DAILY NEWS

Daily News – 28 April 2022 (Thu)

Singapore Real Estate

Golden Mile Complex gets 80% mandate for collective sale at lower price of S$700m
More than 80 per cent of Golden Mile Complex owners have agreed to a collective sale at S$700 million, which is lower than its original S$800 million reserve price. The offer was made by a consortium comprising Far East Organization and Perennial Holdings last month via private-treaty negotiations after the building closed its second en bloc tender on Feb 28.
https://www.businesstimes.com.sg/real-estate/golden-mile-complex-gets-80-mandate-for-collective-sale-at-lower-price-of-s700m
https://www.straitstimes.com/singapore/golden-mile-complex-gets-80-per-cent-mandate-for-en-bloc-sale-at-s700-million

Verdun House at Farrer Park sold to Fragrance boss James Koh for S$55.1m
Verdun House at Farrer Park has been sold to Fragrance Group’s chief executive James Koh for S$55.1 million after he emerged as the highest bidder. At this price, apartment owners will receive between S$2.1 million and S$2.8 million, while shop owners will receive between S$5.7 million and S$7.5 million, said property consultancy and investment sales specialist Delasa on Wednesday (Apr 27).
https://www.businesstimes.com.sg/real-estate/verdun-house-at-farrer-park-sold-to-fragrance-boss-james-koh-for-s551m
https://www.straitstimes.com/business/property/verdun-house-at-farrer-park-sold-to-fragrance-boss-james-koh-for-55-m

Freehold hotel site at Devonshire Road up for sale with S$50m indicative price
A freehold land parcel on Devonshire Road in District 9, with approval for hotel use, is being put on the market again, at an indicative price of S$50 million this time. The site, currently vacant land spanning 5 plots at 6, 8, 10 Devonshire Road and 130 Killiney Road, has a combined site area of about 498.9 square metres (sq m) or 5,370 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/freehold-hotel-site-at-devonshire-road-up-for-sale-with-s50m-indicative-price

Fortuna Hotel to be sold for nearly S$86 million
Fortuna Hotel, a 7-storey freehold property at the corner of Serangoon Road and Owen Road, near Farrer Park MRT station, is expected to change hands soon at S$85.8 million. The price works out to around S$809,000 per room.
https://www.businesstimes.com.sg/real-estate/fortuna-hotel-to-be-sold-for-nearly-s86-million

Luxasia Group scion buying Lee Hsien Yang’s bungalow for $13.25 million
Singapore – Mr Lee Hsien Yang and his wife Lee Suet Fern are in the process of selling a two-storey bungalow in the Caldecott Hill Estate good class bungalow (GCB) area to the scion of beauty products distributor Luxasia Group for $13.25 million, The Straits Times has learnt.
https://www.straitstimes.com/business/property/luxasia-group-scion-buying-lee-hsien-yangs-bungalow-for-1325-million

Singapore industrial space rents, prices continue to rise in Q1; occupancy falls: JTC
Rents and prices of Singapore industrial developments continued to rise in the first quarter of 2022, although overall occupancy rates dipped, according to JTC’s quarterly market report released on Thursday (Apr 28).
https://www.businesstimes.com.sg/real-estate/singapore-industrial-space-rents-prices-continue-to-rise-in-q1-occupancy-falls-jtc
https://www.straitstimes.com/business/property/singapore-industrial-space-rents-prices-continue-to-rise-in-q1-occupancy-dips-jtc

Singapore Economy

Singapore core inflation could peak at 4% in Q3 before easing in late 2022: MAS
Singapore’s core inflation could hit a peak of around 4 per cent in the third quarter before moderating in late 2022, amid rising price pressures that have been intensified by the Russia-Ukraine war, the Monetary Authority of Singapore (MAS) said in its half-yearly macroeconomic review on Thursday (Apr 28).
https://www.businesstimes.com.sg/government-economy/singapore-core-inflation-could-peak-at-4-in-q3-before-easing-in-late-2022-mas

F&B and consumer-facing sectors get boost; manufacturing sees slowdown as Covid-19 curbs eased
Singapore – Domestic-oriented sectors finally got a boost in the first quarter of this year, buoyed by the gradual easing of Covid-19 restrictions, according to a review by the Monetary Authority of Singapore (MAS) released on Thursday (April 28).
https://www.straitstimes.com/business/economy/consumer-facing-sectors-in-spore-get-a-boost-manufacturing-modern-services-see-slowdown

