DAILY NEWS

Daily News – 3 March 2016

Singapore Economy

Wandervale EC’s average price set at S$755 psf
An average price of S$755 per square foot has been set for Wandervale Executive Condominium (EC) – this year’s first EC launch. Prices will start from S$655,000 for a three-bedroom unit, from S$753,000 for a three-bedroom premium unit, and from S$896,000 for a four-bedroom unit, Sim Lian Group announced on Wednesday.
http://www.businesstimes.com.sg/real-estate/wandervale-ecs-average-price-set-at-s755-psf

Keppel Land in Vietnam waterfront JV
Keppel Land is in a joint venture to develop a 14.6-hectare waterfront site in Ho Chi Minh City (HCMC), Vietnam – shelling out US$93.9 million for its investment. Keppel Corporation announced on Wednesday that its subsidiary has entered into a conditional investment agreement to subscribe for a 40 per cent equity interest in Empire City, for that sum.
http://www.businesstimes.com.sg/companies-markets/keppel-land-in-vietnam-waterfront-jv

Ezra’s Lee family puts Sentosa bungalow up for sale
Ezra Holdings’ Lee family has put their waterway-fronting Sentosa Cove bungalow on the block, months after they sold a Good Class Bungalow (GCB) along Windsor Park Road last October for a cool S$22 million. The Business Times understands that the exclusive two-storey five-bedroom property in the South Cove precinct was put on the market after the Chinese New Year festivities. It comes with a price tag of S$26 million, or S$2,258 per square foot on land area, which industry watchers deem “reasonable”.
http://www.businesstimes.com.sg/real-estate/ezras-lee-family-puts-sentosa-bungalow-up-for-sale

Developers’ burden for unsold units set to soar
Developers that failed to sell all units at their residential projects within a stipulated timeframe paid the Government $24.9 million in extension fees last year. That was a fall from about $30 million in extension fees collected in 2014, but the figure is set to rise markedly this year, experts say.
http://www.straitstimes.com/business/property/developers-burden-for-unsold-units-set-to-soar

Jurong Country Club to appeal for higher compensation
http://www.businesstimes.com.sg/real-estate/jurong-country-club-to-appeal-for-higher-compensation
http://www.straitstimes.com/business/property/jurong-country-club-to-appeal-for-higher-compensation

Companies’ Brief

Why fund management makes sense for Wing Tai now
In 2007, Wing Tai Holdings led a multinational consortium that included Germany’s SEB Immobilien-Investment, Forum Partners of the US, and Israel’s Eilam Group to create a US$1 billion real estate development and investment platform in China. But that venture came to nought with no investments made, possibly botched by an earthquake in the country and the Global Financial Crisis.
http://www.businesstimes.com.sg/companies-markets/why-fund-management-makes-sense-for-wing-tai-now

Wheelock Properties
The group’s domestic residential projects – Scotts Square, The Panorama and Ardmore Three – are about 82 per cent, 80 per cent and 8 per cent sold, respectively. We understand that active marketing is ongoing for The Panorama and Ardmore Three, while management is mainly focused on leasing unsold units at Scotts Square.
http://www.businesstimes.com.sg/companies-markets/brokers-take-235

Mixed sentiment seen for retail property market
Sentiment in the retail property market is expected to remain mixed in 2016 with prime retail rents likely to remain under pressure, while prime rents in regional centres will likely remain resilient and stay relatively unchanged in the year, said Colliers in a report on Wednesday. This is largely an extension of the situation seen in Q4 2014. Indeed Q4 saw some retailers report deteriorating trading results and profit warnings, while others continued confidently with their expansion programmes.
http://www.businesstimes.com.sg/real-estate/mixed-sentiment-seen-for-retail-property-market

TA launches its maiden Cambodian mixed-use project
Property and construction group TA Corporation Ltd said some 30 per cent of residential units and 40 per cent of office units in its first mixed-use Cambodian project have been sold and reserved ahead of its launch in Singapore in the upcoming weekend. The Gateway, a pair of towers adjacent to the Cambodian Prime Minister’s Office in Phnom Penh, is jointly developed by TA Corporation and its partner Ly Kunthai, a Cambodian business veteran.
http://www.businesstimes.com.sg/real-estate/ta-launches-its-maiden-cambodian-mixed-use-project

Free property magazine debuts on Saturday
StreetSine Technology Group is launching a free print and digital publication on Saturday to help readers keep up to speed with the local property market. SRX Property Magazine, as the quarterly publication is called, will provide statistics on property prices, analysis and expert opinions. Guides on new project launches and rental yields will also feature.
http://www.straitstimes.com/business/free-property-magazine-debuts-on-saturday