DAILY NEWS

Daily News – 28th June 2018

Top Story

Govt keeps H2 GLS housing supply on par with H1
The government is seen taking a balanced approach in ensuring adequate residential land supply in the second half of this year to meet homebuyers’ demand without exacerbating a potential supply glut, consultants say. It has kept residential land supply in the second half of 2018 under the government land sales (GLS) programme on par with that in the first half of this year, again preferring to keep the majority (66 per cent) of total residential land supply under the Reserve List to be triggered for sale only by market forces.
https://www.businesstimes.com.sg/real-estate/govt-keeps-h2-gls-housing-supply-on-par-with-h1
https://www.channelnewsasia.com/news/singapore/private-property-land-supply-government-sales-developers-10473948
https://www.todayonline.com/singapore/govt-citing-strong-demand-maintains-land-supply-private-housing-commercial-buildings

Hotel sites among those offered in land sales scheme
For the first time in five years, the Government is offering sites for hotel rooms in its Government Land Sales (GLS) programme for the second half of this year, amid a rosier tourism outlook for Singapore in the next few years. On the Urban Redevelopment Authority’s (URA) list of sites for sale is one in Club Street near Raffles Place which is a hotel site on the confirmed list, while a “white” site in Marina View on the reserve list allows for hotel rooms to be built. White sites are flexible-use sites.
https://www.straitstimes.com/business/property/hotel-sites-among-those-offered-in-land-sales-scheme
https://www.straitstimes.com/singapore/govt-releases-land-for-hotels-for-first-time-in-five-years

Singapore Real Estate

Goodluck Garden en bloc sale goes to court
The owners of Goodluck Garden condominium will soon head to court to settle the fate of its collective sale after the Strata Titles Board (STB) issued a stop order on Wednesday afternoon. Objections by seven minority owners were not withdrawn following what Business Times understands was two rounds of mediation by STB, with the first taking place on June 1 and the second on June 19.
https://www.businesstimes.com.sg/real-estate/goodluck-garden-en-bloc-sale-goes-to-court
https://www.straitstimes.com/business/property/goodluck-garden-to-go-to-high-court-over-collective-sale

Oxley reaps revenue of S$249m from The Verandah Residences
All 170 units of Oxley Holdings Limited’s The Verandah Residences have been sold within three months of its official launch on April 7, the property developer announced on Wednesday. Sales from the residential project, the first of four such projects Oxley has launched this year, yielded a total revenue of S$248.8 million. Oxley purchased the 89,620-square foot freehold site in July 2017 for an average price per square foot (psf) of S$964 per plot ratio, and sold the units at S$1,795 psf.
https://www.businesstimes.com.sg/real-estate/oxley-reaps-revenue-of-s249m-from-the-verandah-residences
https://www.straitstimes.com/business/property/the-verandah-residences-sells-out

Companies’ Brief

Oxley unit acquires 5% stake in Malaysia land owner
Oxley Holdings Limited said its wholly owned subsidiary, Oxley Star Sdn Bhd, has acquired a 5 per cent stake in Beverly Heights Properties Sdn Bhd (BHP) for RM22.5 million (S$7.6 million). The 50,000 ordinary shares are to be acquired from two vendors with whom Oxley Star inked a shares sale agreement on Wednesday. Following this, Oxley Star will hold a 10 per cent stake in BHP and the balance will be held by four other individuals.
https://www.businesstimes.com.sg/companies-markets/oxley-unit-acquires-5-stake-in-malaysia-land-owner
https://www.straitstimes.com/business/companies-markets/oxley-unit-takes-5-stake-in-malaysia-land-owner

Sunway Property builds presence in Singapore
Malaysian conglomerate company Sunway Group’s property division, Sunway Property, is building up its presence in Singapore through new projects and land bank acquisitions. This includes a S$530 million en bloc acquisition of Brookvale Park condominium, located on prime 999-year leasehold land in Clementi.
https://www.businesstimes.com.sg/real-estate/sunway-property-builds-presence-in-singapore

