DAILY NEWS

Daily News – 27th December 2018

Singapore Real Estate

JTC launches last 4 industrial sites under confirmed and reserved lists for H2 2018
JTC has launched the last four industrial sites under the confirmed and reserved lists for the second half of the 2018 Industrial Government Land Sales (IGLS) Programme. Two sites are available for tender and two sites for application, meaning their tender will be triggered if a developer’s indicated minimum price in its application is acceptable to the state. This is as opposed to confirmed list sites which are launched according to schedule, regardless of demand.
https://www.businesstimes.com.sg/real-estate/jtc-launches-last-4-industrial-sites-under-confirmed-and-reserved-lists-for-h2-2018
https://www.straitstimes.com/business/property/jtc-launches-last-4-industrial-sites-under-confirmed-reserved-lists-for-2nd-half

Singapore Economy

Singapore November manufacturing beats forecasts with 7.6% year-on-year growth
Singapore’s manufacturing output grew 7.6 per cent year-on-year in November, beating economists’ estimates of 4.2 per cent and outstripping October’s 5.5 per cent figure, according to preliminary estimates from the Singapore Economic Development Board on Wednesday. Yet, economists are cautious not to be too congratulatory. Mizuho Bank head of economics and strategy Vishnu Varathan noted that the November performance was boosted by biomedical outperformance exaggerated by a low year-ago base, as well as fairly steady month-to-month electronics output also “being flattered by a low base” from 2017.
https://www.businesstimes.com.sg/government-economy/bt-outlook-2019/singapore-november-manufacturing-beats-forecasts-with-76-year-on
https://www.straitstimes.com/business/surprise-76-climb-in-november-factory-output

Companies’ Brief

Gaw Capital Partners said to be buying Robinson 77 for about S$710m
An entity controlled by Hong Kong private equity property group Gaw Capital Partners is understood to be buying Robinson 77 for about S$710 million from a fund managed by CLSA Real Estate. The price works out to about S$2,300 per square foot on net lettable area (NLA) of 307,585 sq ft. The NLA comprises 301,567 sq ft of offices and 6,018 sq ft of retail space.
https://www.businesstimes.com.sg/real-estate/gaw-capital-partners-said-to-be-buying-robinson-77-for-about-s710m

Pacific Star Devt to take full control of Puteri Cove project for S$26m
Pacific Star Development (PSD) is buying out its joint venture partner in the Puteri Cove Residences project to facilitate the obtaining of a S$70 million loan facility, the property developer announced late on Monday. PSD will face an outlay of S$26 million to buy out Max Treasure Co, the partner in Twin Prosperity Group, which is in turn the holding company of the Puteri Cove project in Malaysia.
https://www.businesstimes.com.sg/real-estate/pacific-star-devt-to-take-full-control-of-puteri-cove-project-for-s26m
https://www.straitstimes.com/business/companies-markets/pacific-star-to-take-full-control-of-puteri-cove-project-for-26m

Heeton cuts stake in subsidiary Prospere Glory to 60%
Mainboard-listed developer Heeton Holdings has disposed of a 40 per cent stake in previously wholly owned unit Prospere Glory, it announced in a Singapore Exchange filing on Wednesday evening. The real estate and investment holding firm Prospere Glory has an issued and paid up share capital of 100 ordinary shares of S$1 each.
https://www.businesstimes.com.sg/companies-markets/heeton-cuts-stake-in-subsidiary-prospere-glory-to-60