DAILY NEWS

Daily News – 28th March 2019

Singapore Real Estate

Singapore CBD to see identity shift
State planners unveiled a scheme on Wednesday to try to make “work- live-and-play” more of a norm throughout the currently office-dominated Central Business District (CBD), which is likely to get developers crunching their numbers for possible redevelopment. Minister for National Development and Second Minister for Finance Lawrence Wong announced the CBD Incentive Scheme at the launch of the Draft Master Plan 2019.
https://www.businesstimes.com.sg/real-estate/singapore-cbd-to-see-identity-shift
https://www.straitstimes.com/singapore/more-homes-planned-in-city-centre-to-inject-vibrancy
https://www.channelnewsasia.com/news/singapore/homes-housing-cbd-marina-bay-ura-draft-master-plan-11383914
https://www.todayonline.com/singapore/incentives-developers-building-owners-transform-city-centre-build-more-homes

Two incentives to rejuvenate the city
The Urban Redevelopment Authority (URA) has unveiled two incentives: one seeks to liven up the central business district (CBD) with a broader mix of uses including residential; the other aims to encourage owners of existing commercial buildings in strategic areas including Orchard Road to team up with neighbours for comprehensive redevelopment with bold proposals that will transform the street or precinct. The URA also announced on Wednesday…
https://www.businesstimes.com.sg/real-estate/two-incentives-to-rejuvenate-the-city
https://www.straitstimes.com/singapore/plans-to-transform-orchard-road-create-more-buzz-in-cbd
https://www.channelnewsasia.com/news/singapore/incentive-scheme-launched-to-encourage-mixed-use-developments-in-11383938

Pilot plans for underground space in select areas
The Urban Redevelopment Authority (URA) has unveiled underground space plans for Marina Bay, Jurong Innovation District and Punggol Digital District as it studies underground space with the aim of using land more efficiently. The underground space plan shows planned underground uses at various depths, such as MRT stations, pedestrian links, and major utility infrastructure within key areas, a URA spokesperson highlighted. This would make planned underground uses for the site clearer to developers and land owners.
https://www.businesstimes.com.sg/real-estate/pilot-plans-for-underground-space-in-select-areas
https://www.straitstimes.com/singapore/underground-plans-for-three-districts-revealed
https://www.channelnewsasia.com/news/singapore/ura-draft-master-plan-planning-development-underground-11383936

URA draft master plan: How it may affect the way you live, play and move about in Singapore
Singapore: The Urban Redevelopment Authority (URA) launched its draft master plan – a blueprint that charts out the Government’s plans for land use over the next 10 to 15 years – on Wednesday (Mar 27). Here are the key points in the plan which could affect how and where you live, play and move about in Singapore.
https://www.channelnewsasia.com/news/singapore/ura-draft-master-plan-how-it-affects-way-you-live-play-move-11384262
https://www.todayonline.com/singapore/land-use-masterplan-whats-it-your-neighbourhood
https://www.businesstimes.com.sg/real-estate/greater-southern-waterfront-development-will-start-in-5-10-years
https://www.straitstimes.com/singapore/spore-to-have-1000ha-more-parks-and-park-connectors
https://www.channelnewsasia.com/news/singapore/new-ura-draft-master-plan-planning-11383928

D’Grove Villas up for collective sale at asking price of S$398m
D’Grove Villas, a freehold high-rise residential redevelopment site in District 10 along Orange Grove Road, is up for collective sale at an asking price of S$398 million, according to marketing agent Centaline Singapore. With an estimated site area of 50,400 square feet, the development is 21 storeys high with a total of 45 units, and is located adjacent to the Orchard Road shopping belt.
https://www.businesstimes.com.sg/real-estate/dgrove-villas-up-for-collective-sale-at-asking-price-of-s398m

Singapore Economy

Three areas singled out for bumped-up R&D funding after govt review
Following the mid-term review of Singapore’s five-year Research, Innovation and Enterprise 2020 (RIE2020) plan, the government will allocate more funds to research and development (R&D) in three areas it has identified – digital technology, cell therapy manufacturing, and sustainable urban food production. National Research Foundation (NRF) chairman and Finance Minister Heng Swee Keat announced this to reporters after the 11th Research, Innovation and Enterprise Council (RIEC) meeting on Wednesday.
https://www.businesstimes.com.sg/government-economy/three-areas-singled-out-for-bumped-up-rd-funding-after-govt-review
https://www.straitstimes.com/singapore/700m-boost-for-research-on-ai-food-and-cell-therapy
https://www.straitstimes.com/singapore/pm-lee-spore-remains-committed-to-basic-research
https://www.channelnewsasia.com/news/business/rie-2020-plan-research-development-technology-food-security-11385008
https://www.todayonline.com/singapore/digital-tech-food-security-among-key-areas-get-more-rd-funding

