Services sector grows faster in Q3
Manufacturing has been the star performer this year, but a robust third quarter showed that the services sector is back in the game. Revenue for firms in the sector rose at a faster pace in the three months to Sept 30 than the same period last year – a further sign that the recovery is extending across the wider economy. Turnover was up 6.3 per cent in the quarter and up from year-on-year growth of 5 per cent in the second quarter, according to data from the Department of Statistics yesterday.
Singapore Real Estate
Lodge 77 sold for S$29m to KTC
Lodge 77, a freehold residential-commercial mixed development at 77 Upper East Coast Road, is being sold for S$29 million. The buyer, homegrown KTC Group, is expected to redevelop the property, which has a land area of 13,123 sq ft. Currently on site is a three-storey mixed development comprising two food and beverage outlets and a clinic on Level 1 and eight apartments on the second and third floors.
Oxley confirms talks to buy Chevron House
Oxley Holdings has confirmed that it is negotiating to buy the Chevron House building in Singapore’s financial district. Oxley, a property developer, said in an announcement before the market opened on Monday that it is in the process of conducting due diligence, and no definitive agreement has been executed yet.
Infosys co-founder’s family office buys its first Singapore hotel
New Cape Inn, a 76-room freehold hotel in Seng Poh Road in Tiong Bahru, is being sold for S$67 million to a unit of Nadathur Far East, a part of the Nadathur Group. The price works out to about S$881,579 per room. The transacted price reflects about 2 per cent gross yield on the assumption of an average room rate of S$70 per night and 85 per cent occupancy, said Jaggi Nadig, the chief executive of Nadathur Far East.
China property developer Ying Li to sell stake in unit Shiny Profit for 3.29b yuan
Mainboard-listed Chinese property developer Ying Li International Real Estate has announced on Nov 28 it is selling its stake in its wholly owned subsidiary Shiny Profit Enterprises to Shengyu (BVI) – part of the China Evergrande Group – for 3.29 billion yuan (S$671.9 million) in cash, in a deal slated to close before the end of November. Together with the proposed sale, Ying Li will buy and transfer a land parcel in Chongqing to Shengyu.
Manager of Soilbuild Reit to explore investment opportunities Down Under
The manager of Soilbuild Business Space Reit (Soilbuild Reit) said on Monday that it intends to seek investment opportunities in Australia, in a move that it says falls in line with its investment strategy. “Venturing beyond Singapore will help increase Soilbuild Reit’s pool of investment targets, provide access to assets with longer land tenures, allow diversification of tenant base, thereby strengthening Soilbuild Reit’s portfolio for long-term growth,” the manager, SB Reit Management Pte Ltd, said in an aftermarket filing with the Singapore Exchange.
Boustead Projects subsidiaries secure contracts worth S$67m
Mainboard-listed engineering company Boustead Projects said on Monday that two of its wholly-owned subsidiaries have secured S$67 million worth of contracts from repeat clients in Singapore and Vietnam. This brings the total value of contracts secured by Boustead in FY18 to S$174 million, as the company continues its business development efforts both locally and overseas.
IHH’s Q3 profit down 53% on higher start-up costs
Higher costs from the opening of Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital in Turkey as well as depreciation and amortisation put a dent on mainboard-listed IHH Healthcare Berhad’s third quarter net profit.
Views, Reviews & Forum
The perfect timing is coming for ‘Made in Singapore’
During the last 20 to 30 years, one of the key strategies of developed countries has been to outsource manufacturing to benefit from cost advantages in emerging markets. Thus, most multinational corporations (MNCs) shop around in order to find the cheapest location to produce their goods. Cost savings traditionally come from dramatically lower labour costs more than any other factor.
Global Economy & Global Real Estate
US new home sales hit 10-year high in October
Cyber Monday showdown: Wal-Mart closes in on Amazon in online price war
UK pitches new industry strategy as Brexit looms
China, wary of market risks, likely to keep GDP target in 2018
China’s war on bubbles means homes sales set to fall in 2018
Millennials in China more willing to spend
Five reasons Hong Kong housing market defies doomsayers
Concerns aired over Forest City water supply
Sri Lanka to release 50 acres of capital land for investments
Qatar unveils first World Cup ‘reusable’ stadium
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