The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 26th, 27th and 28th August 2017

Top Story

Govt studying plan to sell large land plots in Jurong Lake District
The government is considering the sale of large land parcels, within the next few years, in Jurong Lake District (JLD) where it aims to create 100,000 new jobs and add 20,000 new homes.  “With that, we can create a critical mass of developments once the High-Speed Rail (HSR) terminus starts its operations by end-2026,” Minister for National Development Lawrence Wong said on Friday.

Singapore Economy

Singapore factory output for July sizzles with 21% growth
Industrial production in Singapore clocked the fastest growth so far this year in July, kick-starting the second half of 2017 with a stellar performance led by record-high electronics output, while all manufacturing clusters posted positive growth. Factory output surged at a stronger-than-expected 21 per cent year on year last month, beating market consensus of 12.9 per cent and quicker than the revised 12.7 per cent growth in June.

Singapore Real Estate

Airbnb offers concessions to get home-sharing rules relaxed
Home-sharing platform Airbnb is willing to let building managements in Singapore access its booking system to monitor the comings and goings of Airbnb guests, according to the company’s co-founder and chief strategy officer Nathan Blecharczyk.  In an exclusive interview with The Business Times, Mr Blecharczyk said: “The primary concern is how to make sure that neighbours and residents feel comfortable with those who are in the building, even if it’s on a short term basis.”

Owners of Sun Rosier condo seeking S$235m in en-bloc sale
Owners of Sun Rosier condominium have launched a tender for collective sale and are asking S$235 million for the freehold site along How Sun Drive.  The asking price translates to about S$1,149 per square foot per plot for the 146,045.67 sq ft residential site, which has a plot ratio of 1.4 and a height limit of up to five storeys, according to Huttons Asia.

HDB to hold roadshows for all new BTO homeowners
Following a year-long pilot, the Housing and Development Board (HDB) will now make roadshows aimed at helping flat-owners settle in their new homes a permanent fixture in all Build-To-Order (BTO) projects.  Called the MyNiceHome Roadshow, the initiative was introduced last September for new homeowners.  It provides them with an opportunity to meet their future neighbours as well as pick up renovation tips and advice on home maintenance prior to moving into their flats.

Revamped CC in CBD to offer gym facilities
Those who work in the Central Business District can look forward to a more affordable gym.  The Telok Ayer Hong Lim Green Community Centre, next to Hong Lim Park, will be refurbished by the third quarter of next year to offer new facilities, including a gym.

New rules shine spotlight on woes of management by ‘mini-MCSTs’
At the 30-unit mixed-use development of Beng Tong Mansion at Tanjong Katong Road, the upkeep of common stairwells and lights could soon become a problem, some residents fear.  The estate’s maintenance fund is dwindling and fresh funds are not coming in, residents and shop owners told TODAY.

Companies’ Brief

GIC invests US$1.4b in joint venture with Indian developer DLF
Singapore sovereign wealth fund GIC is investing US$1.4 billion in a landmark joint venture with India’s leading real estate developer DLF Ltd, in one of the largest private equity transactions in India in the real estate space.  The strategic partnership between GIC and DLF is to develop a rental assets portfolio under the consolidated portfolio of DLF Cyber City Developers Ltd (DCCDL), a subsidiary of DLF, said a statement issued jointly by GIC and DLF on Sunday.

GuocoLand Q4 net profit jumps to S$244.8m
GuocoLand Limited’s net profit leapt S$205 million to S$244.8 million from the preceding year in its fourth quarter, helped by fair value gain from Tanjong Pagar Centre’s Guoco Tower, the group said in a Singapore Exchange filing on Sunday.  For the three months ended June 30, revenue surged 89.9 per cent to S$407.4 million from the previous year. The gain in revenue was due to higher sales and progressive revenue recognition from Singapore’s residential projects as compared to the previous corresponding quarter, it said.

Tiong Seng, Ocean Sky unit to buy Sloane Court Hotel
TSky Development has entered into a deal last Friday to buy Sloane Court Hotel and lot 99899P of town sub division 26 for S$80.5 million. In a filing with the Singapore Exchange on Monday morning, Ocean Sky International, which holds a 40 per cent stake in TSky Development through the former’s wholly owned subsidiary Arctic Sky Investment, said the proposed acquisition is conditional upon the approval of the shareholders of the vendors of the sites.

Thakral surges 14% after acceptance of bid for HK properties
Shares of mainboard-listed Thakral Corporation surged on news that the group has accepted a HK$420 million (S$73 million) bid for its warehouse properties in Hong Kong following a five-week tender process that closed on Thursday.

Views, Reviews & Forum

Some takeaways from the Global Financial Crisis of 2007
It seems momentous things happen in years ending in seven – well, at least in the last 50 years starting with the “Summer of Love” in 1967 and the introduction of the Chevrolet Camaro.  But after that, it was downhill with Elvis leaving the building in 1977, the 1987 share market crash, the Asian crisis of 1997 and the global financial crisis (GFC) that started in 2007.

Asean will march into digital economy to beat of own drum
Those of us who witnessed the founding of Asean in August 1967 could not have imagined how much it would achieve in the last 50 years.  Asean was born literally out of the ashes of colonialism and the Vietnam War.

Global Economy & Global Real Estate

Post-recession financial rules have made economy stronger, not slower: Yellen

US home resales down at 11-month low; jobless claims up a tad

At least 3 US national monuments may be altered as suggested by interior secretary

Rising discontent over US govt’s backing of mortgage monopoly

China’s industrial profit growth cools in July

Vanke eyes top spot as global logistics property developer with stake in GLP

China’s R&F Properties roars back into the spotlight on Wanda deals

Street art brings colour and joy to Beirut slum

CIBC eyes mortgage growth, expects no hard landing for Canada home prices

Japan’s core consumer prices up for 7th month

Toronto property market in chaos as prices slide

Price slump, tight cash wreak havoc in Canada’s top housing market

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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