DAILY NEWS

Daily News – 30th Jan 2020

Singapore Real Estate

Singapore property investment sales likely to cross S$31b in 2020: Colliers
Singapore property investment sales could increase by 6 per cent to S$31.3 billion in 2020 from S$29.5 billion in 2019, real estate services firm Colliers International said in its latest report. Investment sales volumes fell 12.7 per cent last year “largely due to the pullback in the residential property sector as cooling measures continued to bite”, it said.
https://www.businesstimes.com.sg/real-estate/singapore-property-investment-sales-likely-to-cross-s31b-in-2020-colliers
https://www.straitstimes.com/business/property/property-investment-sales-could-hit-313b-colliers

Wing Fong Mansions and Wing Fong Court up for collective sale
Freehold condominium Wing Fong Mansions in Geylang has been launched for collective sale with a reserve price of S$176 million, marketing agent PropNex Realty told The Business Times on Wednesday. It is up for tender along with the adjacent condo, Wing Fong Court, which was put on the market two weeks ago at a reserve price of S$108 million.
https://www.businesstimes.com.sg/real-estate/wing-fong-mansions-and-wing-fong-court-up-for-collective-sale
https://www.straitstimes.com/business/property/two-condos-in-geylang-up-for-sale-en-bloc

Law Society plans mediation clause in property template
The Law Society plans to insert a clause into its widely-used property transaction agreement template to make mediation the first port of call for parties to resolve disputes. Gregory Vijayendran, president of the Law Society, said at the recent opening of the legal year in early January that the organisation intends to revise the Law Society’s Conditions of Sale 2012 to include a rule that requires buyer and seller to try…
https://www.businesstimes.com.sg/government-economy/law-society-plans-mediation-clause-in-property-template

Sales of newer HDB flats hit 9-year high in 2019
Increasing numbers of home owners have been selling their Housing Board flats the moment they hit the minimum occupancy mark. Sales of HDB flats less than 10 years old hit a nine-year high last year, when 4,578 units changed hands – 33.4 per cent up on the 3,432 moved in 2018. The low point was in 2014 when only 1,021 units were sold.
https://www.straitstimes.com/singapore/housing/sales-of-newer-flats-hit-9-year-high-in-2019

Condo developer goes bust: Court ruling provides home buyers relief
Home buyers left in the lurch after a developer went bust will now have priority claims to their incomplete homes, ahead of other unsecured creditors like contractors. The High Court has ruled that the claims of buyers of the incomplete Sycamore Tree condominium will rank above those of the other unsecured creditors, including contractors who are owed money by the project’s developer, Astoria Development.
https://www.straitstimes.com/singapore/developer-goes-bust-court-ruling-provides-condo-buyers-relief

Singapore Economy

Business interruption is the top risk for Singapore businesses: Allianz survey
For the third year in a row, business interruption was the top risk for businesses in Singapore, according to a survey by financial services firm Allianz. Changes in legislation and regulation climbed three spots to third place as companies fretted over tariffs, sanctions, Brexit and the rise of protectionism, the Allianz Risk Barometer 2020 showed.
https://www.businesstimes.com.sg/government-economy/business-interruption-is-the-top-risk-for-singapore-businesses-allianz-survey

Companies’ Brief

CDLHT’s Q4 DPS flat at 2.77 S cents
CDL Hospitality Trusts (CDLHT) on Thursday posted a distribution per stapled security (DPS) of 2.77 Singapore cents for the fourth quarter ended Dec 31, unchanged from the year-ago period. Total distribution to stapled securityholders, after retention for working capital, was up 0.6 per cent to S$33.6 million from S$33.4 million a year ago.
https://www.businesstimes.com.sg/companies-markets/cdlhts-q4-dps-flat-at-277-s-cents

Ascott Residence Trust posts 6% rise in Q4 DPS to 2.27 S cents
Ascott Residence Trust’s (ART) distribution per stapled security (DPS) rose by 6 per cent to 2.27 Singapore cents for its fourth quarter ended Dec 31, from 2.15 Singapore cents a year ago. Revenue was down 2 per cent to S$134.1 million for the quarter, from S$136.5 million a year ago. This was mainly due to a S$2.5 million fall in revenue from the divestment of Ascott Raffles Place Singapore and Somerset West Lake…
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-posts-6-rise-in-q4-dps-to-227-s-cents

Suntec Reit prices new S$200m 7-year notes at 2.95%
Suntec Real Estate Investment Trust (Suntec Reit) has launched S$200 million worth of new notes, to be issued under the US$1.5 billion euro medium-term note programme. The notes are due in 2027 and will carry a coupon fixed at 2.95 per cent per annum, Suntec Reit said on Wednesday night.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-prices-new-s200m-7-year-notes-at-295

Singapore firms shut China malls, cut hours amid outbreak
Real estate behemoth CapitaLand and other Singapore-listed retail plays have temporarily closed, shortened the hours or shut certain businesses at their malls in China. This comes as nations worldwide grapple with the coronavirus outbreak that has seen the death toll and the number of infections climb higher each day.
https://www.businesstimes.com.sg/companies-markets/singapore-firms-shut-china-malls-cut-hours-amid-outbreak
https://www.straitstimes.com/business/companies-markets/capitaland-other-spore-firms-suspend-businesses-in-china