DAILY NEWS

Daily News – 29th March 2019

Singapore Real Estate

New CBD options offer flexibility in medium to long-term
City Developments Limited (CDL) and Hong Leong Holdings are among the property players that could benefit from the government’s push to inject greater vibrancy into the central business district (CBD). The CBD Incentive Scheme, which offers a higher gross plot ratio to pave the way for older CBD office buildings to be converted into hotels, homes or mixed-used projects, makes for greater flexibility in the medium to long term, but owners can choose not to…
https://www.businesstimes.com.sg/real-estate/new-cbd-options-offer-flexibility-in-medium-to-long-term
https://www.straitstimes.com/business/property/developers-welcome-incentive-scheme-to-revamp-cbd

Different tales for two cities in latest URA tender
The latest state land tender closing has yielded a mixed bag of results for the two 99-year leasehold sites offered. A land parcel along Middle Road in the buzzing Bugis locale, which is slated for residential with commercial at first storey use, drew 10 bids, with Wing Tai’s highest bid of nearly S$492 million or S$1,458.33 per square foot per plot ratio (psf ppr) within expectation.
https://www.businesstimes.com.sg/real-estate/different-tales-for-two-cities-in-latest-ura-tender
https://www.straitstimes.com/business/property/middle-road-sims-drive-sites-draw-keen-response

Completed private apartment prices fall in Feb
Prices of completed private apartments and condominiums in Singapore fell month-on-month again in February, retreating 0.5 per cent from the previous month after January’s 0.2 per cent decline. The figures are flash estimates released on Thursday by the National University of Singapore’s (NUS) for its Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes.
https://www.businesstimes.com.sg/real-estate/completed-private-apartment-prices-fall-in-feb
https://www.straitstimes.com/business/property/completed-condo-prices-slip-05-in-february-nus-index

Companies’ Brief

Top execs from Teambuild, CDL, Surbana Jurong and SIT to join BCA board
Three business executives and an academic will join the board of Singapore’s Building and Construction Authority (BCA) in April, the Ministry of National Development announced on Thursday. The new board members are Johnny Lim, executive director of prefabrication specialist Teambuild Engineering & Construction; Sherman Kwek, group chief executive of property developer City Developments; Wong Heang Fine, group CEO of urban and infrastructure consulting firm Surbana Jurong; and Tan Thiam Soon, president of the Singapore Institute of Technology.
https://www.businesstimes.com.sg/real-estate/top-execs-from-teambuild-cdl-surbana-jurong-and-sit-to-join-bca-board
https://www.straitstimes.com/business/economy/bca-board-has-4-new-members-chairman-reappointed

Ohmyhome enters private property market
Property purchase and rental platform Ohmyhome is venturing out of the HDB market into private housing. Buyers and sellers of private properties can now use the platform to manage and handle housing transactions on their own, the company announced on Thursday. Ohmyhome’s free platform connects buyers and sellers directly to each other, saving on agent commission, while helping them navigate the transaction process.
https://www.businesstimes.com.sg/real-estate/ohmyhome-enters-private-property-market

Hotel Properties inks JV with Japan real estate firm to invest in hotel, condo
Hotel Properties Limited announced on Thursday that it has entered into a joint-venture (JV) agreement with Japanese real estate firm Tokyo Tatemono Co to acquire a 75 per cent stake in a new hotel and a 25 per cent co-ownership interest in up to 450 condominium units for approximately 20.85 billion yen altogether (S$257 million). Both the hotel and the condominium components will be developed under a proposed 50-storey mixed development project…
https://www.businesstimes.com.sg/companies-markets/hotel-properties-inks-jv-with-japan-real-estate-firm-to-invest-in-hotel-condo

First Mapletree River Hong Bao hackathon unleashes young, enterprising talents
Mapletree sponsored this year’s River Hong Bao Hackathon which is the first of its kind in the 33-year history of the Chinese New Year event. Mapletree started a publicity campaign with the Institutes of Higher Learning and received 29 submissions. Mentoring workshops presented by Joanne Lee, Mapletree’s retail head were conducted.
https://www.businesstimes.com.sg/life-culture/first-mapletree-river-hong-bao-hackathon-unleashes-young-enterprising-talents

Views, Reviews, Forum & Others

Mix up islandwide balance of homes and offices
In Germany, clean light industries are distributed among towns and villages. It would be good to have offices in new towns here too and not just concentrated in the Central Business District. They could be clustered around, heartland MRT stations like Yio Chu Kang and Bishan, for example. This supports the local workforce and reduces travelling time.
https://www.straitstimes.com/forum/letters-in-print/mix-up-islandwide-balance-of-homes-and-offices