Singapore to release monetary policy statement, advance Q1 GDP data on April 13
The Government will release its semiannual monetary policy statement and flash data on first-quarter gross domestic product on April 13. The Monetary Authority of Singapore (MAS) will issue its monetary policy decision at 8am next Thursday, the central bank said on its website. Separately, the Ministry of Trade and Industry (MTI) announced it will release the advance GDP estimates for the first quarter on the same day and at the same time.
Singapore Real Estate
HDB resale volume surges 75%, prices rise 0.3% in March: SRX data
Resale prices of Housing & Development Board (HDB) flats rose 0.3 per cent in March compared to February 2017, while resale volume surged. According to data compiled by SRX Property, 1,910 HDB resale flats were sold last month, a 75.4 per cent increase from 1,089 transacted units in February. Property consultants attributed this to the shorter month of February and quieter first two months of the year where festivities discouraged the closing of transactions.
SRX to launch free app that connects homebuyers to buyer agents
Singapore Real Estate Exchange (SRX) Property will be launching a free application that will connect homebuyers to buyer agents. Through the app, called “SRX property”, consumers and buyer agents can correspond in real-time at various stages of the property-buying process. For instance, home inspections – which can be done by the agent or the buyer – are completed via a checklist on the app that can be accessed by both parties.
BlackRock sees Singapore office market improving as supply tapers
BlackRock said the worst was over for Singapore’s office property market with supply tapering off, and that elsewhere in Asia Pacific, the world’s largest asset manager was looking to raise its real estate exposure in Japan and Australia. Prime office rents in Singapore’s financial district dropped by more than 10 per cent in the past two years due to oversupply, making it one of the worst performing major Asian markets. But the outlook is improving with analysts expecting limited new developments until 2021 after some constructions this year.
Sabana Reit unitholders’ revolt against manager set for April 28
Remember this date: April 28. That’s when unitholders of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) will gather to vote on whether or not to give the Reit’s manager the boot – the first time such an event is set to occur in Singapore’s widely acclaimed and largely steady Reits history. http://www.businesstimes.com.sg/companies-markets/sabana-reit-unitholders-revolt-against-manager-set-for-april-28
CDL prices first green bond in S’pore
City Developments (CDL) on Thursday emerged as the first Singapore company to sell green bonds. The property developer’s unit CDL Properties priced a two-year senior secured green bond, raising S$100 million at a fixed rate of 1.98 per cent per annum. The investors were mainly financial institutions and fund managers.
Mercatus buys Guthrie-Lee Kim Tah stake in Jurong Point
Jurong Point has been transacted at S$2.2 billion, with a sale and purchase agreement signed on Thursday. This is the biggest property investment sales deal so far this year. Buyer Mercatus Co-operative, an NTUC social enterprise, is paying S$3,343 per square foot based on the 658,000 square feet of commercial net lettable area (NLA) in the mall that has been sold by an equal joint-venture between Lee Kim Tah Holdings and Guthrie GTS. The two companies were delisted a few years ago.
GP Hotels’ privatisation bid declared unconditional
Global Premium Hotels on Thursday said the privatisation offer has been declared unconditional, with the major shareholder controlling 90 per cent of the company’s shares. The hotel chain operator’s majority shareholder and real estate tycoon, Koh Wee Meng, had launched a cash offer to take the firm private. At the time of the offer in February, Mr Koh already controlled 71.86 per cent of GP Hotels.
Chairman of Parkway Life Reit’s management board resigns as part of ‘succession planning’
The manager of Parkway Life Real Estate Investment Trust (Parkway Life Reit) on Thursday announced the resignation of Lim Kok Hoong as independent director and chairman of the board, with effect from the end of the Reit’s annual general meeting on April 24, 2017. The Reit said this was part of succession planning.
Lian Beng-led consortium to sell another 8 office units at Prudential Tower
A consortium led by Lian Beng Group Ltd has executed a non-binding letter of intent to dispose eight strata office units spanning 55,711 sq ft in Prudential Tower to an unrelated third party. Including these units, the consortium, Epic Land Pte Ltd, would have sold almost all available office units in the building.
Singapore Myanmar Investco to open retail, F&B outlets in downtown Yangon
Mainboard-listed Singapore Myanmar Investco (SMI) will introduce retail and F&B operations in mixed development Junction City in Yangon. Junction City, which has a built up area of about 260,000 square metres, comprises Grade A-offices, a luxury hotel, a retail and entertainment complex and high-rise serviced residences.
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