DAILY NEWS

Daily News – 5 February 2016

Singapore Real Estate

HDB resale prices down 0.5% in January: SRX
HDB resale prices fell 0.5 per cent in January 2016, compared to the month before that. This marks the first decline in the monthly index in seven months, data released by SRX Property on Thursday indicated.
http://www.businesstimes.com.sg/real-estate/hdb-resale-prices-down-05-in-january-srx
http://www.straitstimes.com/singapore/housing/hdb-resale-prices-volumes-fall-hopes-of-recovery-onhold
http://www.channelnewsasia.com/news/singapore/hdb-resale-prices-drop/2486980.html

Next change for House of Tan Yeok Nee: TCM Centre
THE House of Tan Yeok Nee along Penang Road – a gazetted national monument – will soon be home to an upmarket TCM (Traditional Chinese Medicine) Centre. “We have received in-principle approval from the authorities for a change of use and we plan to set up a joint venture with a partner in the TCM industry to offer treatment in a conducive and luxurious environment,” said Pua Seck Guan, CEO of Perennial Real Estate Holdings, which owns a half stake in the property. The balance is owned by a Chinese party.
http://www.businesstimes.com.sg/real-estate/next-change-for-house-of-tan-yeok-nee-tcm-centre

Companies’ Brief

S-Reits are safe havens amid uncertainty: DBS
Amid the economic uncertainty caused by falling oil prices and slowing growth in China, Singapore-listed real estate investment trusts (S-Reits) are safe havens, DBS Group Research said yesterday. S-Reits have outperformed the local benchmark Straits Times Index and real estate developers so far this year, DBS analysts Derek Tan and Mervin Song wrote in a report.
http://www.straitstimes.com/business/property/s-reits-are-safe-havens-amid-uncertainty-dbs

ARA’s Q4 profit up on higher management fees, lower expenses
Reit manager ARA Asset Management on Thursday said net profit for the fourth quarter rose 41 per cent, mainly on higher management fees and finance income, as well as lower expenses. Net profit for the three months ended Dec 31, 2015 stood at S$25.6 million, compared to S$18.2 million a year ago. This translated to earnings per share of 2.88 Singapore cents, compared to a restated 2.10 Singapore cents.
http://www.businesstimes.com.sg/companies-markets/aras-q4-profit-up-on-higher-management-feeslower-expenses
http://www.straitstimes.com/business/companies-markets/ara-asset-managements-net-profit-for-q4-upby-41

Wing Tai reports 85% drop in Q2 profit
Wing Tai Holdings’ net profit for the second quarter ended Dec 31, 2015 slumped 85 per cent year-on-year to S$1.08 million, dragged down by higher income tax expenses. Revenue declined 5 per cent to S$120.61 million while earnings per share stood at 0.14 Singapore cent for Q2 – lower than the 0.93 Singapore cent recorded in the corresponding period a year earlier.
http://www.businesstimes.com.sg/companies-markets/wing-tai-reports-85-drop-in-q2-profit
http://www.straitstimes.com/business/companies-markets/wing-tais-q2-net-profit-falls-85-to-108m

Stronger yuan boosts CRCT’s Q4 performance in SGD terms
Capitaland Retail China Trust (CRCT) on Thursday posted a distribution per unit (DPU) of 2.59 Singapore cents for its fourth quarter ended Dec 31, 2015, 4.4 per cent higher than what it paid out a year ago. Gross revenue rose 6.7 per cent to S$56.2 million, while net property income (NPI) rose 5.2 per cent to S$35.3 million, but this was largely due to a foreign-exchange translation impact.
http://www.businesstimes.com.sg/companies-markets/stronger-yuan-boosts-crcts-q4-performance-in-sgdterms
http://www.straitstimes.com/business/companies-markets/capitaland-retail-china-trusts-dpu-up-by-44-in- 4th-quarter

Higher fair value gains help lift Perennial’s quarterly profit
Perennial Real Estate Holdings has posted net profit of S$41.1 million for the quarter ended Dec 31, 2015, up 93 per cent from a year ago. This was mainly due to slightly higher fair-value gains on investment properties, improved contribution from operating assets in Singapore and China and the absence of a negative one-off transaction of S$11.4 million from a year ago.
http://www.businesstimes.com.sg/companies-markets/higher-fair-value-gains-help-lift-perennialsquarterly-profit
http://www.straitstimes.com/business/company-briefs-perennial-real-estate

GLP’s Q3 earnings soar despite China, investor uncertainty
Global Logistic Properties (GLP) on Thursday reported a 63.8 per cent increase in net profit to US$184.2 million, while revenue rose 11.1 per cent to US$198.9 million. The logistics facilities owner said its results were underpinned by higher earnings in China, development gains in Japan and GLP’s entry into the US market.
http://www.businesstimes.com.sg/companies-markets/glps-q3-earnings-soar-despite-china-investoruncertainty
http://www.straitstimes.com/business/companies-markets/glp-profit-soars-64-with-gains-in-china-japan

Chip Eng Seng
The property and construction firm posted a 94.2 per cent drop in fourth-quarter net profit to $9.8 million. Revenue for the three months to Dec 31 fell 58.3 per cent to $153.9 million, mainly because of a one-off revenue recognition arising from the completion of retail development Alexandra Central in 2014.
http://www.straitstimes.com/business/company-briefs-perennial-real-estate