DAILY NEWS

Daily News 4th of December 2018

Singapore Real Estate

Former Queenstown Cinema site up for sale by tender
A prime commercial development site in Queenstown which once housed the iconic Queenstown Cinema at 250 Commonwealth Avenue was launched for sale by tender on Monday. The vacant plot has a land area of 3,001.2 square metres and a 99-year lease commencing from Jan 1, 1975. It is located at the corner of Commonwealth Avenue and Margaret Drive, about 300 metres from Queenstown MRT station.
https://www.businesstimes.com.sg/real-estate/former-queenstown-cinema-site-up-for-sale-by-tender
https://www.straitstimes.com/business/property/site-of-queenstown-cinema-and-bowling-centre-up-for-tender

HDB residents can apply for 2 types of subsidised ramps
Elderly residents living in older Housing Board flats, who have to navigate multiple steps at the entrance to their homes, can soon get highly subsidised ramps that will make their lives easier. From tomorrow, eligible residents can apply for the ramps. HDB will offer two types of ramps – portable and customised – under its Enhancement for Active Seniors (Ease) programme.
https://www.straitstimes.com/singapore/housing/hdb-residents-can-apply-for-2-types-of-subsidised-ramps
https://www.channelnewsasia.com/news/singapore/hdb-to-launch-scheme-to-install-ramps-in-flats-with-multi-step-10992226#cxrecs_s

Judge orders condo owner to restore balcony’s design
The High Court has ordered a condo unit owner to reinstate the original design of the balcony area after ruling that her renovations had breached relevant rules and affected the overall aesthetics of the building’s facade. The court, in the rare case, clarified that though the works were carried out within the unit she wholly owns, it did not follow that she fully controls the unit, given that there are community interests.
https://www.straitstimes.com/singapore/courts-crime/judge-orders-condo-owner-to-restore-balconys-design

Singapore Economy

S’pore factory growth slows for third month
Manufacturing growth slowed for a third consecutive month in November to record its lowest reading since July last year. The key electronics sector marked its first contraction as well after 27 consecutive months of growth, said the Singapore Institute of Purchasing and Materials Management (SIPMM) yesterday. The overall Purchasing Managers’ Index (PMI) dipped 0.4 point from October to 51.5. A reading above 50 indicates growth.
https://www.straitstimes.com/business/economy/spore-factory-growth-slows-for-third-month
https://www.businesstimes.com.sg/infographics/singapores-electronics-pmi-contracts-for-the-first-time-in-2-years

Companies’ Brief

ARA Asset Mgt buys Hyatt Hotels portfolio in global blitz
ARA Asset Management has bought a sizeable portfolio of Hyatt hotels that represents not just its maiden entry into the US but also what observers say could be Singapore’s first pure-play US hotel Reit listing. That means that ARA also joins several property players reportedly mulling Reit listings of US assets here, though analysts say that also depends on investor appetite.
https://www.businesstimes.com.sg/companies-markets/ara-asset-mgt-buys-hyatt-hotels-portfolio-in-global-blitz
https://www.straitstimes.com/business/companies-markets/ara-buys-38-select-service-hotels-in-maiden-us-foray

Views, Reviews, Forum & Others

Cabinet reshuffle to take place after Budget 2019: PM Lee
Changes to the Cabinet to put younger ministers in key posts will be announced sometime after the Budget debate next year. Prime Minister Lee Hsien Loong indicated this timeframe for a reshuffle in an interview with Singapore media last Saturday in Argentina, where he was attending the Group of 20 leaders’ summit. The Budget debate ends in March, and Mr Lee hinted that the changes could be made in April or May.
https://www.businesstimes.com.sg/government-economy/cabinet-reshuffle-to-take-place-after-budget-2019-pm-lee
https://www.straitstimes.com/singapore/cabinet-reshuffle-to-take-place-sometime-after-budget-2019-pm-lee

Real estate valuation industry at a crossroads
PropTech is a key driving force shaping the future of real estate valuation. The sector started on its digitisation journey over a decade ago and the pace will only intensify. Technology in the valuations space has historically been focused on efficiencies and ways in which to streamline the appraisal process.
https://www.businesstimes.com.sg/real-estate/real-estate-valuation-industry-at-a-crossroads