DAILY NEWS

Daily News – 28, 29 & 30 Dec 2019

Singapore Real Estate

Singapore industrial land supply cut again for first half of 2020
The government has once again trimmed industrial land supply for the first half of 2020 under its Industrial Government Land Sales (IGLS) programme. Industrial land supply fell to 7.11 hectares (ha) in total site area. The number of sites in the confirmed and reserve lists were also reduced.
https://www.businesstimes.com.sg/real-estate/singapore-industrial-land-supply-cut-again-for-first-half-of-2020
https://www.straitstimes.com/business/economy/singapores-industrial-land-supply-reduced-again-for-first-half-of-2020-0

Commercial en bloc in focus as cooling moves crimp home deals
Following the cooling measures in 2018, commercial collective sales surpassed residential en bloc sales by value this year, a trend which is expected to continue into 2020. According to data by JLL, approximately 40 sites were launched for collective sale this year, as at Dec 13.
https://www.businesstimes.com.sg/real-estate/commercial-en-bloc-in-focus-as-cooling-moves-crimp-home-deals

Despite WeWork’s woes, co-working is here to stay
The dramatic collapse of WeWork may have raised questions about the sustainability of co-working operators, but many analysts believe the business is here to stay. They cite demand from not just entrepreneurs and start-ups, but also multinational corporations.
https://www.straitstimes.com/business/despite-weworks-woes-co-working-is-here-to-stay

Singapore Economy

Production lines mark the new frontier for Singapore innovation
Multinational fast-moving consumer goods (FMCG) giants are no strangers to high-tech factories, with their factory sites here no exception. Singapore-listed Fraser and Neave is building a new S$80 million non-alcoholic beverage facility in Tuas, billed as a “future-ready, smart factory”, with features such as an automated storage and retrieval system.
https://www.businesstimes.com.sg/government-economy/production-lines-mark-the-new-frontier-for-singapore-innovation

Companies’ Brief

Average traffic at Funan 70% higher after redevelopment: CapitaLand
Six months after reopening its doors following a major renovation, the Funan mall marked its official opening on Friday morning with a ceremony graced by Deputy Prime Minister and Finance Minister Heng Swee Keat. After the ceremony that was witnessed by about 200 guests including tenants and partners, Mr Heng went on a guided tour of the mall’s retail, office and co-living components.
https://www.businesstimes.com.sg/companies-markets/average-traffic-at-funan-70-higher-after-redevelopment-capitaland
https://www.todayonline.com/singapore/funan-malls-s560m-hipster-makeover-pleases-some-others-miss-old-place

GuocoLand, Hong Leong JV wins land tender in China with 1.68b yuan bid
A joint venture (JV) of GuocoLand and Hong Leong Holdings (China) (HLHC) will acquire and develop four land parcels in Chongqing, China, for residential use. This comes after Chongqing municipality awarded the construction land use right for the plots to the JV, GLL Chongqing 18 Steps Pte Ltd, at a bid price of 1.68 billion yuan (S$325.2 million), GuocoLand said in a filing on Friday night.
https://www.businesstimes.com.sg/companies-markets/guocoland-hong-leong-jv-wins-land-tender-in-china-with-168b-yuan-bid

Charmaine Lum appointed CFO of Mapletree Logistics Trust’s manager
Mapletree Logistics Trust’s manager has appointed Mapletree long-timer Charmaine Lum Sheh Min as chief financial officer (CFO). The appointment takes effect from Jan 1, 2020. Ms Lum has more than 20 years of experience in finance, accounting and audit, with the last 13 years in the Mapletree group of companies.
https://www.businesstimes.com.sg/companies-markets/charmaine-lum-appointed-cfo-of-mapletree-logistics-trusts-manager

