DAILY NEWS

Daily News – 29th Aug 2019

Singapore Real Estate

Avenue South Residence pricing half of units below S$1.5 million
Half of the units at the 1,074-unit development Avenue South Residence will be priced below S$1.5 million, with public previews for the project to commence on Friday. Three hundred units will be initially launched for sale about a week later on Sept 7. One-bedroom units (474 to 527 square feet) will start from S$858,000 and two-bedroom units (657 to 883 sq ft), from $1.15 million.
https://www.businesstimes.com.sg/real-estate/avenue-south-residence-pricing-half-of-units-below-s15-million
https://www.straitstimes.com/business/property/avenue-south-residence-preview-starts-tomorrow

Happy ending for S$401.9m collective sale of City Towers in Bukit Timah
The sale of City Towers in Bukit Timah has finally been completed at its fourth en bloc attempt and after a pair of sibling owners initially attempted to block the deal. The sale of the District 10 freehold site for S$401.9 million to a unit linked to Hong Kong tycoon Li Ka-shing was completed on Aug 27, real estate firm Colliers International announced on Wednesday.
https://www.businesstimes.com.sg/real-estate/happy-ending-for-s4019m-collective-sale-of-city-towers-in-bukit-timah-0
https://www.straitstimes.com/business/property/city-towers-4019m-sale-finally-sees-completion

Nassim Road condo up for collective sale at S$223m
A prime District 10 freehold condominium, Beaufort On Nassim, has been launched for collective sale by tender at a minimum expected price of S$222.68 million, real estate services firm Savills Singapore announced on Wednesday. The price tag translates to a unit land rate of S$3,508 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/real-estate/nassim-road-condo-up-for-collective-sale-at-s223m
https://www.straitstimes.com/business/property/nassim-rd-condo-up-for-collective-sale-at-223m-reserve-price

Companies’ Brief

CRCT preferential offer 1.4 times subscribed
CapitaLand Retail China Trust’s (CRCT) preferential offering has received valid acceptances and excess applications for about 120.7 million preferential offering units, or about 1.4 times the number of units offered, the manager of the real estate investment trust (Reit) said on Wednesday night. CRCT will raise gross proceeds of about S$125.1 million from this offering, which closed on Wednesday and is part of a…
https://www.businesstimes.com.sg/companies-markets/crct-preferential-offer-14-times-subscribed

Big 3 banks, CapitaLand among 9 Singapore firms in Forbes Asia’s Best Over A Billion list
Nine companies from Singapore have made it to Forbes Asia’s inaugural Best Over A Billion list which spotlights 200 top-performing listed companies across Asia-Pacific with revenues of US$1 billion or more. They are the Republic’s Big Three banks, Wilmar International, CapitaLand, City Developments, Olam International, ASM Pacific Technology, and Venture Corporation.
https://www.businesstimes.com.sg/companies-markets/dbs-capitaland-among-9-singapore-firms-in-forbes%E2%80%99-best-over-a-billion-list
https://www.straitstimes.com/business/companies-markets/9-local-firms-in-forbes-asias-best-over-a-billion

Pacific Star sinks into red with S$22m fiscal 2019 loss
Catalist-listed Pacific Star Development on Thursday posted a net loss of S$22 million for the 12 months ended June 30, on poor market sentiment in the Iskandar, Malaysia, property market. This was from a restated net profit of S$7.3 million for the 18 months ended June 30, 2018, this used as the comparative period as the group had on November 2017 changed its financial year end from Dec 31 to June 30.
https://www.businesstimes.com.sg/companies-markets/pacific-star-sinks-into-red-with-s22m-fiscal-2019-loss
https://www.straitstimes.com/business/companies-markets/pacific-star-sinks-into-red-with-22m-full-year-loss

CPFIS funds deliver 1.9% average returns in 2nd quart
Funds under the Central Provident Fund Investment Scheme (CPFIS) delivered 1.9 per cent on average in the second quarter ended June 30. Average returns from unit trusts rose 1.86 per cent, while returns on investment-linked insurance products (ILPs) gained 1.92 per cent, according to fund research firm Lipper yesterday.
https://www.straitstimes.com/business/property/cpfis-funds-deliver-19-average-returns-in-2nd-quarter
https://www.channelnewsasia.com/news/singapore/cpf-investments-q2-2019-returns-funds-11849354

Views, Reviews, Forum & Others

Will sea change engulf developers?
Singapore’s long-term approach to mitigate global warming and its consequences could offer a silver lining to some businesses here. Construction and/or civil engineering groups such as Lum Chang, Koh Brothers Eco Engineering, BBR Holdings, Yongnam Holdings and Soilbuild Construction Group can play a major role in some of the longer-term projects outlined in the recent National Day Rally to deal with rising…
https://www.businesstimes.com.sg/companies-markets/will-sea-change-engulf-developers