Singapore private home prices rises 3.9%; steepest gain since Q2 2010
The Urban Redevelopment Authority’s (URA) overall home price index rose 3.9 per cent in the first quarter of 2018, beating flash estimates of 3.1 per cent. This marks the steepest quarter-on-quarter gain since second quarter 2010, when the index gained 5.2 per cent. Private home prices posted a quarter-on-quarter rise of 0.8 per cent in the fourth quarter of 2017 and a 0.7 per cent rise in the third quarter, after bottoming in the second quarter of last year.
Retail rentals inch up 0.1% q-o-q in Q1, vacancy rate rises to 7.5%: URA
The Urban Redevelopment Authority’s rental index of retail space in the central region inched up 0.1 per cent in the first quarter of this year over the fourth quarter of last year. This compares with a 0.5 per cent quarter-on-quarter decline in Q4 2017. URA’s price index of retail space in the Central Region also inched up 0.1 per cent quarter on quarter in the first quarter of 2018 after slipping 1 per cent in Q4 2017.
Office rentals rose 2.6% q-o-q in Q1, islandwide vacancy eases to 12.5%: URA
The Urban Redevelopment Authority’s rental index of office space in the central region rose 2.6 per cent in the first quarter of this year over the fourth quarter of last year. This is the same pace of quarter-on-quarter increase as in the fourth quarter of 2017. The prices of office space in the central region rose 1.3 per cent in the first quarter, a slower pace of increase compared with the 2.7 per cent rise in the previous quarter.
March factory output beats forecasts with 5.9% gain
Singapore’s factory output grew 5.9 per cent in March compared to a year ago, just above economists’ predictions of a 5.7 per cent rise, according to preliminary Economic Development Board (EDB) figures yesterday. Economists held steady on their gross domestic product (GDP) estimates for the first quarter, while expecting manufacturing to slow down in the coming months.
Singapore, Zhejiang to cooperate on Belt and Road opportunities
Singapore will work with China’s eastern Zhejiang province – home of e-commerce giant Alibaba – to explore opportunities under the Belt and Road Initiative and deepen cooperation in areas like innovation and urban solutions. These include encouraging more Chinese e-commerce, logistics and technology firms to tap Singapore companies’ network and experiences in South-east Asia to jointly expand in the region, said Senior Minister of State for Trade and Industry Sim Ann on Thursday.
Vietnam is good for smart cities, clean energy
Vietnam offers strong growth prospects for Singapore companies, especially in the clean energy, smart cities and digital economy sectors, said Minister for National Development Lawrence Wong. He was speaking at the Vietnam-Singapore Business Dialogue held at the Fairmont Hotel. He also noted that Singapore’s economic cooperation with Vietnam has traditionally focused on manufacturing but there are opportunities emerging in a number of new growth areas.
Singapore Real Estate
Bidders tussle for 2 out of 3 residential sites under govt land sales programme
The latest batched government tender closings of three 99-year leasehold residential sites on Wednesday saw developers flocking to the sites at Cuscaden Road and Mattar Road, and setting a new high in land rate for the prime Cuscaden Road site. But the large site in Silat Avenue pulled in only one developer. For the Cuscaden Road site within the prime Orchard Road district, the top bid from SC Global Developments, New World Development and Far East Consortium International was S$410 million.
Decline in industrial property prices, rents slows as sector activity rises
Industrial property prices and rents could hit an inflection point this year as sector activity picks up and as new supply begins to gradually lessen in the coming years. JTC’s market report for the first quarter of 2018 showed that both prices and rentals dipped just 0.1 per cent compared to the fourth quarter of 2017. While that is the 12th quarter of consecutive decline for both indices, analysts noted that the rate of decline has slowed and become relatively stable.
Lakeside Towers, Jalan Besar Plaza go en bloc
Two more developments jumped on the en bloc bandwagon on Thursday. Real estate marketing agent Huttons Asia said that owners of Lakeside Towers have put up the 99-year leasehold project overlooking Jurong Lake Gardens for public tender and are expecting a price of S$305 million for the development.
Oxley sticks a foot in the door at UE AGM
The Oxley duo made a surprise appearance at the annual shareholder meeting of United Engineers (UE) on Thursday, where they appealed for a director’s seat on the board recently instated by the chiefs of Perennial Real Estate and Yanlord Land. Oxley became a substantial shareholder in UE last August, after the Yanlord Perennial consortium bought a 33.5 per cent stake in the company (now 34.87 per cent). Oxley owns 16.56 per cent of UE.
Mapletree Logistics Trust Q4 DPU up 4%
Mapletree Logistics Trust’s (MLT) fourth-quarter distribution per unit (DPU) rose 4 per cent to 1.937 Singapore cents amid a strong performance driven by organic growth, contributions from a newly-completed redevelopment in Singapore, as well as acquisitions. The distribution will be paid on June 6.
CapitaLand signs MOUs to explore projects in Zhejiang
CapitaLand is set to broaden its master planning and urban design capabilities in China through new strategic partnerships in China’s Zhejiang province. The company announced on Thursday that it has signed two Memoranda of Understanding (MOUs) to explore developing and managing large-scale business park and township projects in Ningbo and Jiaxing, two fast-growing cities in the eastern province, through its wholly owned subsidiary CapitaLand China.
CapitaLand Retail China Trust Q1 DPU almost flat, gross revenue down
CapitaLand Retail China Trust’s (CRCT) first-quarter distribution per unit came in at 2.75 Singapore cents, a marginal increase of 0.4 per cent from the same period a year earlier. Gross revenue for the three months ended March 31 fell 7.9 per cent year-on-year to S$55.4 million, while net property income slid 7.7 per cent to S$37.2 million. The decline was due mainly to the divestment of CapitaMall Anzhen with effect from Jul 1, 2017 and lower revenue from CapitaMall Grand Canyon.
Ho Bee Land posts 12% drop in Q1 net profit, to begin marketing balance units in Sentosa soon
Ho Bee Land, which posted a 12.3 per cent drop in first-quarter net profit, said it will market for sale its unsold residential apartments in Sentosa Cove this year to take advantage of the upturn in the Singapore residential sector. The group has unsold units in three completed condo projects in the waterfront housing district developed on leasehold sites through separate joint ventures.
Starhill Global Reit Q3 DPU dips to 1.09 Singapore cents
Starhill Global Reit reported on Thursday that distribution per unit slipped 7.6 per cent for the third quarter ended March 31 to 1.09 Singapore cents. Gross revenue for the Reit, which has a portfolio of commercial properties located in Singapore, Malaysia and Australia, slid 3 per cent to S$51.7 million from the preceding year.
GuocoLand Q3 net profit up 7% to S$31.5m
Third-quarter net profit at property firm GuocoLand rose 7 per cent to S$31.5 million despite a slide in revenue, largely due to non-controlling interests’ share of the results. Revenue for the three months ended March 31 decreased 15 per cent from a year earlier to S$230.6 million and gross profit fell by 5 per cent to S$60.1 million. The group said its completed residential projects, especially those in Singapore, have recorded healthy sales in the past quarters and have brought down its inventory of completed unsold units substantially.
Frasers Hospitality Trust sees 7.8% fall in quarterly DPS
A weaker performance across parts of its portfolio dented the numbers at Frasers Hospitality Trust (FHT) in the second quarter. It posted a 7.8 per cent dip in distribution per stapled security to 1.1126 cents, compared with the same period last year.
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