DAILY NEWS

Daily News – 31th May 2019

Singapore Real Estate

Gaw Capital, Allianz in talks to buy Duo office, retail space for over S$1.5b
A Gaw Capital Partners-led consortium that is expected to include Allianz Real Estate is negotiating to buy the office and retail space at the Duo project in the Bugis area. The Business Times understands that a deal has yet to be inked. The pricing being discussed is expected to be shy of S$2,600 per square foot for the total net lettable area (NLA) of about 615,000 sq ft for the office and retail space.
https://www.businesstimes.com.sg/real-estate/gaw-capital-allianz-in-talks-to-buy-duo-office-retail-space-for-over-s15b

Braddell View owners hoping for second bid at selling en bloc
Braddell View may have failed in its bid to go en bloc, but a number of home owners are shrugging it off and remain hopeful that developers will eventually bite. The collective sale attempt, launched in March at a reserve price of $2.08 billion, closed on Tuesday without any bid.
https://www.straitstimes.com/singapore/braddell-view-owners-hoping-for-second-bid-at-selling-en-bloc

Singapore Economy

Singapore leaps three places to rank second in global cities outlook list
Singapore has vaulted past cities like San Francisco and Paris to come in second place on the Global Cities Outlook list for 2019. The list is part of the AT. Kearney 2019 Global Cities Report which ranks cities based on which one is best placed to become the “next generation of global hubs”.
https://www.businesstimes.com.sg/government-economy/singapore-leaps-three-places-to-rank-second-in-global-cities-outlook-list

Companies’ Brief

Mapletree marks another record year with earnings of S$2.16b
Temasek’s Mapletree Investments on Thursday announced another year of record net profit of S$2.16 billion, an increase of 10.3 per cent from a year ago. The real estate company also reported a return on equity of 15.3 per cent for its fiscal year 2019 ended March 31, down slightly from the previous year’s 15.7 per cent, but higher than the average of 12.8 per cent achieved for the last five fiscal years.
https://www.businesstimes.com.sg/companies-markets/mapletree-marks-another-record-year-with-earnings-of-s216b

Pacific Star appoints RSM to liquidate aluminium business; GM resigns
Pacific Star Development (PSD) on Friday said it has appointed RSM Corporate Advisory to liquidate its aluminium business after receiving approval to do so from shareholders and creditors. Andrew Seet, the company’s group general manager and executive vice-president, has also resigned to pursue other interests and opportunities. His resignation is effective May 31.
https://www.businesstimes.com.sg/companies-markets/pacific-star-appoints-rsm-to-liquidate-aluminium-business%C2%A0gm-resigns
https://www.straitstimes.com/business/companies-markets/pacific-star-appoints-rsm-to-liquidate-aluminium-business-gm-resigns

KSH net profit down 74.8% to S$7.67m
KSH Holdings posted a fall of 74.8 per cent in profit attributable to shareholders to S$7.67 million for the year ended March 31, 2019, down from S$30.4 million the year before, the construction, property development and property management group said on Thursday night. This was despite revenue rising 51.4 per cent to S$200 million from S$132.1 million the year before.
https://www.businesstimes.com.sg/companies-markets/ksh-net-profit-down-748-to-s767m

Tiong Seng Contractors clinches top BCA award
Local builder Tiong Seng Contractors, the company behind projects such as Sentosa Integrated Resorts and St Regis Hotel, was one of the biggest winners at the Building Construction Authority (BCA) awards ceremony. The home-grown company was the top winner of the Build Environment Leadership Award, receiving the Platinum Star at the ceremony on Wednesday for its “sustained leadership, excellence and innovation in Singapore’s built environment industry”.
https://www.straitstimes.com/singapore/tiong-seng-contractors-clinches-top-bca-award