Keppel Bay Tower to be fully powered by renewable energy
From Jan 1, Keppel Bay Tower will become Singapore’s first commercial building to be fully powered by renewable energy, said Keppel Corporation. In a statement on Sunday, the company said some 400 sq m of solar panels will be installed on the roof of the 18-storey building and its six-storey podium block. When completed in the first quarter of 2020, this photovoltaic system is expected to have an annual energy…
https://www.businesstimes.com.sg/companies-markets/keppel-bay-tower-to-be-fully-powered-by-renewable-energy
https://www.straitstimes.com/business/companies-markets/keppel-bay-tower-to-be-singapores-first-commercial-building-fully-powered

Lian Beng subsidiary secures contract worth S$178m
Contractor Lian Beng Group announced after trading hours on Friday that its 60 per cent-owned subsidiary, United Tec Construction, has secured a contract through tender for a residential project worth about S$178 million. The proposed residential flat development will comprise two blocks of 37-storey apartments (total 640 units) with a childcare centre and two levels of basement carparks, swimming pool…
https://www.businesstimes.com.sg/companies-markets/lian-beng-subsidiary-secures-contract-worth-s178m

Thakral adds Osaka building to its Japan property portfolio
Mainboard-listed Thakral Corporation has invested in an 11-storey office building in Osaka, adding to its portfolio of properties in Japan, it said in a bourse filing on Monday. The property, Umeda Pacific Building, sits on 861 square metres (sq m) of freehold land, and has a gross floor area of 9,179 sq m and a net rentable area of 6,359 sq m.
https://www.businesstimes.com.sg/companies-markets/thakral-adds-osaka-building-to-its-japan-property-portfolio

UE shares lose free float, will be delisted after offer closes
United Engineers (UE) has lost its free float and will be delisted after the close of Chinese developer Yanlord Land Group’s mandatory conditional cash offer. As at 5pm on Friday, Yanlord owned, controlled or has agreed to acquire about 91.43 per cent of UE’s ordinary shares. That means that fewer than 10 per cent of UE shares are now held by the public.
https://www.businesstimes.com.sg/companies-markets/ue-shares-lose-free-float-will-be-delisted-after-offer-closes
https://www.straitstimes.com/business/companies-markets/ue-loses-free-float-to-delist-after-yanlord-offer-closes

LMIRT reshuffles board of directors, appoints new chairman
Lippo Malls Indonesia Retail Trust (LMIRT) announced on Friday that it will be shaking up its board of directors and board of committees with effect from Dec 31, 2019. Ketut Budi Wijaya will leave his roles as chairman, non-independent non-executive director of the board, and as a member of the nominating & remuneration committee (NRC).
https://www.businesstimes.com.sg/companies-markets/lmirt-reshuffles-board-of-directors-appoints-new-chairman

8M Real Estate paying S$70.4m in latest shophouse purchase
A slew of commercial property deals have been sealed recently, including four adjoining conservation shophouses along South Bridge Road and another three along Tanjong Pagar Road bought for a total of S$70.35 million by 8M Real Estate. In the Kampong Glam Historic District, 38 Sultan Gate is being sold for S$35.5 million by an entity linked to Tan Koo Chuan, the founder of Yi Kai Development; the buyer is a…
https://www.businesstimes.com.sg/real-estate/8m-real-estate-paying-s704m-in-latest-shophouse-purchase

Views, Reviews, Forum & Others

Forum: Unwarranted optimism for HDB lease top-ups turns home-buying into gamble
The proposal to provide a feasible solution to older Housing Board flats that face an undetermined fate when their 99-year lease expiry approaches is certainly well-intentioned (HDB reform proposals will further separate resale and BTO markets, Dec 23). If all these ageing flats are granted amnesty from lease constraints and have their leases topped up – which is easy enough to do but just kicks the can down the…
https://www.straitstimes.com/forum/letters-in-print/unwarranted-optimism-for-lease-top-ups-turns-home-buying-into-gamble

Chinese developer working to address condo owners’ woes
A ban that prevents Chinese developer Kingsford Huray from selling units at its upcoming project on the former Normanton Park site remains in force almost a year after it was imposed. The ban was applied after a raft of complaints from owners about shoddy workmanship and poor amenities at its other projects, including the new Kingsford Waterbay.
https://www.straitstimes.com/singapore/chinese-developer-working-to-address-condo-owners-woes