Cromwell European Reit completes acquisition of Italy property
Cromwell European Real Estate Investment Trust (Reit) has completed its acquisition of a property in Italy, located at 13 Via Jervis, Ivrea, the Reit manager announced on Wednesday night. It said that the Italian state did not exercise its pre-emption right to acquire the property.
https://www.businesstimes.com.sg/companies-markets/cromwell-european-reit-completes-acquisition-of-italy-property

Yanlord Land buying all shares in Yanlord Property
Yanlord Land Group is acquiring all the remaining shares in Yanlord Property for 1.045 trillion yuan (S$215.9 million) from Reco Yizhong Private Limited, it announced in a Singapore Exchange (SGX) announcement. Previously, the company owned 60 per cent of Yanlord Property through its subsidiary Yanlord Land.
https://www.businesstimes.com.sg/real-estate/yanlord-land-buying-all-shares-in-yanlord-property

Mapletree Industrial Trust completes purchase of 7 Tai Seng Drive
Mapletree Industrial Trust (MIT) has completed its acquisition of 7 Tai Seng Drive, it announced in a Singapore Exchange (SGX) filing. It will complete upgrading works of the seven-storey property into a high-specification building in the second half of 2019, and lease it fully to “an established information and communication technology company” for an initial term of 25 years with annual rental escalations.
https://www.businesstimes.com.sg/real-estate/mapletree-industrial-trust-completes-purchase-of-7-tai-seng-drive

EpiCentre plans to move into regional property on RTO plan
Catalist-Listed EpiCentre Holdings could be going into the regional property business through a reverse takeover, it said on Wednesday. It is also axing a rights-cum-warrant issue, turning instead to a fresh share placement, in a move that executive chairman and acting chief executive Kenneth Lim said is meant to snag strategic investors to support the new businesses.
https://www.businesstimes.com.sg/companies-markets/epicentre-plans-to-move-into-regional-property-on-rto-plan
https://www.straitstimes.com/business/companies-markets/epicentre-plans-move-into-regional-property-business

3M launches 14,000 sq m solar farm in Tuas
One of Singapore’s largest solar farms, which can produce enough energy to power 500 four-room Housing Board flats, was officially opened yesterday. The 14,000 sq m farm lies on the roof of science firm 3M’s manufacturing plant in Tuas, and boasts 6,605 solar panels and 55 inverters. It can generate 2,400 megawatt hours of electricity a year.
https://www.straitstimes.com/singapore/3m-launches-14000-sq-m-solar-farm-in-tuas
https://www.businesstimes.com.sg/technology/3m-opens-new-headquarters-in-singapore

Courts Asia offers to buy back S$75m of 5.75% notes due 2019 at 100.75% of par
Mainboard-Listed Courts Asia is offering to buy back its S$75 million worth of 5.75 per cent notes due 2019 at 100.75 per cent of the principal amount. The electronics and furniture retailer is concurrently seeking noteholders’ consent to include a call option in the terms of the notes that will allow Courts Asia to redeem the bonds early at 100 per cent of par. The issuer plans to exercise that option within 15 days if it is successfully included.
https://www.businesstimes.com.sg/companies-markets/courts-asia-offers-to-buy-back-s75m-of-575-notes-due-2019-at-10075-of-par
https://www.straitstimes.com/business/companies-markets/courts-asia-offers-to-redeem-early-its-75m-notes-due-2019

No Signboard to launch fast-food chain
No Signboard Holdings is launching a chain of fast-food outlets that serve hawker food-themed burgers, wraps and buns, the restaurant chain announced on Wednesday before the market opened. The “Hawker” brand will launch through its wholly owned subsidiary Hawker QSR Pte Ltd, previously known as NSB Quick Service Restaurants Pte Ltd.
https://www.businesstimes.com.sg/companies-markets/no-signboard-to-launch-fast-food-chain

VIEWS, REVIEWS, FORUM & Others

Behavioural change key to Smart Nation lifestyle
Being a Smart Nation with a sustainable lifestyle starts with behavioural change. But, as experts and attendees at a conference yesterday noted, change is one of the hardest things to do. For instance, how do governments convince citizens to take public transport and go car-lite?
https://www.straitstimes.com/singapore/behavioural-change-key-to-smart-nation-lifestyle