Singapore Real Estate
Casino tax rates to rise; entry levies up by 50%
The government will be introducing a tiered casino tax structure with higher tax rates effective in March 2022, on the back of additional gaming provisions for Singapore’s two integrated resorts (IRs) as they commit to a S$9 billion investment to ramp up facilities and attractions over the next few years. This will be accompanied by a 50 per cent increase in casino entry levies for Singaporeans and permanent residents which kick in on Thursday.
Singapore manufacturing activity picks up in March, but electronics still in decline
Singapore’s overall manufacturing activity picked up pace in March, reversing the downward trend seen in the previous six months, according to the latest Purchasing Managers’ Index (PMI) out on Wednesday. The overall manufacturing PMI in March stood at 50.8, up 0.4 percentage point from February, which saw the lowest reading since November 2016. A reading above 50 indicates expansion in the sector.
Singapore IRs bet on S$9b expansion; exclusive licences extended to 2030
Singapore’s two integrated resorts (IRs) are set to invest S$9 billion in expansion, with the exclusivity period for both casinos being extended past the original 2017 expiry date to end-2030 instead. The committed investments – which will include a 1,000 room all-suite tower at Marina Bay Sands (MBS), a 15,000-seat arena and extensions to Universal Studios Singapore – are for non-gaming facilities, although both IRs will also receive additional gaming provisions.
Eagle Hospitality Trust eyes Singapore IPO to raise up to US$575m
Us-based property trusts are expected to grace Singapore’s IPO scene this year, and the first of the beauty parades has begun. Eagle Hospitality Trust, backed by Los Angeles-based property investor and developer Urban Commons, has begun gauging investor interest ahead of a planned initial public offering (IPO) that could raise up to US$575 million.
OCBC said to be seeking buyer for Mt Elizabeth property
Oversea-Chinese Banking Corporation (OCBC) is looking to sell a 22-storey freehold serviced-residence development at 2, Mount Elizabeth Link, sources told The Business Times. The district 9 property housing 72 serviced apartments is leased to Frasers Hospitality, which operates it as Fraser Residence Singapore. OCBC has appointed Cushman & Wakefield as the exclusive marketing agent to find a buyer for the property.
Libra Group to sell Malaysian investment property for S$8m
Mechanical and electrical engineering company Libra Group is selling an investment property comprising 12 adjoining pieces of leasehold land in Kuala Lumpur for S$8 million, according to filings on the Singapore Exchange on Thursday. Under a conditional deal signed on April 3, Libra unit YC Travel & Tours Sdn Bhd will sell the property to an independent third party, David Lian Foo Kuan. The disposal is part of a post-acquisition covenant stemming from…
China Everbright unit makes offer for Ying Li
A unit of China Everbright (CEL), State Alpha, is making a mandatory unconditional cash offer for Chongqing-based property developer Ying Li International Real Estate at S$0.14 per share. The offer was triggered after the offeror bought about 767.1 million shares, representing about 30 per cent of the shares in the company, from Newest Luck Holdings on Wednesday.
Broker’s take: CGS-CIMB initiates coverage on Sasseur Reit with ‘buy’
Analysts at CGS-CIMB have initiated coverage on Sasseur Reit with a “buy” call and a target price of S$0.92 on the real estate investment trust’s (Reit) exposure to China’s fast-growing retail outlet segment and a rental structure that the analysts say, provides downside protection while offering potential earnings upside. At the mid-day break, Sasseur Reit units were at S$0.80, up two Singapore cents or 2.6 per cent.
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There are tentative signs that wild beasts of Chinese real estate are growing up
Last September, China’s third biggest real estate developer said something that sent shivers throughout the country and beyond. China Vanke’s goal for the next three years would be simply “to survive”, its chairman Yu Liang warned. This was a startling admission from one of the few investment-grade companies in the sector, acknowledging the severe squeeze from Beijing’s deleveraging campaign.
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Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article