CDL attempts third PPS deal, this time with top-end condos
City Developments Ltd (CDL) is said to be attempting its third profit participation securities (PPS) structure, this time involving a portfolio of 48 apartments in three projects in the Core Central Region completed earlier. The potential deal is seen as the latest instalment of the group’s capital-recycling strategy. The 48 apartments – at Cliveden at Grange, St Regis Residences Singapore and One Shenton – have a total portfolio size of about S$350 million, a significantly smaller scale than CDL’s previous two PPS exercises. On a portfolio basis, the latest effort works out to around S$2,300 per square foot on strata area, BT understands. The units are substantially leased.
Economists unmoved by surprise boost in April factory output
An ongoing destocking process helped lift Singapore’s manufacturing output in April to new levels. But beyond the surprise, economists are still searching for signs to point towards sustained growth in the sector – and the economy in general. “While April’s (industrial production) data suggests a strong start to the second quarter of 2016, weakness in leading indicators provides ample reasons to be cautious,” said Citi Research economist Kit Wei Zheng.
Singapore Real Estate
Buildings here still have room to improve: Lawrence Wong
Building owners still have some way to go to make their properties more accessible, connected, green, smart, productive and high-tech. This was National Development Minister Lawrence Wong’s message to more than 2,000 industry players at the BCA (Building and Construction Authority) Awards 2016 on Thursday. In his speech, he set out three broad directions that buildings of the future must take.
Singapore property market closer to bottom than Hong Kong, says fund manager
Singapore’s property market may be closer to a bottom than Hong Kong, according to LaSalle Investment Management, which manages more than US$58 billion in real estate funds. Governments in Asia’s two most expensive residential markets have imposed curbs in recent years to tame prices and improve affordability. As demand has dropped amid a slowdown in the region’s economies, home prices in both cities are in the midst of a correction.
CapitaLand launches Raffles City Shenzhen
The topping-out ceremony of the new Raffles City Shenzhen, attended by Ong Ye Kung, co-chairman of the Singapore-Guangdong Collaboration Council, was held on Thursday. The mall, launched by CapitaLand, is the first Raffles City mall in south China, said CapitaLand in a statement. Located in Nanshan District, the technology and industrial hub of Shenzhen, Raffles City Shenzhen consists of a 70,000 sq m mall, a 23-storey office tower and a 182-unit serviced residence.
99.co launches app, first revenue model
Marking the second anniversary of property startup 99.co, co-founder and chief Darius Cheung on Thursday launched 99PRO, a “fast, simple, intuitive” app for real estate agents and homeseekers. Among the features it offers are an interactive map search with geolocation capabilities, unlimited floor plan access across all condominiums and HDB (Housing and Development Board) units, as well as historical transaction data for HDB and condos. The app also provides the latest information on new launch properties, a calendar to schedule meetings on the go, and a real-time chat function for agents to talk to homeseekers and other agents.
NTU wins top award for eco design
Winning projects by Nanyang Technological University (NTU) and the Housing Board were among the record 424 awards given out by the Building and Construction Authority at the annual BCA Awards ceremony yesterday. NTU was the inaugural recipient of the new Green Mark Platinum Star Champion award, the highest accolade given out by BCA for sustainable design. NTU also won 37 Platinum Green Mark Awards for various projects, including the upcoming Academic Block North and the Clinical Sciences Building at its Novena campus.
Property developer Bukit Sembawang Estates saw its profits unchanged even as revenue took a tumble in the three months to March 31. Net earnings came to $6.9 million, just up 0.1 per cent from the same period last year. Revenue, on the other hand, plunged 81.8 per cent to $12.2 million. Net asset value was $4.98 as at March 31, while earnings per share was 2.67 cents.
Property developer Yanlord bought a 51 per cent stake in Nanjing Daji Real Estate Development for 1.25 billion yuan ($263 million). Nanjing Daji owns a low-density residential development site with total gross floor area of approximately 327,000 sq m neighbouring the scenic Nanjing Daji Botanical Gardens. Yanlord said that with a low-density plot ratio of approximately 0.7 times, “the site is ideal for the development of an exclusive gated estate”.
Metro Q4 net profit plummets nearly 85% to S$1.1m
Property and retail group Metro on Thursday (May 26) posted a nearly 85 per cent plunge in its fourth-quarter net profit, hurt by a decline in revenue and currency fluctuations. Net profit for the quarter was S$1.1 million, an 84.9 per cent decline from S$7.6 million during the same period a year ago. Revenue fell 21.9 per cent to S$32.6 million, compared with S$41.7 million a year ago. Other income, including interest income, was down 71.9 per cent to S$2.7 million, mainly due to currency fluctuations. Full-year net profit was S$113.3 million, 20.4 per cent lower compared with S$142.4 million the previous year.
Views, Reviews & Forum
Fears about past burial grounds soon laid to rest
Repurposing a burial ground is a good way to meet the angry souls of the dead, according to every horror movie. In Singapore, however, it is also a good way to raise land values, and the lost souls will not stand a ghost of a chance against real estate developers. A good way to describe property values is “80 per cent location, 20 per cent psychology”. There is no logical reason why burial grounds should affect residential housing — if anything, any residents there are probably the quietest neighbours around.
Global Economy & Global Real Estate
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CBL & Associates said to be under probe by FBI, SEC for fraud
Obamas’ next home: 9 bedrooms in wealthy Washington area
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