Keen developer interest expected for Bugis GLS sites
Bugis’ rejuvenation will deepen with two rare residential Government Land Sales (GLS) sites there launched for sale on Friday, and analysts believe the area’s potential will draw keen developer interest. The location of these two plots within the Central Area also makes them unencumbered from the recently revised development control guidelines, which pare down the maximum number of units allowable for the two other GLS sites launched on Friday at Geylang and Dairy Farm.
Singapore Real Estate
Former Midas chairman’s bungalow fetches S$30.8m in mortgagee sale
Some notable bungalow deals have taken place recently in Good Class Bungalow (GCB) Areas as well as in the Sentosa Cove waterfront housing locale. In a deal involving a mortgagee sale, a bungalow along Cluny Road owned by Chen Wei Ping, the former executive chairman of embattled Midas Holdings, is being bought by the family of Philip Ng, chief executive of property group Far East Organization, for S$30.8 million.
Going niche to drum up mall business
The future of strata-titled malls is fast taking shape: out go rows of old-school mom-and-pop shops selling textiles, shoes, clothes and provisions; in come gleaming art galleries, bustling co-working spaces and even boutique cinemas. This bright new retailing world is emerging as they look at strategies to survive in a challenging environment where buyers are shunning bricks-and-mortar outlets in favour of online sites.
New Shaw Tower to blend in with Ophir-Rochor makeover
The redevelopment of Shaw Tower was motivated in part by its owner’s hopes that the new building and neighbouring GuocoLand’s Guoco Midtown on Beach Road will be up around the same time, as part of the rejuvenation of the Ophir-Rochor corridor. To that end, the 42 year-old Shaw Tower will likely be torn down and a new 35-storey grade A office and retail building completed in its place by 2023. Some 150 tenants have been given advance notice to relocate elsewhere on or before June 30, 2020.
Industrial building’s collective sale gets nod from top court
The top court gave the go-ahead for a rare collective sale of an industrial building when it dismissed a bid by the lone objector to block the $430 million deal. Unit owner Low Kwang Tong claimed the collective sale committee had acted in bad faith in determining the size of his share of the collective sale proceeds under the agreed method of apportionment.
Public feedback sought ahead of Budget 2019
The views and suggestions of Singaporeans are being sought in preparation for Budget 2019, by the Ministry of Finance (MOF) and government feedback unit Reach. The Budget is scheduled to be delivered in Parliament in February.
PropNex powers on with an eye on growth
Despite his company’s share price sliding 21 per cent from its opening price on July 2, PropNex’s executive chairman and chief executive Ismail Gafoor considers himself blessed. His initial public offering (IPO) launch date turned out to be just days before the government announced cooling measures to tame the private housing market. This invited stabilising action by UOB Kay Hian on July 6 and 9, involving 8,500,000 shares between S$0.56 and S$0.635.
SPH Reit still seeking acquisitions amid tough market
The manager of SPH Reit says it is hard to find good assets both locally and overseas, evidenced by the limited number of transactions completed in the market this year. Leong Horn Kee, chairman of the Reit manager, was asked by shareholders at the Reit’s annual general meeting why it had only purchased a small strip mall like The Rail Mall this year, and whether it plans to ramp up its acquisitions more aggressively. One shareholder said: “The Reit’s gearing (as at end-August) is 26.3 per cent. I was expecting that we would take a sizable acquisition but we ended up with (The) Rail Mall.”
Keppel Reit divests 20% stake in Ocean Financial Centre to Allianz for S$537.3 million
This is the German insurer’s property investment arm’s first core office investment in Singapore. Independent valuer Cushman and Wakefield VHS had valued the property at about S$2.62 billion as of Nov 15, or S$525.3 million based on 20 per cent of the property. The agreed purchase price of S$537.3 million is 16.8 per cent or S$77.1 million higher than the historical purchase price of S$460.2 million, and net gain is estimated at S$6.9 million after deducting transaction costs, said the Reit manager.
Roxy-Pacific to buy Auckland office building for NZ$72.6m
Roxy-Pacific Holdings is buying a commercial building in Auckland, New Zealand, for NZ$72.55 million (S$68.2 million) excluding taxes, the property developer announced on Friday during the midday trading break. The deal will be funded with internal resources and bank loans, and NZ$3.69 million will be paid as deposit upon the completion of due diligence.
ARA buys portfolio of 38 select-service Hyatt Hotels in maiden US foray
ARA Asset Management Limited announced on Monday (Dec 3) the acquisition of a portfolio of 38 select-service hotels, branded as Hyatt Place and Hyatt House, across 21 states in the US. ARA said the completed acquisition, which is part of its global expansion plans over the past year, signifies a key milestone for the group as it makes its maiden entry into the United States. It did not disclose the cost of the acquisition.
Views, Reviews, Forum & Others
Real estate goes data-heavy in a disrupted world
In the last few years, technology has brought about a wave of disruption. From transport to retail, financial services to real estate, disruption has become the new norm. While the gravity of disruptive forces varies across industries, there remains a unanimous element – data. Closer to home, the use of data has been identified as a cornerstone of the Asean Smart Cities Network, the region’s geopolitical masterplan for smart and sustainable urban development with the use of technology as an enabler to improve people’s lives. In fact, the fusing of technology and data has given rise to a dynamic new sub-sector of real estate, PropTech.
Investing in property with shared resources
Property industry executive Zac Huang finds it useful to invest with a group of friends when he wants to venture into the real estate sector. He says you don’t need to be cash-rich to buy property when you invest with others because you are pooling sums of money from trusted parties into a large fund for property investment.
Kampung Admiralty wins top global award for architecture
An integrated retirement village in Woodlands has clinched one of the world’s most prestigious architectural awards. Designed by Woha Architects, Kampung Admiralty won Building of the Year at this year’s World Architecture Festival, considered the Oscars of the architectural world. The entry beat 535 projects from 57 countries to snag the top prize, announced at a gala dinner last Friday in Amsterdam.
Global Economy & Global Real Estate
Sigh of relief as Trump, Xi agree on trade war ceasefire
Airbnb to start testing prototype homes in 2019
Pending US home sales down to 4-year low in October
Online boom makes logistics sector hot in India
Australian house prices fall most since global financial crisis
Time to relax mortgage rules, Canada home builders urge
Mexican public gets first look at ‘haunted’ presidential home
HK tycoon Walter Kwok’s sons inherit US$3b stake in Sun Hung Kai Properties
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article