DAILY NEWS

Daily News – 8th March 2016

Singapore Economy

Vision of a ‘people’s garden’ at Jurong Lake
When the Jurong Lake Gardens is finally complete and open to the public, it will showcase a new type of green lung in Singapore’s largest regional hub outside the city centre. The National Parks Board (NParks) yesterday gave a glimpse of the idyllic charms the area could offer, and called a tender for consultants to design the central and eastern parts of the gardens.
http://www.straitstimes.com/singapore/vision-of-a-peoples-garden-at-jurong-lake

Integrating tech and nature in Jurong
The new plans for Jurong Lake Gardens show how technology can be integrated with nature, while giving residents a green reprieve from the bustling city life. The Gardens will feature smart technology, and serve as a place for green industries to testbed their products.
http://www.straitstimes.com/singapore/environment/integrating-tech-and-nature-in-jurong

Singapore Real Estate

Ascott secures 50-unit serviced residence at one-north
Capitaland’s serviced residence business unit, The Ascott, has snagged a lease award from JTC Corporation for a prime property in Singapore’s one-north business park. Ascott’s newly added property is a 50-unit serviced residence in the business park, which houses more than 400 companies. The serviced residence is currently operating and will be rebranded to Citadines Fusionopolis Singapore from April 1, 2016.
http://www.businesstimes.com.sg/real-estate/africa-beckons-as-surbana-jurong-eyes-40-60-of-revenue-from-overseas-in-3-5-years
http://www.straitstimes.com/business/companies-markets/ascott-obtains-lease-on-one-north-property

Orchard Road and Tampines foodcourts up for sale
A foodcourt in Orchard Road and one in Tampines are up for sale by expression of interest. A foodcourt in Midpoint Orchard with a strata floor area of 2,648 sq ft has a guide price of $11 million to $12 million. It has space for about four stalls.
http://www.straitstimes.com/business/property/orchard-road-and-tampines-foodcourts-up-for-sale

Companies’ Brief

Frasers Centrepoint
We remain excited about the planned asset enhancement initiative (AEI) and integration of the Northpoint asset with the extension wing currently built by the sponsor. With an enlarged footprint, we see Northpoint as a key driver in accelerating growth in the medium term.
http://www.businesstimes.com.sg/companies-markets/brokers-take-237

Hongkong Land
While the performance of the Hong Kong Grade-A office market has been resilient so far against falling prices/rents in retail/residential, we expect the office market to soften alongside a weakening economy and an upcoming supply peak in 2017.
http://www.businesstimes.com.sg/companies-markets/brokers-take-237

Hotel Properties
While management expects the group’s hospitality results to remain fairly resilient given the strong branding and geographical diversification of their hotel portfolio, they anticipate challenging conditions ahead given stiff competition, uncertainties in the global economic environment, and difficult political and environmental conditions of the countries the group operates in.
http://www.businesstimes.com.sg/companies-markets/brokers-take-237

OUE H-Trust plans S$238m rights issue to buy hotel extension
OUE Hospitality Trust (OUE H-Trust) is carrying out an underwritten rights issue to raise S$238.6 million in gross proceeds to fund the purchase of the Crowne Plaza Changi Airport hotel extension. OUE H-Trust is a stapled group consisting of OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust.
http://www.businesstimes.com.sg/companies-markets/oue-h-trust-plans-s238m-rights-issue-to-buy-hotel-extension

Global Economy & Global Real Estate

Forest City developer presses ahead amid reclamation issues
The mega Forest City project off Johor Baru seems to be going full steam ahead despite ongoing controversy over its reclamation plans and even as other developers have either shelved scheduled project launches or dropped them altogether. Forest City’s China developer Country Garden has already started work on one of the four islands that will eventually comprise the largest mixed development in Johor Baru. The project has an estimated value of $58.3 billion and is slated to be completed in phases over the next two decades.
http://www.straitstimes.com/business/property/forest-city-developer-presses-ahead-amid-reclamation-issues

China set to crack down on loans for home downpayments
http://www.businesstimes.com.sg/real-estate/china-set-to-crack-down-on-loans-for-home-downpayments

HK home sales tumble 70% as slowdown intensifies
http://www.businesstimes.com.sg/real-estate/hk-home-sales-tumble-70-as-slowdown-intensifies

Mitsubishi Estate to build 50b yen ‘Marunouchi’ of Myanmar
http://www.businesstimes.com.sg/real-estate/mitsubishi-estate-to-build-50b-yen-marunouchi-of-myanmar

Canada revs up hunt for foreign flows into housing market
http://www.businesstimes.com.sg/real-estate/canada-revs-up-hunt-for-foreign-flows-into-housing-market

Trump-branded tower is funded by rich Chinese who invest cash for visas
http://www.businesstimes.com.sg/real-estate/trump-branded-tower-is-funded-by-rich-chinese-who-invest-cash-for-visas

Yangon faces growing pains in real estate
http://www.businesstimes.com.sg/real-estate/yangon-faces-growing-pains-in-real-estate

Commodities Rebound Hinges on China’s Real Estate Market: Chart
http://www.bloomberg.com/news/articles/2016-03-07/commodities-rebound-hinges-on-china-s-real-estate-market-chart

U.S. Commercial Property Prices Drop for First Time in Six Years
http://www.bloomberg.com/news/articles/2016-03-07/u-s-commercial-property-prices-drop-for-first-time-in-six-years