The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 27th December 2017

Singapore Economy

November factory output up 5.3% despite drag from biomedicals
Manufacturers are ending the year on a cheerful note amid a strengthening global outlook. But economists expect the sector’s breakneck pace of growth to slow in the new year, due partly to base effects. Singapore’s factory output expanded 5.3 per cent year-on-year in November.

Inflation remains modest in November
Singapore’s headline inflation remained modest in November, even as it picked up pace from the month before.  Headline inflation was 0.6 per cent in November against year-ago prices,  said the Monetary Autority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) in a joint release. This is up from 0.4 per cent in the previous month, largely on account of higher private road transport and accommodation inflation.

Singapore Real Estate

JTC puts Tuas and Braddell Rd sites up for bidding
JTC has launched a confirmed list site at Tuas South Link 3 and a reserve list site at Braddell Road under the second-half 2017 Industrial Government Land Sales (IGLS) programme.  It said on Tuesday that this is the last of eight confirmed list sites and the last of six reserve list sites for the second half of 2017.

74 construction firms penalised for water pollution this year
A total of 74 construction contractors were punished for discharging silty water into waterways and for providing inadequate earth control measures this year, national water agency PUB said in a statement yesterday.  While this is below the past three years’ average of 100 enforcement actions each year, the agency said these errant practices can harm the environment.

Companies’ Brief

SingHaiyi to raise S$143m for property investments through rights issue
Property developer SingHaiyi Group is looking to raise net proceeds of up to about S$143.16 million for property investments through a rights issue.  It announced on Tuesday that it is proposing a renounceable non-underwritten rights issue of up to about 1.44 billion new shares at S$0.10 each, to be issued on the basis of one rights share for every two existing shares to shareholders.

First Sponsor expands in Europe with S$89m buy
Mainboard-listed First Sponsor Group is expanding its presence in Europe with its second acquisition in Amsterdam, two weeks after it made a move to buy a hotel in Germany.  The investment holding company that develops and sells residential and commercial properties in China and the Netherlands has proposed to acquire a second office building in Amsterdam’s central business district for 55.5 million euros (S$88.4 million), which includes transaction costs, through its wholly-owned subsidiary.

Oxley unit subscribes to stake in Australia firm
International property developer Oxley Holdings’ subsidiary has taken a 25.5 per cent stake in an Australian firm.  The mainboard-listed group on Wednesday said in a filing with the bourse operator that Oxley Australia Pty Ltd subscribed for over 4.8 million fully paid shares in Pindan Capital Mermaid Beach Pty Ltd (PC Mermaid Beach), which has an issued share capital of A$19 million (S$19.7 million).

Lian Beng unit to sell Australian property for A$90m
Lian Beng Group announced on Tuesday that its wholly owned subsidiary, Lian Beng Franklin Investment Pty Ltd (LBF), has inked a deal to sell an Australian property that it purchased in November last year.  LBF will sell the property at 50 Franklin Street, Melbourne, for A$90.15 million (S$93.5 million). It had purchased the property for A$51.5 million.

Keppel’s planned 2.9b yuan disposal of China marina stake still up in the air
KEPPEL Corporation’s planned 2.9 billion yuan (S$595.13 million) disposal of its stake in a China marina project remains in limbo as the project’s minority shareholder continues to try to block the deal.

The group told the Singapore Exchange in a filing on Tuesday that the Singapore High Court has approved an application by Sunsea Yacht Club (Hong Kong) Company to stop Keppel from completing the sale, pending Sunsea’s application with the Court of Appeal.

Global Economy & Global Real Estate

Homeowners in high-tax states race to beat property tax cap

Why bigger is not better for retail

Beijing tops China’s first “green development” index, but sinks in public opinion

Beijing moving ahead steadily with S. China Sea construction

Chinese court auctions skyscraper on Taobao

Japanese shoppers spend more in Nov as jobless rate plunges

Building owner, manager arrested in South Korean fire that killed 29

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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