Singapore’s growth outlook for 2022 dented but not derailed by war in Ukraine: MAS
Singapore – The mayhem caused by the war in Ukraine has dented trade-dependent Singapore’s growth outlook, but the Republic’s major easing of Covid-19 curbs will allow the domestic economy to pick up some of the slack, the Monetary Authority of Singapore (MAS) said on Thursday (April 28).
https://www.straitstimes.com/business/economy/singapores-growth-prospects-this-year-dented-but-not-derailed-by-war-in-ukraine-mas

Indirect exposure to Russia-Ukraine war poses key risks to Singapore economy, MAS says
Singapore – Russia may not be one of Singapore’s major trading partners, but the disruption to its exports because of its war with Ukraine can still hurt the Republic’s growth prospects. This is because Russia’s role in the global economy is more as a major energy supplier, said the Monetary Authority of Singapore (MAS) in its macroeconomic review report released on Thursday (April 28).
https://www.straitstimes.com/business/economy/indirect-exposure-to-russia-ukraine-war-are-key-risks-to-singapore-economy-says-mas

Singapore moves up to 8th position in Schroders Global Cities Index, emerges as top city in Asia
Singapore has moved up 3 ranks in the past year to 8th place in the Schroders Global Cities Index in 2021, overtaking Hong Kong to emerge as the top city in Asia. Other Asian representatives in the top 30 are Hong Kong, Shenzhen, Beijing, Hangzhou, Shanghai and Tokyo.
https://www.businesstimes.com.sg/government-economy/singapore-moves-up-to-8th-position-in-schroders-global-cities-index-emerges-as

Companies’ Brief

CapitaLand Investment remains long-term positive on China
CapitaLand Investment Limited (CLI) remains long-term positive on China and believes that the current headwinds may generate interesting counter-cyclical and opportunistic investment themes.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-remains-long-term-positive-on-china

Heeton appoints former MP Lee Bee Wah as independent director
Real estate conglomerate Heeton Holdings has appointed former Member of Parliament (MP) Lee Bee Wah as its independent non-executive director effective Wednesday (Apr 27), the company announced after its annual general meeting (AGM) on the same day.
https://www.businesstimes.com.sg/real-estate/heeton-appoints-former-mp-lee-bee-wah-as-independent-director

Keppel potentially the biggest winner from giant O&M merger
Keppel Corp could come out smelling like a rose from the landmark merger of its loss-making offshore and marine (O&M) arm with another ailing sector giant Sembcorp Marine (Sembmarine) – a deal that was precipitated by oil’s prolonged slump up until recently.
https://www.businesstimes.com.sg/companies-markets/keppel-potentially-the-biggest-winner-from-giant-om-merger

Oxley to sell S$84 million worth of Vietnam assets
Property developer Oxley Holdings announced Wednesday (Apr 27) that it is selling 2 assets in Vietnam for a combined S$84 million. In a bourse filing, the group said it has entered into a memorandum of understanding (MOU) to sell its entire 80 per cent effective stake in Vietnam-incorporated Phu Thinh Land, at a price of 1.05 trillion Vietnamese dong (S$63 million)…
https://www.businesstimes.com.sg/asean-business/oxley-to-sell-s84-million-worth-of-vietnam-assets

Views, Reviews, Forum and Others

Reopening’s boost to demand, sentiment could help avert stagflation fear for Singapore
No group size limits, no safe distancing, no once-ubiquitous SafeEntry check-ins. On Apr 26, life in Singapore returned to the closest thing to pre-Covid normalcy since the pandemic began two years ago.
https://www.businesstimes.com.sg/opinion/reopenings-boost-to-demand-sentiment-could-help-avert-stagflation-fear-for-singapore

HPL needs to articulate how it will use the SPH platform to bolster its performance
Tycoon Ong Beng Seng, popularly known by his initials OBS, is credited as being one of those responsible for first bringing the Formula 1 night race to Singapore. He also led a consortium, 98 Holdings, which involved entities of Temasek Holdings, that won control of steel marker NatSteel, following a battle with business tycoon Oei Hong Leong between 2002 and 2003.
https://www.businesstimes.com.sg/opinion/hpl-needs-to-articulate-how-it-will-use-the-sph-platform-to-bolster-its-performance

Singapore’s path to net-zero far from straightforward
In February, the Singapore government announced a new carbon tax schedule as the centrepiece of its net-zero emissions plan. The carbon tax, now set at S$5 a tonne of carbon dioxide equivalent (tCO2e), will be raised to S$25/tCO2e in 2024 and 2025, and S$45/tCO2e in 2026 and 2027, with a view to reaching S$50 to S$80/tCO2e by 2030. In March, the Energy Market Authority further articulated Singapore’s plan to achieving net zero by 2050.
https://www.businesstimes.com.sg/opinion/singapores-path-to-net-zero-far-from-straightforward