Golden Mile Complex may stay – even with en bloc
The iconic step-terraced Golden Mile Complex building could be spared from the wrecking ball – even if it finds an en bloc buyer at its reserve price of S$800 million. An outline application has been submitted to retain the existing 16-storey building and add a new block next to the building, subject to authorities’ approval, marketing agent Edmund Tie & Company (ET&Co) revealed in its tender announcement.
OCBC hikes rate on rollover credit; other banks may follow
OCBC Bank has become the latest bank to raise interest rates for credit card late payments, raising questions on whether this would trigger a new round of increases by other banks. The local bank recently hiked the interest charge to 26.88 per cent a year on overdue credit card bills, making it the first local bank to levy a rate above what most of its peers are charging – 25.9 per cent.
Singapore most active in PE, VC activity in region in Q2: EY report
Private equity (PE) and venture capital (VC) activity in South-east Asia during the second quarter of 2018 remained robust, with about US$1.3 billion pumped into 36 deals. Singapore-based deals contributed to more than half of the aggregated deal value, according to an EY report released on Tuesday. The country witnessed 20 deals with a total value of US$739 million.
China’s growth potential remains unmatched despite risks: GIC
GIC has benefited from being an early and steady investor in China and stays committed despite various risks. “By being an early and steady investor in China, we have benefitted financially, learned valuable lessons and built many strong partnerships,” Lim Chow Kiat, chief executive officer of Singapore’s sovereign wealth fund, told guests on Oct 18 at GIC Insights Forum in Beijing. The event marked the 20th anniversary of GIC’s first China office.
Singapore Real Estate
Elias Green condo up for en bloc sale with S$780m reserve price
Elias Green in Pasir Ris is the latest condominium to hit the en bloc market in search of a buyer. The condo is going for S$780 million, according to marketing agent PropNex Realty’s Richard Hau. Should they find a buyer, the owners of the 516,877 square-foot development could each walk away with proceeds ranging from S$1.7 million to just below S$2 million.
JTC launches Jalan Lam Huat site in Kranji for tender
JTC has launched a 0.77 hectare industrial site in the Kranji area for tender, the fourth of six Confirmed List sites under the Industrial Government Land Sales (IGLS) programme for the second half of this year. The Jalan Lam Huat (Plot B) site has a gross plot ratio of 2.5 ha and is zoned B2, meaning the site may be used by heavy industries that have a greater environmental impact.
CapitaLand Retail China Trust’s DPU up 1.7%
CapitaLand Retail China Trust’s (CRCT) distribution per unit (DPU) ticked up 1.7 per cent to 2.41 Singapore cents for the third quarter ended Sept 30, from 2.37 cents previously. It posted a 10.5 per cent jump in distributable income to S$23.6 million, underpinned by growth from its Rock Square mall in Guangzhou and multi-tenanted malls.
Far East H-Trust Q3 DPS higher on improved outlook
Improvements in the tourism sector plus the addition of Oasia Hotel Downtown to its portfolio lifted Singapore-focused hospitality owner Far East Hospitality Trust (Far East H-Trust) in its third quarter. Distribution per stapled security (DPS) crept up to 1.05 Singapore cents from 1.03 cents in the year-ago period, the group said in a Singapore Exchange filing on Tuesday.
Starhill Global Reit Q1 DPU falls 4.2%
Starhill Global Reit on Tuesday reported a 4.2 per cent drop in distribution per unit (DPU) to 1.15 Singapore cents for the first quarter ended Sept 30. This was mainly due to lower net property income which dipped 2.3 per cent to S$40.4 million from a year ago on the back of lower contributions from the retail portfolio in Singapore and the depreciation of the Australian dollar.
Fragrance Group completes sale of Australian property for A$140m
Fragrance Group announced on Tuesday that its wholly-owned subsidiary Fragrance VIC-MEL (Collins) sold its property located at 555 Collins Street, Melbourne, Australia for A$140 million (S$137.5 million). The total consideration for the sale, excluding goods and services tax, has been satisfied wholly in cash upon completion on Oct 26.
Second Chance Properties reports higher profit for Q4
Second Chance Properties nearly doubled its net profit from S$834,000 to S$1.64 million for the fourth quarter ended Aug 31. The bottom line was bolstered by lower expenses, as well as a gain on fair valuation of properties amounting to S$789,000, versus a loss on fair valuation of properties of S$2.44 million a year ago.
Views, Reviews, Forum & Others
Singapore office landlords get upper hand as rentals jump
When it comes to renting an office in downtown Singapore, the tables have turned. Landlords now have the upper hand in rental negotiations, with leasing rates in the city-state’s prime business districts rising at the steepest pace in more than four years. And with both demand accelerating and supply dwindling, rents are forecast to remain firm until at least 2022, when new supply is expected to come into the market.
Digital mapping tool to track Singapore’s development
Swathes of “Chinese vegetable Gardens”, “Mangrove Marshes”, “Brick Kilns” and “Cotton Plantations” stand in present-day Farrer Park, Little India, Lavender and Whampoa, respectively. These areas of what was otherwise a rather barren and little developed Singapore are marked out in an 1836 map of the town. These then-and-now changes of 1836 and 2018 Singapore are easy to spot and analyse with the aid of a tool called Spatial Discovery by the National Library Board (NLB).
Global Economy & Global Real Estate
Homeownership rate in the US rises as buyer competition cools
UK to extend scheme to assist first-time property buyers until 2023
UK turns the screws on landlords, doubles down on help to buy
China tells speculators not to hope for relaxed curbs on property purchases
Trade war speeds up China’s pace of reforms: Economist
Eurozone growth slows as mood sours
ING to sell Italian real estate lease portfolio to Goldman-document
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article