Private home rentals: Govt looking at shortening minimum stay
Amendments to the Planning Act will make two practices illegal – that of using private residential properties for rentals of under six months, and housing more than six tenants in each unit. However, the government is looking into shortening the minimum six-month requirement for private housing rentals, and creating a new class of use for private homes so that they can be rented out short-term. The amendment Bill, read the second time in Parliament on Monday, inserts a new Schedule into the Planning Act that lists “short-term accommodation” and “dormitory accommodation” without permission as illegal.
TPP without US a setback, but impact on S’pore not significant: Hng Kiang
The withdrawal of the US from the Trans-Pacific Partnership (TPP) mega free trade deal is a “setback” but it doesn’t have to be the ultimate outcome for the global trade liberalising agenda. Trade Minister Lim Hng Kiang made this point in parliament on Monday as the House discussed the fate of the TPP and the impact on Singapore’s economy now that the US is no longer in the picture. He was responding to questions posed by three members of parliament (MP) – Ang Wei Neng (Jurong GRC), Pritam Singh (Aljunied GRC), and nominated MP Randolph Tan.
Singapore Real Estate
Proposed changes to Planning Act to give URA more teeth
The proposed amendments to the Planning Act are aimed at granting regulators more levers over developers in their development plans, and ensuring that planning controls and regulatory standards are followed, said Minister for National Development Lawrence Wong. Stricter penalties for unauthorised development or works are also spelt out in the Bill, which was read in Parliament on Monday. The draft law adds conditions that the Urban Redevelopment Authority (URA) can impose on developers seeking planning permission, including for the provision of public spaces, covered linkways and linkages between buildings, and even night lighting of building facades.
Changes proposed to ensure town councils meet higher standards
Town councils will have to adhere to higher standards of transparency and governance, under wide-ranging changes proposed by the Government in its bid for greater oversight over town councils. Under proposed amendments to the Town Councils Act, town councils will have to submit audited financial reports within six months of the financial year ending, and must keep a registry of disclosures on conflicts of interest by staff, among other things. Those that do not comply can be fined. A code of governance will also be drafted later this year that will set out standards that town councils have to adhere to.
Marina One office space 60% pre-leased
The two new office towers at Marina One due to be completed in this half of the year are about 60 per cent pre-leased. Developer M+S told The Straits Times that it has secured tenants for more than one million sq ft of the 1.88 million sq ft Grade A office space at the integrated development in downtown Marina Bay. It is one of two mega projects by M+S here, the other being DUO in Bugis, near the Kampong Glam heritage district.
Uncertain future for Beauty World Centre hawkers
Hawkers at Beauty World Centre’s fourth-floor food centre are facing an uncertain future, while a deadline for them to move out by Saturday has been extended to an unspecified date. An offer to buy the food centre has been made but its status is unclear, said stallholders, who have received little information from their management about this. The National Environment Agency said in a statement yesterday it had not received any notice from the food centre’s licenseeon whether it intends to cease business.
Samsung Hub office space up for sale
An entire floor of prime office units at Samsung Hub in Raffles Place is up for sale for about $43.4 million via an expression of interest exercise. The indicative price works out to about $3,310 psf for the 13,132 sq ft space on the 20th floor of the building, marketing agent JLL said yesterday. The floor – comprising six strata office units – is being offered for sale on a vacant possession basis. Samsung Hub is a 999-year leasehold property which was completed in 2005.
GSH, Vibrant stand to book nice gains from GSH Plaza sale
GSH Corporation stands to make a net profit of nearly S$80 million from disposing of its 51 per cent stake in the consortium that holds GSH Plaza. This figure is based on information released in the regulatory filing by GSH Corporation, which is controlled by “Popiah King” Sam Goi, to the Singapore Exchange on Monday evening. The GSH-led consortium has entered into a binding term sheet with Hong Kong-listed Fullshare Holdings for the proposed sale of the consortium’s investment vehicle Plaza Ventures at S$725.2 million.
China dealmaker said to have GLP CEO’s backing in buyout bid
Chinese dealmaker Fang Fenglei won backing from Global Logistic Properties Ltd’s chief executive officer as he pursues a takeover of the US$9 billion warehouse owner, said people with knowledge of the matter. His Beijing-based private equity firm, Hopu Investment Management, submitted an offer for the Singapore company together with Hillhouse Capital Management and GLP CEO Ming Mei, according to the people who requested anonymity because the information is private. Blackstone Group LP and an investor group led by Warburg Pincus also made non-binding bids. GLP shares rose 2.7 per cent to S$2.69 at 9.24am on Monday in Singapore, the biggest intraday gain in more than three weeks. The benchmark Straits Times Index rose 0.2 per cent.
First Sponsor Group’s Q4 net profit more than doubles to S$72.9m
Mainboard-listed property developer First Sponsor Group on Tuesday posted more than double growth in net profit to S$72.9 million for its fourth quarter ended Dec 31, 2016, up from S$31.9 million a year ago. This is despite a significant fall in revenue from S$100.3 million in the previous year to S$21.6 million this year, due mainly to lower revenue from the sale of properties and property financing of S$74.1 million and S$4.8 million respectively. Earnings per share for the quarter came up to 12.36 Singapore cents, compared with 5.41 cents last year.
LH Group receives interest for S$8.1m worth of placement shares
LH Group Limited, said on Monday that its proposed conditional placement at S$0.80 per share has received subscriptions for some 10.1 million shares, amounting to about S$8.1 million. This represents 35 per cent more than the minimum placement target of S$6 million. The contractor of aluminium works and producer of traction devices and vehicle parts said the conditional placement is supported by Koh Brothers Group Limited (through its wholly-owned subsidiary) and prominent businessmen affiliated with Tang Group of Companies (owner and operator of the Dorsett Hospitality Chain), Home Fix DIY, and Food Empire Holdings Limited. They collectively applied for 57.5 per cent of the total applications received to-date for the conditional placement.
Global Economy & Global Real Estate
Talk of unwinding QE puts Fed’s mortgage bond stash in focus
Britain to shake up construction system as house building remains behind schedule
Brexit hurting firms even before Britain exits EU: Poll
China services sector extends strong growth in January but pace eases: Caixin PMI
Experts warn Aussie home prices may crumble
Australia orders sale of properties bought illegally by foreigners
Indonesia’s GDP growth slows to 4.9% in Q4
Local & Overseas Real Estate – Full Article