DAILY NEWS

Daily News – 05th and 06th June 2019

Singapore Real Estate

Private housing supply from H2 2019 GLS confirmed sites cut by 15%: MND
The government is reducing the supply of private residential units on its confirmed list for the second-half 2019 Government Land Sales (GLS) Programme, the Ministry of National Development (MND) said on Thursday morning. Through the confirmed list, MND will release about 1,715 private residential units (including 480 executive condominium or EC units). This works out to be 15 per cent lower than the H1 2019 confirmed list of 2,025 private residential units (including 385 EC units).
https://www.businesstimes.com.sg/real-estate/private-housing-supply-from-h2-2019-gls-confirmed-sites-cut-by-15-mnd
https://www.straitstimes.com/business/property/government-to-cut-supply-of-private-homes-on-confirmed-list-for-land-sales
https://www.channelnewsasia.com/news/singapore/land-supply-less-private-homes-government-11600700

New HDB flats to come with condo-like finishings
New Housing Board flats will now come with condo-like finishings at a fraction of the cost. These sleeker and more modern fittings – such as larger tiles and concealed floor traps – will be installed in new Build-to-Order (BTO) projects launched since February this year.
https://www.businesstimes.com.sg/real-estate/new-hdb-flats-to-come-with-condo-like-finishings
https://www.straitstimes.com/singapore/housing/views-mixed-in-block-with-purchased-rental-flats
https://www.channelnewsasia.com/news/singapore/upgrades-new-bto-flats-fittings-modern-toilets-new-tiles-11598132
https://www.todayonline.com/singapore/sleeker-more-modern-fittings-new-bto-flats

Reit listing candidates rethink flotation amid recent weak debuts
Weakness among recent Reit debuts appears to have made potential issuers hold back plans, casting a pall over the Singapore initial public offering (IPO) market, which has been supported by Reit listings in the past one to two years. Last week, KBS Prime US Reit again delayed plans to file its prospectus for a Singapore Exchange (SGX) IPO after witnessing the weak post-listing…
https://www.businesstimes.com.sg/real-estate/reit-listing-candidates-rethink-flotation-amid-recent-weak-debuts

Panel discusses the building of smarter, more sustainable cities
Cities need to build inter-agency partnerships and lose the silo mentality that gets in the way of their becoming smart cities, a group of panellists said at a forum on Tuesday. Fatouma Toure Ibrahima, manager of infrastructure programmes and analytics at the World Bank’s infrastructure practice group, stressed the importance of building more synergy between energy, water and transport – elements crucial for the sustainability of cities.
https://www.businesstimes.com.sg/government-economy/panel-discusses-the-building-of-smarter-more-sustainable-cities

Singapore Economy

Singapore GDP growth to slow to 1.9% in 2019: ICAEW
In light of renewed US-China trade tensions, South-east Asia is expected to see a greater slowdown in economic growth, with Singapore being “most negatively affected and would likely dip into recession in 2020”. This is according to the Institute of Chartered Accountants in England and Wales (ICAEW), in a report on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-gdp-growth-to-slow-to-19-in-2019-icaew
https://www.straitstimes.com/business/economy/singapore-to-see-sharpest-slowdown-in-s-e-asia-says-report
https://www.todayonline.com/singapore/trade-war-hit-singapore-most-se-asia-recession-2020-possibility

Companies’ Brief

Developers bank on improving Aussie property market
Singapore developers are looking to a turnaround in the Australian property market, with an easing of credit controls and lower interest rates. Tighter credit conditions and stamp duties contributed to a slower property market Down Under in recent years, making it challenging for residential developers to sell their projects there.
https://www.businesstimes.com.sg/real-estate/developers-bank-on-improving-aussie-property-market

CDL Hospitality Trusts unit renews lease on New Zealand hotel
A unit of mainboard-listed CDL Hospitality Trusts (CDLHT) has renewed its lease on a New Zealand hotel for another three years with the lessee, Hospitality Services. CDLHT – a stapled group comprising CDL Hospitality Real Estate Investment Trust (CDL H-Reit) and CDL Hospitality Business Trust – said in a bourse filing on Thursday morning that CDL H-Reit’s wholly owned subsidiary, CDLHT (BVI) One, as lessor, renewed the deed of lease on Grand Millennium Auckland with the lessee.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-unit-renews-lease-on-new-zealand-hotel
https://www.straitstimes.com/business/companies-markets/cdl-hospitality-trusts-unit-renews-lease-on-new-zealand-hotel

Keppel Land to achieve annual carbon emission reduction of 90,000 tonnes
Developer Keppel Land’s green projects will achieve an annual carbon emission reduction of almost 90,000 tonnes, the Keppel Corp real estate arm said in its sustainability report 2018 published on Monday. Keppel Land has thus far received 83 Building and Construction Authority Green Mark Awards for its properties, including 16 with the highest rating of platinum.
https://www.businesstimes.com.sg/companies-markets/keppel-land-to-achieve-annual-carbon-emission-reduction-of-90000-tonnes

Keppel Infrastructure to issue S$200m 4.75% perpetual securities
Keppel Infrastructure Trust (KIT) on Tuesday proposed to issue S$200 million 4.75 per cent subordinated perpetual securities under its S$1 billion multicurrency debt issuance programme. The securities, being perpetual, have no fixed final redemption date. They are expected to be issued on June 12, 2019.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-to%C2%A0issue-s200m-475-perpetual-securities

ESR plans to raise up to US$1.24b in HK’s biggest IPO this year
Logistics real estate developer ESR Cayman Ltd has opened the books on an initial public offering (IPO) that could raise up to US$1.24 billion, in what would be Hong Kong’s biggest float so far this year, according to a term sheet seen by Reuters on Wednesday. ESR Cayman, backed by private equity firm Warburg Pincus LLC , was initially due to launch its offering on Monday…
https://www.businesstimes.com.sg/companies-markets/esr-plans-to-raise-up-to-us124b-in-hks-biggest-ipo-this-year

Rich Capital board uncovers governance lapse; takes step to rectify issue
The board of investment holding company Rich Capital (formerly known as Infinio Group) said on Tuesday that it has been made aware of a “governance lapse” within the group – specifically, an approximately S$2 million payment for a development project in Batam that was not made according to terms agreed upon. Rich Capital’s independent director Sovann Giang said in an announcement that…
https://www.businesstimes.com.sg/companies-markets/rich-capital-board-uncovers-governance-lapse-takes-step-to-rectify-issue