Singapore Real Estate
Singapore’s premium office space seen to be cost effective
Singapore is a “cost-effective office location” as premium office space in Hong Kong remains the world’s priciest for the fourth year running, real estate consultancy JLL said yesterday after it released a report. In Singapore, the rental for such office space averages US$108 (S$148) per sq ft, about a third of that in Hong Kong’s Central district at US$338 per sq ft.
Builders venture abroad for new income streams, to diversify
Singapore property developers have been diversifying into new markets and business segments in recent years after several rounds of property cooling measures, which have contributed to a tougher operating environment. Following the most recent measures, developers that The Business Times spoke to nonetheless still see Singapore as a core market and will continue to look for opportunities here, in addition to overseas.
Outbound real estate capital slightly lower than last year’s: C&W
Outbound real-estate investments from Singapore in this year so far are slightly lower than last year’s record figures, with China pipping the US as the top destination. The Republic has emerged as the fourth largest cross-border investor in real estate this year, after Hong Kong, the US and Canada, according to data given to The Business Times by Cushman & Wakefield (C&W).
Ground floor unit at Coronation Shopping Plaza going for S$35m
A prime ground-floor strata commercial space at Coronation Shopping Plaza has been put up for sale at a guide price of S$35 million. The freehold commercial property, which has a strata floor area of around 603 square metres (sq m) or 6,491 square feet (sq ft), occupies a corner with direct street level access from the main thoroughfare of Bukit Timah Road and Coronation Road, says sole marketing agent Edmund Tie & Company (ET&Co).
OCBC neutral on residential property, predicts -3% to 2% price change in 2019
OCBC analysts are taking a cautious stance on Singapore’s residential property sector in 2019 on expectations of low-to-negative growth in private home prices. The brokerage’s latest report on the sector projected 2019 price growth to range between -3 per cent and 2 per cent, with an expectation of 10,000 to 12,000 private transaction unit sales next year. OCBC stated that negative demand drivers might outweigh the positives in 2019. Negatives will stem from moderating economic growth, continued impact from property cooling measures and continued tight immigration policies.
SMEs expect lower turnover in 2018; sentiment weighed down by trade war: survey
More small and medium-sized enterprises (SMEs) in Singapore are expecting a decline in turnover this year, citing the challenging business environment as the main culprit for the dampened outlook, weighed down at least partially by the US-China trade war. The 2018 SME Development Survey by DP Info found that 15 per cent of SMEs project revenues to fall this year, up from 11 per cent in 2017, and 12 per cent in 2016.
Keppel Corp unit inks pact to develop Chinese model smart city in Wuxi
A unit of Keppel Corp has inked a non-binding pact to develop a model smart city in China, in a deal announced by the Singapore government-linked conglomerate on Thursday morning. Wholly owned Keppel Urban Solutions has agreed to work with Chinese energy company Envision and the local authorities in Wuxi, in the eastern province of Jiangsu, on an Internet of Things (IoT)-based urban development that will include a smart industry park in the Taihu New City project.
Malaysia’s PRG to take up to 26.3% stake in Capital World for as much as S$16.5m
Capital World is raising up to S$16.45 million from Malaysia-listed manufacturing and property group PRG Holdings through the issuance of new shares and options at S$0.035 apiece. Under the term sheet, PRG will subscribe for 265 million new shares of Capital World for S$9.28 million and have the option to subscribe for a up to 205 million more new shares for a further S$7.18 million.
OUE, OUE Hospitality Trust slip as Mandarin Orchard Singapore faces food poisoning probe
The stock of hotel trust OUE Hospitality Trust and its sponsor, OUE, slipped on Wednesday after dozens of people were reported to have fallen ill after attending a wedding banquet at the Mandarin Orchard Singapore.
Construction firm MMP Resources acquiring S$25m stake in natural gas JV company
Construction company MMP Resources is acquiring a 50 per cent stake in a joint venture company that owns an operating gas field in Russia for S$25 million. It will also be deemed a “mineral, oil and gas company” post-acquisition. According to an exchange filing on Wednesday, MMP entered into a binding term sheet to purchase the stake in the joint venture company from Lloyds Energy Ltd, a “gas to wire” liquefied natural gas (LNG) player which produces, stores and sells LNG.
Views, Reviews, Forum and Others
When high-rise living gets a lift
Singapore’s very own Kampung Admiralty has earned the premiere accolade for architectural design – named Building of the Year at this year’s World Architecture Festival. The winning design team at Woha Architects made creative use of the modest 0.9ha site with a 45m height limit, combining a sheltered plaza for community events with commercial spaces, a medical centre, and a community rooftop farm, along with childcare facilities and studio apartments for the elderly, all in a 12-storey complex.
Smart-city solutions for Asia need not be grandiose projects
Driverless cars, sprawling parks, a state-of-the-art railway and disaster-proof infrastructure. These are just some of the highly anticipated features of New Clark City, a flagship project in the US$180 billion (S$246 billion) “Build, Build, Build” infrastructure agenda of the Philippines. Located 100km north of Metro Manila, New Clark City is designed to become the country’s first smart and green metropolis – an antidote to the pollution and congestion of the hyper-dense capital region.
Air link milestone for Singapore, Andhra Pradesh capital city
The first direct flight from Amaravati’s Vijaywada Airport to Singapore landed at Changi Airport yesterday morning, completing a round trip that takes less than four hours either way. The state of Andhra Pradesh, in south-east India, is developing Amaravati as a new capital city, with plans for homes, industries and world class infrastructure. Several firms from Singapore have been involved in planning and developing the city.
Global Economy & Global Real Estate
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Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article