DAILY NEWS

Daily News – 4 February 2016

Singapore Real Estate

Cooling measures review: Market stability an important factor
Market stability is key when assessing property cooling measures and the government will review these policies when the risks are “less or manageable”, Home Affairs and Law Minister K Shanmugam said on Wednesday.
http://www.businesstimes.com.sg/real-estate/cooling-measures-review-market-stability-an-importantfactor
http://www.channelnewsasia.com/news/singapore/property-measures-averted/2485278.html
http://www.straitstimes.com/singapore/housing/govt-will-relook-property-curbs-when-risks-go-down
http://www.todayonline.com/business/government-has-rough-idea-when-lift-property-cooling-measuresshanmugam

JLL warns of further correction in property prices
Residential property prices in Singapore could fall by 4 to 6 per cent a quarter, going by past correlation studies with the stock market, said investment management firm JLL on Wednesday. In fact, recent declines in the domestic stock market could signal a further correction in property prices in the months ahead – especially since stock market movements typically lead property market movements by one to two quarters.
http://www.businesstimes.com.sg/real-estate/jll-warns-of-further-correction-in-property-prices

Hilton hotel to replace all external false ceiling after scare
http://www.channelnewsasia.com/news/singapore/hilton-hotel-to-replace/2483474.html
http://www.todayonline.com/singapore/hilton-hotel-replace-external-false-ceilings-after-recent-collapse

New Great Eastern office in Westgate Tower in Jurong
http://www.straitstimes.com/business/companies-markets/new-great-eastern-office-in-westgate-towerin-jurong

Companies’ Brief

FCL’s Q1 profit hit by timing of project completions
Frasers Centrepoint Ltd (FCL) has posted a 47.2 per cent drop in net profit for the first quarter ended Dec 31, 2015, to S$98.65 million. Revenue slipped 37.3 per cent to S$671.63 million. Profit before interest, taxation, fair-value change and exceptional items (PBIT) fell 24.4 per cent to S$210.99 million.
http://www.businesstimes.com.sg/companies-markets/fcls-q1-profit-hit-by-timing-of-project-completions http://www.channelnewsasia.com/news/business/singapore/frasers-centrepoint/2484488.html
http://www.straitstimes.com/business/companies-markets/fcl-may-list-reit-with-aussie-assets
http://www.bloomberg.com/news/articles/2016-02-03/frasers-centrepoint-said-to-weigh-ipo-ofaustraland-properties

Metro chief operating officer Lawrence Chiang appointed acting group CEO
Lawrence Chiang, the chief operating officer of retail and property group Metro Holdings, has been appointed the acting group chief executive following the death of managing director Jopie Ong. “Mr Chiang has been with the Metro group since 1989 and has extensive knowledge of its operations. He has been the group general manager since 2007 before being redesignated as the group chief operating officer in 2013,” Metro said in a release to the Singapore Exchange on Wednesday night.
http://www.businesstimes.com.sg/companies-markets/metro-chief-operating-officer-lawrence-chiangappointed-acting-group-ceo

Mapletree Greater China Commercial Trust
Mapletree Greater China Commercial Trust (MGCCT) reported a solid set of Q3 2016 results which came in within our expectations. However, we are increasing our cost of equity assumption on MGCCT from 8.2 per cent to 8.7 per cent to take into account the heightened volatility seen in the financial markets in recent weeks and growth concerns emanating from China. This results in our fair value estimate being lowered from S$1.10 to S$1.03.
http://www.businesstimes.com.sg/companies-markets/brokers-take-220

JLL appoints director to oversee regional growth strategy
JLL has hired Jonathan Davis as part of the firm’s plans to export and grow its South-east Asia business. Mr Davis is the former managing director of Cushman & Wakefield China. He joins JLL as national director, business operations, South-east Asia, starting March 1.
http://www.businesstimes.com.sg/real-estate/jll-appoints-director-to-oversee-regional-growth-strategy

Global Economy & Global Real Estate

AEPim unit buys Brisbane CBD office tower
A private property fund managed by Singapore-based AEP Investment Management (AEPim) has picked up a 27-storey freehold office tower in the Brisbane CBD for A$159 million (S$160.7 million). The price for 41 George Street works out to A$5,307 per square metre or A$493 per square foot based on a net lettable area of 29,960 sq m (322,486 sq ft). The yield works out to about 8.5 per cent.
http://www.businesstimes.com.sg/real-estate/aepim-unit-buys-brisbane-cbd-office-tower

Hong Kong property stock gloom seen deepening in options market
http://www.businesstimes.com.sg/real-estate/hong-kong-property-stock-gloom-seen-deepening-inoptions-market-0

Ridiculously low rents for Rome apartments to end
http://www.businesstimes.com.sg/real-estate/ridiculously-low-rents-for-rome-apartments-to-end

Manila sets US$300m tag for new casinos outside capital
http://www.businesstimes.com.sg/real-estate/manila-sets-us300m-tag-for-new-casinos-outside-capital

Germany to offer tax cuts to boost home building
http://www.businesstimes.com.sg/real-estate/germany-to-offer-tax-cuts-to-boost-home-building

Unfinished resort leaves Bahamas in the lurch
http://www.businesstimes.com.sg/real-estate/unfinished-resort-leaves-bahamas-in-the-lurch

Lowe’s Agrees to Buy Canada’s Rona for $2.3 Billion in Cash
http://www.bloomberg.com/news/articles/2016-02-03/lowe-s-agrees-to-buy-canada-s-rona-for-2-3- billion-in-cash

You Can Buy a Czech Castle for $13,000
http://www.bloomberg.com/news/articles/2016-02-03/you-can-buy-a-czech-castle-for-13-000