The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 31st May 2017

Top Story

URA launches three residential sites for sale at Woodleigh, Serangoon, Yishun
The Urban Redevelopment Authority (URA) on Tuesday released three residential sites for sale under the H1 2017 government land sales (GLS) programme.  The sites at Woodleigh Lane and Serangoon North Avenue 1 are launched for sale under the confirmed list, while the site at Yishun Avenue 9 is available for application under the reserve list.  Together, these three sites can potentially yield about 1,955 residential units.  The tender for the site at Woodleigh Lane will close at noon on July 11, and the tender for the site at Serangoon North Avenue 1 will close at noon on July 27.


Singapore Economy

S’pore 2016 wage rise at post-crisis low; 2017 may also see drag
The bump in paychecks – taking into account inflation – that Singapore’s private-sector workers saw last year was the smallest in three years, and the pinch is likely to continue – or intensify – this year, said economists.  This is because cyclical and structural pressures are expected to weigh on companies. They will be forced to balance profitability with how much more value they can extract from hiring labour.

Singapore tops global ranking of digital competitiveness
Singapore has topped a new digital competitiveness ranking introduced this year by business school IMD’s World Competitiveness Centre.  The country also came third in IMD’s latest ranking of the world’s most competitive economies, going up one place from last year’s fourth ranking.


Singapore Real Estate 

JTC launches Kranji and Tuas sites for sale
State industrial landlord JTC on Tuesday launched a confirmed list site at Jalan Lam Huat (Plot A) and a reserve list site at Tuas South Link 3 (Plot 25) for sale under the first half 2017 Industrial Government Land Sales (IGLS) programme.  This is the fifth out of six confirmed list sites and the fourth out of five reserve list sites for the first half of 2017.

Developer’s claim against condo’s MC dismissed
A developer’s claim of millions of dollars from the management corporation (MC) of Grange Heights condominium, in a dispute involving the use of a pathway, has been dismissed by the High Court.  But in his judgement grounds issued last week, Justice Kannan Ramesh also urged Lee Tat Development and Grange Heights to end their “jousting”, which has been going on for more than 40 years.

Orchard Road ‘should not sleep’: Metro’s retail chief David Tang
Orchard Road should be the street that never sleeps, according to Mr David Tang, chief executive of Metro’s retail business.  Giving his personal opinion, he said it would be nice to have a “day Orchard” for shopping and an Orchard that comes alive at night, with restaurants or watering holes that could attract young people too.

Top award for engineer behind The Scotts Tower
Unlike many buildings here, The Scotts Tower has its entire structure held up by four inward-slanting columns and its residential units start only from the third floor up.  These features are part of the open-concept aesthetic at the condominium in Scotts Road.  Its load of 30 storeys is carried by a single, elevated floor plate, instead of extending down to the ground level, said the project’s lead structural engineer Aaron Foong on Monday.


Companies’ Brief

Centurion launches A$30m enhancement works scheme for RMIT Village
Centurion Corporation on Tuesday said that it has launched a A$30 million (S$30.9 million) asset enhancement programme (AEP) for the development of a new wing at RMIT Village.  RMIT Village is its first student accommodation asset in Melbourne, Australia.  Upon completion, the new wing – an 11-storey building comprising studios, four-bedroom, and five-bedroom en-suite apartments – will add up to 160 beds.

Metro posts Q4 earnings of S$34.2m
Property and retail group Metro Holdings’ fourth-quarter bottom line swelled to S$34.2 million, from just S$1.2 million a year ago, despite a small rise in revenue and poorer gross margins.  Associates were a key contributor for the three months ended March 31, 2017, with Metro’s net share of their results S$12.2 million higher at S$20.1 million. Metro said this was due mainly to the group’s $30.2 million share of a tax-provision write-back by Top Spring.

CapitaLand beats own 2020 sustainability targets
CapitaLand on Tuesday said that it has reduced its carbon emissions intensity and water intensity by 26.2 per cent and 21.8 per cent respectively, compared with the base year of 2008. This exceeds the group’s 2020 reduction targets of 23 per cent and 20 per cent.  In its eighth Global Sustainability Report, CapitaLand also said that this amounted to utilities cost avoidance of more than S$108 million for the group since 2009, and helped it to mitigate fluctuations in global utility costs and resource scarcity.

Energy efficiency saves Keppel S$27m in 2016 costs
Continuing its proud record of sustainability, Keppel Corporation implemented energy efficiency initiatives in 2016 that helped the multi-business group save an estimated 519,026 gigajoules of energy – a 3.5 per cent increase from 2015.  The 2016 figure – equivalent to 5.6 per cent of the group’s total energy consumption that year – translates to an estimated S$27 million in cost savings and an avoidance of some 62,000 tonnes of carbon dioxide emissions.

Ascott Reit buys Manhattan hotel for US$106m
Ascott Residence Trust (Ascott Reit) on Wednesday said that it is acquiring the 224-unit DoubleTree by Hilton Hotel New York – Times Square South for US$106 million.  The freehold property is located in Midtown Manhattan near Times Square and within walking distance to other attractions such as Madison Square Garden, the Jacob Javits Convention Center and the Empire State Building. It is also close to Penn Station, the busiest train station in North America.

Ascendas Reit sells Woodlands property for S$19.28m
Ascendas Real Estate Investment Trust (Reit) has entered into an agreement to sell off 10 Woodlands Link for S$19.28 million.  The divestment of the property to Sengkang Import & Export is in line with the Reit manager’s strategy to redeploy capital and optimise returns for unitholders, it said in a press release on Tuesday evening.

FCL to issue S$50m bonds, consolidate these with earlier two tranches
A wholly owned subsidiary of Frasers Centrepoint Limited is proposing to issue a third tranche of S$50 million in notes that will be consolidated with another two tranches earlier issued in February and April.  FCL Treasury Pte Ltd plans to issue S$50 million in 4.15 per cent fixed rate notes due 2027 on June 6, at an issue price of 100.5 per cent of the principal amount of the notes plus accrued interest from Feb 23 to June 6.

Manulife US Reit issues units to pay management fees
Manulife US Real Estate Investment Trust’s (Reit) manager has received its base management fee in units for the three months ended March 31 this year.  Some 1.2 million units in Manulife US Reit have been issued on May 30 at an issue price of 83.81 US cents per unit to Manufacturers Life Reinsurance Limited (MLRL) as payment of the base component of the Reit’s management fee, the manager said in an exchange filing on Tuesday evening.

All elements in place for Straits Trading to take flight
Chew Gek Khim, chief executive officer of The Straits Trading Company Limited, once likened the setting up of new growth platforms in real estate, fund management and hospitality as designing a new engine that could run optimally. This engine has started running full steam at the 130-year-old company, generating strong recurring income for the group.


Global Economy & Global Real Estate 

Asean firms financially healthy due to low leverage, robust revenue: study

Malaysia and China to meet over port projects and Bandar Malaysia

China May official services PMI rises to 54.5 vs 54.0 in May

Australia’s housing construction boom beginning to slow down

Pessimism seeps into Canadian sentiment as property cools

How much gold would buy you a Toronto home today?

New Zealand central bank says watching house price growth closely

Job availability in Japan at highest level in four decades: report


Additional Articles of Interest – Local & Overseas Real Estate 

Local & Overseas Real Estate – Full Article

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