  While this will end the sponsor-Reit relationship between global logistics player CWT and Cache, analysts believe the network of ARA in the region may far outweigh the benefits of having pipeline acquisition assets from CWT.

PropNex to list at S$0.65 per share come July 2
Propnex Limited has successfully registered its prospectus to go public; and has also sought to clear the air over questions raised about some numbers in its prospectus.  The company on Monday announced that it has registered its prospectus for a listing on the mainboard on July 2 at S$0.65 per share.

Keppel looks to sell stake in Vietnamese developer
Keppel Land is looking to sell a 30 per cent stake in Vietnamese developer Quoc Loc Phat Joint Stock Company (QLP) for 702 billion Vietnamese dong (S$41.2 million), and to offload its remaining 15 per cent stake “at a later stage”.  Keppel Corporation made the disclosure on Monday evening, saying that Keppel Land has signed a sale and purchase agreement with Pham Quang Hung, a shareholder of QLP, for the divestment.

SPH Reit takes S$45m loan to partially finance The Rail Mall purchase
SPH Reit Management, as manager of SPH Reit, has announced that it is taking out a three-year incremental facility loan of S$45 million to partially finance the purchase of The Rail Mall.  It was earlier announced that SPH Reit was purchasing The Rail Mall, a cluster of 43 single-storey shop units along Upper Bukit Timah Road for S$63.24m.


Views, Reviews, Forum & Others

PODCAST: Top loan misconceptions for first-time home buyers; understanding mortgages better (Money Hacks, Ep 13)
Synopsis: In this new podcast series for 2018, The Straits Times and The Business Times offer tips for the newcomer to the financial investment scene.  Can first-time HDB home buyers take a bank loan? What are the differences between opting for a bank loan or a HDB loan?

Singapore firm hopes for first-mover advantage
Dandong (Liaoning) • Apartments built by Singapore developer Brothers Holdings in the Chinese border city of Dandong have been selling like hot cakes since April.  Group managing director Koh Tiak Chye said about 580 units in its Singapore City development were snapped up in May alone. In contrast, only 20 to 30 units were sold in the whole of last year.


Global Economy & Global Real Estate

China, EU agree to fight protectionism, but latter repeats complaints

Europe will strike back in case of new US tariffs: France

German business morale ebbs as trade fears linger

Brooklyn’s Bushwick Zooms Up the List of Priciest NYC Neighborhoods 

On NY’s rooftops, old-style wooden water tanks hang tough

China to protect a quarter of land from development by 2020

PBOC reserve cut not aimed at helping housing market, BOC says

Toronto condo market may hit turbulence


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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