Companies’ Brief

Ascott Reit buys 150-room business hotel near Sydney Airport for A$61m
Ascott Residence Trust (Ascott Reit) is buying a 150-room business hotel near Sydney Airport in Australia for A$60.6 million (S$58.2 million), the hospitality trust announced on Wednesday during the mid-day trading break. The freehold limited-service Felix Hotel will be rebranded as Citadines Connect Sydney Airport upon completion of the deal in May 2019, the trust manager said.
https://www.businesstimes.com.sg/real-estate/ascott-reit-buys-150-room-business-hotel-near-sydney-airport-for-a61m
https://www.straitstimes.com/business/companies-markets/ascott-reit-buys-hotel-near-sydney-airport-for-58m

Roxy-Pacific, Park Hotel ink deal to open Melbourne hotel
Property group Roxy-Pacific Holdings has signed a management deal with Park Hotel Group to open Park Hotel Melbourne in 2022, it said in a bourse filing on Wednesday afternoon. The 23-storey newly-built hotel will contain 319 guest rooms and suites, and five function rooms that can combine into a ballroom to accommodate meetings and events for 20 to 200 people.
https://www.businesstimes.com.sg/real-estate/roxy-pacific-park-hotel-ink-deal-to-open-melbourne-hotel
https://www.straitstimes.com/business/companies-markets/roxy-pacific-park-hotel-group-ink-management-deal-to-open-melbourne-hotel

GIC buys 25% stake in Dutch boutique hotel
Singapore sovereign wealth fund GIC announced on Wednesday that it has acquired a 25 per cent equity interest in Netherlands-based boutique hotel chain citizenM. The stake brings citizenM’s enterprise value to two billion euros (S$3.1 billion), but GIC declined to give the exact figure of the investment. Lee Kok Sun, chief investment officer of GIC Real Estate, said citizenM represents an “attractive value proposition of affordable luxury in urban markets” and…
https://www.businesstimes.com.sg/real-estate/gic-buys-25-stake-in-dutch-boutique-hotel
https://www.channelnewsasia.com/news/singapore/gic-buys-25-stake-in-dutch-hotel-chain-citizenm-11385712

Yanlord Land sells out Suzhou apartment launch on first day
Real estate developer Yanlord Land Group said on Wednesday that it has fully sold out on the first day of its latest launch of apartment units at Riverbay Gardens in Suzhou, China to garner over 1.155 billion yuan (S$233 million). All 193 apartment units available during the first day of sales on March 26 were sold out, with an average selling price of 35,300 yuan per square metre for the 32,745 sq m gross floor area sold.
https://www.businesstimes.com.sg/companies-markets/yanlord-land-sells-out-suzhou-apartment-launch-on-first-day

APREA looking to expand membership
The Asia Pacific Real Estate Association (APREA) aims to expand membership in the fast-growing markets of China, India and emerging South-east Asia, said Sigrid Zialcita, chief executive officer of APREA. Speaking at a press lunch on Wednesday, Ms Zialcita outlined APREA’s objectives for 2019. Besides driving membership, it will work towards advocating and promoting the best interests of its members through working with regulators, policy makers and industry players to ensure easier means of doing business.
https://www.businesstimes.com.sg/real-estate/aprea-looking-to-expand-membership

Starland Holdings unit receives repossession notice from Chongqing authorities
Starland Holdings said on Wednesday that its wholly-owned subsidiary Chongqing Gangyuan Property Development Co has received a repossession notice from the Fuling District local authority to repossess its 25,559.6 square metre parcel of land as a result of development plans by the local authority. Located at Zone 5 Dianyi Residential Committee, Jiangbei Office, Fuling District, Chongqing, the repossession value of the land will be determined by the…
https://www.businesstimes.com.sg/companies-markets/starland-holdings-unit-receives-repossession-notice-from-chongqing-authorities

Views, Reviews, Forum & Others

Conservation clause in Golden Mile Complex en bloc a tough sell: Analysts
Singapore — The iconic Golden Mile Complex on Beach Road has been relaunched for sale, two months after its first tender closed without a buyer, but with the terms unchanged, analysts say it will continue to be a tough proposition for developers. The tender for the 46-year-old building was relaunched on Wednesday (March 27), with the same condition as before, that the buyer will have to retain the existing 16-storey façade.
https://www.todayonline.com/singapore/conservation-clause-golden-mile-complex-en-bloc-tough-sell-analysts