DAILY NEWS

Daily News – 8 Jan 2020

Singapore Real Estate

Singapore construction demand to remain strong in 2020 after hitting 5-year high last year
Singapore construction demand is expected to remain strong this year after hitting a five-year high in 2019, said the Building and Construction Authority (BCA). In 2014, demand was S$38.8 billion, also the highest ever. Last year’s total construction demand expanded by 9.5 per cent to reach S$33.4 billion, about S$1.4 billion higher than the upper bound of BCA’s 2019 forecast of S$27 billion to S$32 billion…
https://www.businesstimes.com.sg/real-estate/singapore-construction-demand-to-remain-strong-in-2020-after-hitting-5-year-high-last
https://www.straitstimes.com/business/economy/construction-demand-in-singapore-expected-to-stay-strong-this-year-after-rising-95

Van Holland condo in District 10 to start public sales this weekend
Koh Brothers Group’s freehold residential development in prime District 10 will soon hit the market officially. The Van Holland condominium will be launched for public sales on Jan 11 with indicative prices starting from S$2,600 per square foot, Koh Brothers announced on Tuesday. Its private preview was held on Jan 3.
https://www.businesstimes.com.sg/real-estate/van-holland-condo-in-district-10-to-start-public-sales-this-weekend
https://www.straitstimes.com/business/all-eyes-on-launch-of-freehold-luxury-project-van-holland

More shophouses up for sale in three areas
With robust demand for shophouses last year, the start of this year saw the latest slew of such investment properties up for sale. A pair of conservation shophouses in Tras Street in Tanjong Pagar is on the market with a guide price of $12 million for the larger property and $10.8 million for the smaller unit. This works out to about $2,800 per sq ft for each shophouse, sole marketing agent CBRE announced yesterday.
https://www.straitstimes.com/business/property/more-shophouses-up-for-sale-in-three-areas
https://www.businesstimes.com.sg/real-estate/2-tras-street-shophouses-up-for-sale-with-s12m-and-s10m-guide-prices
https://www.businesstimes.com.sg/real-estate/freehold-shophouses-in-east-coast-geylang-put-on-market

Companies’ Brief

Pan Pacific group looks to landmark year with new brand, more hotels
There’s no stopping the Pan Pacific Hotels Group’s (PPHG) diversification and expansion – with 2020 a landmark year as it launches key openings in London, Bangkok, Hanoi, Jakarta, and China. On its Singapore home ground, there’s no let-up, too, as it eyes a possible 10th hotel.
https://www.businesstimes.com.sg/real-estate/pan-pacific-group-looks-to-landmark-year-with-new-brand-more-hotels

Astaka auditors flag going concern issues amid muted M’sian property market
Astaka Holdings is the latest among Singapore-listed property developers with projects in Johor to get flagged by its auditors regarding going concern matters. The group on Monday night said its independent auditors have drawn attention to potential doubts about the company’s ability to continue as a going concern, and flagged uncertainties related to the pending outcome of an independent review.
https://www.businesstimes.com.sg/real-estate/astaka-auditors-flag-going-concern-issues-amid-muted-msian-property-market

LHN joint venture to buy industrial property from Ascendas Reit for S$17m
A joint venture (JV) of Catalist-listed LHN will acquire a JTC industrial property located at 202 Kallang Bahru for some S$17 million plus goods and services tax from Ascendas Real Estate Investment Trust (Ascendas Reit). The 50:50 JV is owned by LHN’s wholly-owned subsidiary WPS KB and an unnamed firm which counts Oxley Holdings deputy chief executive Low See Ching as its ultimate sole shareholder.
https://www.businesstimes.com.sg/companies-markets/lhn-joint-venture-to-buy-industrial-property-from-ascendas-reit-for-s17m

PARKROYAL COLLECTION Marina Bay to undergo S$45m renovation
The PARKROYAL COLLECTION Marina Bay (former Marina Mandarin) is undergoing a S$45 million renovation following its rebranding under the Pan Pacific Hotels Group’s (PPHG) new brand. PPHG, which is a subsidiary of UOL Group, has also renamed the PARKROYAL on Pickering, which is now PARKROYAL COLLECTION Pickering. The PARKROYAL COLLECTION brand is characterised by eco-friendly practices and a focus on well-being.
https://www.businesstimes.com.sg/real-estate/parkroyal-collection-marina-bay-to-undergo-s45m-renovation