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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 29 Nov 2019

Singapore Real Estate

Post-cooling measures, property prices ‘closer to fundamentals’
Even amid the accommodative financial conditions today, price movements of properties have moderated in the quarters since July 2018 – when further cooling measures were put in place – and remained “modest” in Q2 and Q3 of this year, the Monetary Authority of Singapore (MAS) said in its annual Financial Stability Review (FSR) on Thursday.  In 2018, the Additional Buyer’s Stamp Duty rates were adjusted.

URA launches two Canberra Drive residential sites for tender
The Urban Redevelopment Authority (URA) has put up two residential sites along Canberra Drive for sale by public tender under its Confirmed List for the second half 2019.  The adjacent land parcels, labelled A and B, both have 99-year leases and can potentially yield about 675 residential units in total, the URA said on Thursday.

Singapore property prices decoupled from global yield chase, speculators: IMF study
Singapore’s private residential prices appear to have decoupled since 2013 from the global chase for yields, a fresh study by the IMF showed.  This is as macroprudential measures undertaken by the Singapore regulators in recent years targeted foreign buyers and speculators – the pacemakers behind the asset chase on Singapore properties, said the study, which was released within the annual Financial Stability…

World’s first urban veg and fish garden in a hotel opens in Singapore
Fairmont Singapore and Swissôtel The Stamford officially opened their urban aquaponics garden on Nov 27. This is the world’s first urban aquaponics garden within a hotel.  The 450-square-metre garden has mainly leafy vegetables – lettuce, kangkong and spinach – with higher- end crops such as rocket, along with three types of fish – jade perch, red tilapia and barramundi.


Singapore Economy

Singapore resident employment rate up, income growth slows
The resident employment rate was slightly higher in June this year than in June 2018 – despite economic headwinds, going by an advance labour force report released on Thursday.  Additionally, workers’ income continued to grow over 2019, but at a slower pace than a year ago, said the report from the Ministry of Manpower (MOM).

Singapore bank lending up 0.7% in Oct: MAS preliminary data
Bank lending in Singapore was up 0.7 per cent in October from a month ago, reversing from a slight contraction in September over the month, preliminary data from the Monetary Authority of Singapore showed on Friday.  Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at S$689 billion in October, compared with S$684 billion…


Companies’ Brief

Far East Consortium said to mull S$500m Singapore Reit IPO
[Singapore] Far East Consortium International, the Hong Kong developer, is considering a real estate investment trust (Reit) listing in Singapore that could raise as much as S$500 million, people with knowledge of the matter said.  Hong Kong-based Far East Consortium is working with advisers on the potential sale of trust units backed mainly by hotels under the Dorsett brand, the people said.

Frasers Logistics, Frasers Commercial Trust make plans to merge: sources
Frasers Logistics & Industrial Trust and Frasers Commercial Trust are planning to merge, according to people familiar with the matter, as consolidation among Singapore’s real estate investment trusts gathers pace.  A combined company would manage almost 100 properties worth US$4 billion across Singapore, Australia and Europe, including warehouses, offices and business parks, according to their websites.

Cromwell E-Reit buys office building in Italy for 17.7m euros
Cromwell European Real Estate Investment Trust (CEREIT) has completed the acquisition of a freehold office property in Italy at a purchase price of 17.7 million euros (S$26.6 million).  Built in 1982, the recently refurbished, self-contained building is located in the Colleoni Business Park in Agrate Brianza, about a 30-minute drive north-east of Milan.

Singapore and Australia property fund managers in shareholder spat
[Singapore] Cromwell Property Group has narrowly fended off an attempt by Singapore’s ARA Asset Management to get its preferred candidate onto the board, the latest tussle between the Australian real estate manager and its largest shareholder.  At an annual general meeting in Brisbane Thursday, 51.3 per cent of shareholders heeded Cromwell’s call to vote against Gary Weiss, according to a filing from the…

JustCo, Daito Trust to operate flexible workspaces in Japan
Co-working space operator JustCo has secured a US$50 million investment from Japanese construction and real estate firm Daito Trust Construction.  Daito Trust will also invest up to 2.65 billion yen (S$33.1 million) to form a joint venture (JV) with JustCo that will build and operate flexible workspaces in Japan.

Accordia Golf Trust receives proposal from potential buyer for all its golf courses
Accordia Golf Trust has received a non-binding proposal from a potential buyer for its interests in all of its golf courses.  The trust’s manager is evaluating the proposal and will appoint professional advisers, it said in a bourse filing on Thursday after market close.


Global Economy & Global Real Estate

US mortgage rates rebound slightly heading into Thanksgiving weekend

China speeds up 1 trillion yuan bond sale to boost slowing economy

China Merchants breaks Reit-listing drought for HK

Hong Kong sets record in HK$42b land sale

Japan’s factory output posts biggest fall in almost 2 years

Japan retail sales dip the most since 2015 as tax hike hits demand

German inflation holds steady in November

Berlin housing market faces investment crunch


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