DAILY NEWS

Daily News – 27th June 2019

Singapore Real Estate

3 ways to stretch land options: Lawrence Wong
Land-scarce Singapore has three ways to stretch its land options: going upward, downward and seaward. National Development Minister Lawrence Wong detailed these different ways in a blog post on Wednesday. “Land is a critical factor in any country’s development, more so for a little red dot like Singapore,” he wrote. “But through human ingenuity…
https://www.businesstimes.com.sg/real-estate/3-ways-to-stretch-land-options-lawrence-wong

Springleaf Tower’s 30th floor up for sale with S$29.5m price tag
The entire 30th floor located in Grade A office building Springleaf Tower is up for sale via an expression of interest exercise, with a guide price of S$29.5 million. This works out to about S$2,746 per square foot (sq ft) based on the strata area of 10,742 sq ft, exclusive marketing agent CBRE said on Wednesday. There will be no additional buyer’s stamp duty or seller’s stamp duty.
https://www.businesstimes.com.sg/real-estate/springleaf-towers-30th-floor-up-for-sale-with-s295m-price-tag
https://www.straitstimes.com/business/property/office-floor-in-springleaf-tower-up-for-sale

Phoenix Road shops, apartments make second attempt at en bloc sale
The owners of a row of apartments and shops in Phoenix Road at Bukit Panjang are putting up their properties for collective sale for a second time on Thursday with an unchanged indicative price of S$42 million. Owing to a bigger estimated differential premium, this works out to a higher land rate of S$621 per square foot per plot ratio (psf ppr), up from S$617 psf ppr in the earlier tender exercise…
https://www.businesstimes.com.sg/real-estate/phoenix-road-shops-apartments-make-second-attempt-at-en-bloc-sale
https://www.straitstimes.com/business/property/phoenix-rd-units-back-on-collective-sale-market

Private preview of District 10 condo Cuscaden Reserve expected in 3rd quarter
Private previews for condominium Cuscaden Reserve in the centre of Orchard Road are expected to start in the third quarter of the year. Singapore luxury property developer SC Global Developments, Hong Kong-listed developers and hotel operators New World Development and Far East Consortium won the tender for the 99-year leasehold site with a joint bid of S$410 million in April last year…
https://www.businesstimes.com.sg/real-estate/private-preview-of-district-10-condo-cuscaden-reserve-expected-in-3rd-quarter
https://www.straitstimes.com/business/property/luxury-condo-cuscaden-reserve-at-orchard-road-to-debut-in-3rd-quarter

Singapore Economy

No light at the end of manufacturing tunnel
The fate of the Singapore economy hangs on US-China trade outcomes, analysts warned on Wednesday, after more gloomy factory numbers. Singapore’s manufacturing output was down year on year by 2.4 per cent in May, after a brief reprieve in April, according to the latest preliminary Economic Development Board data.
https://www.businesstimes.com.sg/government-economy/no-light-at-the-end-of-manufacturing-tunnel
https://www.straitstimes.com/business/economy/spore-factory-output-down-24-in-may-worse-than-forecast
https://www.straitstimes.com/business/singapore-factories-go-no-frills-as-trade-war-hits-demand
https://www.channelnewsasia.com/news/singapore/singapore-manufacturing-output-down-may-factory-11662666
https://www.todayonline.com/singapore/singapores-factories-go-no-frills-trade-war-hits-demand

Recession looms in Singapore as trade war weighs on economy, says report
Singapore (bloomberg) – Singapore’s economy will probably experience a “shallow technical recession” in the third quarter as the global trade outlook worsens, according to Maybank Kim Eng Research. The escalating US-China trade conflict is weighing on Singapore’s export-reliant economy, which the Maybank economists expect will grow 1.3 per cent this year, down from a previous projection of 1.6 per cent…
https://www.straitstimes.com/business/economy/recession-looms-in-singapore-as-trade-war-weighs-on-economy-says-report

Brace for greater headwinds: Chan Chun Sing
Singapore must “brace for greater economic headwinds in the year ahead”, though the country’s strong fundamentals and strategies will help it tackle these challenges, Minister for Trade and Industry Chan Chun Sing said on Wednesday. Speaking at the National Center for Asia-Pacific Economic Cooperation Executive Forum, he also called upon business leaders to help governments understand…
https://www.businesstimes.com.sg/government-economy/brace-for-greater-headwinds-chan-chun-sing
https://www.straitstimes.com/business/economy/firms-urged-to-take-risks-venture-into-new-markets
https://www.todayonline.com/singapore/brace-greater-economic-headwinds-global-uncertainties-likely-persist-says-chan-chun-sing

Singapore the world’s 3rd most expensive city for expats, up from 4th in 2018, survey shows
Singapore — Singapore is now the third most expensive city in the world for expatriates to live in, behind Hong Kong and Tokyo, driven by “sustained demand in quality housing and rising affluence”, according to the latest Cost of Living Survey by global consultancy Mercer. The Republic was in fourth place last year. Seoul and Zurich took fourth and fifth places respectively, rounding out the top five.
https://www.todayonline.com/singapore/singapore-worlds-3rd-most-expensive-city-expats-4th-2018

Companies’ Brief

New units issue in Aquamarine Star Trust to raise S$442.7m
The trustee-manager of Aquamarine Star Trust (AST) is raising S$442.7 million from the issue of new units to a long-term strategic investor, said Frasers Property Limited, the parent company of the trustee-manager. The issue by Frasers Property Aquamarine Trustee will be such that the new investor and FCL Aquamarine, which currently owns 100 per cent of the existing units in issue in AST…
https://www.businesstimes.com.sg/real-estate/new-units-issue-in-aquamarine-star-trust-to-raise-s4427m

Soilbuild Group awarded Gambas Way industrial land parcel for S$40.02m
An industrial land parcel at Gambas Way was awarded to Soilbuild Group for S$40.02 million in an industrial government land sales (IGLS) tender, JTC Corporation announced on Wednesday. This was above the minimum bid price of at least S$19.31 million. That was the bid price a developer had committed when it applied earlier this year to put the reserve list site under the first half 2019 IGLS up for sale.
https://www.businesstimes.com.sg/real-estate/soilbuild-group-awarded-gambas-way-industrial-land-parcel-for-s4002m

Views, Reviews, Forum & Others

From living in rental flat to running Singapore’s largest estate agency
Singapore: When he was 14 years old, Mohamed Ismail Gafoor faced a serious problem. Between him and his elder brother, only one could continue schooling, as the other was needed to work behind the cashier’s counter at their father’s provision shop. Ismail knew he had to persuade his brother to let him continue studying. He understood that education would lead to a better life.
https://www.channelnewsasia.com/news/cnainsider/rental-flat-singapore-largest-real-estate-ismail-gafoor-propnex-11665284

Building inspections should be properly conducted
The building collapse in Cambodia and other such mishaps in other countries over the years show the need to be vigilant about building standards and checks. While there are strong regulatory frameworks in place to prevent building collapses here, things cannot be taken for granted.
https://www.straitstimes.com/forum/letters-in-print/building-inspections-should-be-properly-conducted