The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 27, 28 & 29 February 2016

Singapore Economy

Singapore trust levels very high: UBS
Singapore may not be UBS’s biggest booking centre in Asia, but the city is very important for many of the Swiss bank’s clients who are not based here. Singapore domiciled clients account for close to 10 per cent of UBS’s Asia-Pacific assets under management, said Raymond Ang, regional market manager Singapore, UBS Wealth Management, in a recent interview.

Singapore Real Estate

Pandora co-founder and son buy 2 units at Boulevard Vue
Two members of the well-known Danish family that founded Pandora, a company famous for its charm bracelets, are plonking down over S$31.1 million for two high-end apartments at the Orchard belt. The apartments, each of which is 4,478 square feet, are at the plush Boulevard Vue condo along Cuscaden Walk.

Wandervale EC more than 40% oversubscribed
Sim Lian Group has received 750 e-applications for the 534 available units at the Wandervale executive condominium (EC) as at 5 pm on Sunday, the property developer said. According to the group, the Choa Chu Kang EC – which is the first EC to be launched this year – is more than 40 per cent oversubscribed.

UOB gets nod to sue over inflated home loans for Sentosa Cove condo
The High Court has cleared the way for United Overseas Bank to sue two real estate agents for alleged deceit and conspiracy over inflated loans for 38 units at a luxury condominium in Sentosa Cove. Apart from the two agents, the bank is also suing five other individuals and developer Lippo Marina Collection (LMC) for conspiracy, with damages to be assessed.

Developer with an eye on the future
Eight years ago, Mr Li Jun, 40, came to Singapore from Qingdao in China to help drive Chinese developer Qingjian’s business here. He knew little about the property market here then and did not fully understand the needs of home buyers. Now, the general manager of Qingjian Realty (South Pacific) Group plans to tap the latest in innovation to build what could be the first executive condominium (EC) project here to be fitted with smart home technology.

Farrer Park Hospital patients can recuperate at adjoining hotel to ease ward crunch=
Farrer Park Hospital (FPH) patients, especially those from overseas, can recuperate at an adjoining hotel.
One Farrer Hotel and Spa, with 243 rooms, suites and villas, can free up ward space, said FPH chief executive officer Timothy Low.

New Farrer Park Hospital aims to offer ‘affordable’ private care

Companies’ Brief

UE net profit falls 17% to S$102.2m, mainly due to asset sales
United Engineers’ (UE) net profit for 2015 has fallen 17 per cent to S$102.2 million, largely due to the sale of two business units at end-2014. On a per-share basis, profit at the property and engineering group came to 16 Singapore cents, for the year ended December 2015.

Lack of one-time gain drags down UOL’s FY15 profit
A lack of a one-off divestment gain and lower fair-value gains for its investment properties led UOL Group’s net profit to fall 43 per cent to S$391.4 million for the year 2015. The property developer did not provide figures for its fourth quarter. A year ago, it had enjoyed a one-time property development revenue of S$220.1 million from the sale of land at Jalan Conlay in Kuala Lumpur. Attributable fair-value and other gains (including fair-value gains of associated companies) were also just S$41 million in 2015, against S$288.3 million in 2014.

Views, Reviews & Forum

What is DC?

The bane of negative interest rates
In recent weeks, plenty of column inches and TV time have been devoted to the startling new phenomenon of negative interest rates. But if you are looking for evidence of it in Singapore, you will be disappointed.

How to buy properties at auction
With recent market turmoil putting pressure on mortgage holders, the property market has seen a seven-year high in the number of repossessed properties put up for auction. The Straits Times also reported that the value of property sold under auction has hit a five-year high of $102.27 million, with residential units dominating the listings.

Global Economy & Global Real Estate

Surbana Jurong inks new Myanmar contract
Surbana Jurong Pte Ltd has clinched another contract in Myanmar as its expansion gathers pace in the fast-growing market. This time, it teamed up with Beijing-based state-owned Citic Group to bid for the tender to provide master-planning, infrastructure and port planning services to Kyaukphyu Special Economic Zone (SEZ) industrial park.

Regeneration projects the latest buzz in London

Hilton Plans REIT, Timeshare Spinoffs in Bid to Unlock Value

China Home-Price Gains Hold Steady Amid More Easing Measures

Land squeeze for the living and the dead

China Everbright to Buy Hong Kong Tower for $1.3 Billion

NY City home prices unnerve suburban upgraders

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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