The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6th June 2017

Top Story

Singapore Sustainability Academy launched on World Environment Day
The Singapore Sustainability Academy (SSA), a joint collaboration between City Developments Limited (CDL) and the Sustainability Energy Association of Singapore (SEAS), was officially opened on World Environment Day on Monday.  The nation’s first major People, Public and Private (3P) ground-up initiative in support of global and national goals to tackle climate change, the SSA was officially opened by Teo Chee Hean, Deputy Prime Minister (DPM) and Coordinating Minister for National Security, together with Masagos Zulkifli, Minister for the Environment and Water Resources.

Singapore Economy

Singapore searches for growth in 10 promising African countries
Kasiviswanathan Muthiah has been working for two years in Kigali, the capital of Rwanda in East Africa as deputy chief executive of warehouse operator Magerwa, a subsidiary of Singapore-headquartered Portek, which operates ports and provides port equipment engineering solutions. During that time, he has met fewer than 10 Singaporeans.  But all that is changing soon, with the growing awareness in Singapore of opportunities in Africa.

Employees here willing to improve to meet uncertainty: survey
Singaporean employees realise that automation might bring about changes in job security – for better or worse – and are willing to undergo training to meet the challenge of automation.  This was one of the findings of the Randstad’s Employer Brand Research survey of 5,141 people in Singapore; 5,150 people in Hong Kong; and 4,527 Malaysians. Respondents were aged between 18 to 65, and consisted of both existing employees and job-seekers.

S’pore private sector growth eases in May: Nikkei PMI
Growth in Singapore’s private sector cooled last month on the back of slower output and fewer new orders, according to the Nikkei PMI survey yesterday.  It noted that foreign demand for local goods and services tapered off amid broadly stagnant employment while cost inflation slowed substantially, which led companies to lift charges only marginally.

Third run of 99%SME campaign to focus on digitalisation, e-commerce
Small and medium-sized enterprises (SMEs) keen to establish an online presence and venture into e-commerce now have a new avenue to do so, with the launch of the third run of the 99%SME movement co-founded by DBS and Singtel.  This year, the campaign aims to get 5,000 SMEs – double last year’s target – to sign up on the 99%SME website where they can market themselves online at no cost.

Singapore business confidence improves for 2nd straight quarter despite downside risks
Business confidence in Singapore improved for the second consecutive quarter despite downside risks, the a quarterly survey found.  According to Singapore Commercial Credit Bureau (SCCB)’s latest Business Optimism Index (BOI), the level of optimism jumped to 3.58 percentage points for the third quarter of this year from 2.66 percentage points for the second quarter.

STB, Tencent join hands to draw more Chinese visitors to Singapore
To draw even more Chinese tourists to the Republic, the Singapore Tourism Board (STB) has partnered Chinese tech titan Tencent’s International Business Group (IBG) to roll out targeted advertising and marketing.  STB and IBG on Monday signed a memorandum of understanding (MOU) to jointly promote Singapore as a choice destination for Chinese travellers.

Singapore tops for medical tourism, but rivals catching up quickly
Singapore may still be among the region’s top dogs when it comes to medical tourism, but its neighbours are swiftly closing the gap.  Lower costs and the growing availability of quality care in neighbouring countries will not only lure medical tourists away from Singapore, but could also encourage patients to stay home for treatment, said experts.

Tech boost for brick and mortar retailers
E-commerce may be all the rage these days, but the vast majority of fast moving consumer goods (FMCG) sales are still carried out in brick-and-mortar shops.  While the traditional mode of retail still reigns for the time being in this particular industry, it is not immune to changes brought about by technology.

Singapore Real Estate

Charles & Keith family buys another GCB; total of 15 sold from Jan-May
The family of the well-known handbag and shoemaker Charles & Keith has bought another bungalow in a Good Class Bungalow (GCB) Area.  Low Lay Eng, a shareholder of Charles & Keith and believed to be the mother of the eponymous group’s founders, paid S$20 million for a bungalow along Chatsworth Road. The price works out to S$1,503 per square foot based on the freehold land area of over 13,300 sq ft.

Companies’ Brief

Mandarin Oriental mulls sale of HK Excelsior as part of review
Mandarin Oriental International Limited, a member of the Jardine Matheson Group, is considering a sale of The Excelsior as part of its review of long-term options for the hotel in Hong Kong.  The hotel sits on a prime commercial water-front site in the Causeway Bay District and is the group’s only property that is not branded as Mandarin Oriental.

Frasers Logistics & Industrial Trust to buy seven Australian properties for A$169.3m
Frasers Logistics & Industrial Trust (FLT) will make its first portfolio acquisition of seven fully leased or precommitted industrial properties in Australia for about A$169.3 million (S$175 million).  FLT’s manager, Frasers Logistics & Industrial Asset Management, said in a filing to the Singapore Exchange (SGX) on Tuesday that the new properties have an average age of 2.4 years as at end-March 2017 and are located in Sydney, Melbourne and Brisbane, Australia’s three largest industrial and logistics markets.

LMIRT to acquire Indonesian firm for S$32.2m
LMIRT Management Ltd, manager of Lippo Malls Indonesia Retail Trust (LMIRT), said the Reit has agreed to acquire the entire issued share capital of PT Mitra Anda Sukses Bersama (PT MASB) from its owners for 310 billion rupiah (S$32.2 million).  Conditional share purchase agreements were entered into on Monday by two wholly owned subsidiaries of LMIRT with PT Metropolis Propertindo Utama and PT Metropolis Prima Sentosa – two Indonesian companies that collectively own 100 per cent of PT MASB.

Lippo China Resources’ stake in HMC now more than 50%
Lippo China Resources now owns more than 50 per cent of the issued shares of Healthway Medical Corporation (HMC) following the closure of offer for the acquisition of shares in HMC on May 23.  Concurrently, GW Active (Gateway) holds S$42 million of zero-coupon convertible notes issued by HMC.  Hong Kong-listed Lippo and Gateway, a wholly owned subsidiary of Gateway Fund I, LP, jointly gave the update on Monday.

Soilbuild’s Myanmar unit awarded US$10.5m contract
Soilbuild Construction (Myanmar) Company Limited, a subsidiary of Soilbuild Construction Group, was awarded a contract worth US$10.5 million for the construction of a 12-storey hotel building in Yangon.  Located at the corner of Sayar San Road and Pyi Htaung Su Yeik Tha Street, Bahan Township, Yangon, the project is expected to start in the third quarter of 2017 and be completed within 18 months.

Views, Reviews & Forum

Contractors must aim not to disturb residents
The issue of noise pollution has been brought up many times in the media. It has become one of the most common environmental concerns (Do more to cut down construction noise, by Mr Loong Chik Tong, April 9; Sounds awful: Can’t sleep, can’t talk because of noise, April 23; Reckless to be deaf to noise pollution, May 3; and How loud is too loud?, May 28).  However, public agencies like the Building and Construction Authority (BCA), Housing Board, town councils and SP Group have yet to address it.

Global Economy & Global Real Estate

World Bank keeps 2.7% global growth forecast for this year

Sustainable models can yield 230 million jobs in Asia: report

Sovereign investors raise property holdings

Chinese city struggles to preserve its legacy

China central bank bears with market pain in leverage squeeze

HK developers snag plum sites

Vancouver home prices resume stubborn climb to fresh record

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

Scroll to Top