The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6th, 7th and 8th April 2019

Singapore Real Estate

It’s all work, all play with plan to make CBD vibrant
Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it’s a key plank of Singapore’s vision for its central business district.  Like many cities’ financial centres, Singapore’s is bustling by day and close to deserted of a weekend. The government hopes to change that and laid out details of how it aims to go about it in an urban draft plan released last month.

S-Reits tipped for further gains as rate hike fears subside
After a good run this year, S-Reits are likely to remain in vogue amid a more dovish Federal Reserve and room for further growth.  Analysts pointed to hospitality and industrial Reits among their preferred sectors on the back of easing supply, although some highlighted that valuations in general have tightened and investors might do well to accumulate on pullbacks.

JTC awards Woodlands industrial site to Soon Hock for S$82m
JTC has awarded the tender for an industrial site at Woodlands Avenue 12 to developer Soon Hock Investment Group for S$82 million.  The tender for the site was launched on Dec 26, 2018 and closed on Feb 13, 2019, with six bids submitted. According to a previous report, the tender was triggered by a committed bid price of not less than S$36 million.

Plans to get tough with firms to boost workplace safety
Singapore has set itself the goal of having among the safest and healthiest workplaces in the world.  Rates of workplace deaths and major injuries for every company will be published online, to hit errant companies where it hurts.  Clients, such as property developers, and workers will be able to compare employers’ safety records on the portal, which is expected to be ready within the next two years.

Singapore Democratic Party outlines its housing policy
Non-Open Market (NOM) flats that do not include land costs in their price should be introduced into the public housing system, the opposition Singapore Democratic Party (SDP) said yesterday when it unveiled its housing policy at the SDP office in Ang Mo Kio.  The party said its aim was to make public housing more affordable and accessible to Singaporeans. The policy paper was presented by the party’s vice-chairman John Tan and treasurer Bryan Lim.


Singapore Economy

Diversified, growing economy gave govt negotiating muscle in IR talks: Chan Chun Sing
In the negotiations leading up to the S$9 billion investment committed by Singapore’s two integrated resorts (IRs), the country’s position was strengthened by its lack of over-reliance on that sector, Minister for Trade and Industry Chan Chun Sing told the media on Friday.  The IRs jointly contribute about 1 to 2 per cent of gross domestic product (GDP) annually. Following the investment, they are expected to draw an additional 500,000 international visitors each year, contributing some S$500 million to GDP annually.

Singapore-Chongqing tie-ups: Singapore firms like Raffles Hospital stepping up links to Western China
Bustling metropolis Chongqing and its driven, hard-working people strike a chord with Singaporean doctor Yang Ching Yu.  The Chinese city’s pulse, he feels, is like the energy Singapore unleashed in the 1970s and 1980s as the country developed its economy, infrastructure and urban landscape.  That energy stands out for Dr Yang, medical director of Raffles Hospital in both Singapore and Chongqing, and experts believe that the south-western Chinese municipality will remain an economic force despite slowing growth.


Companies’ Brief

CDL bags S$500m in green loans for new property developments
City Developments Limited (CDL) has bagged S$500 million in two green loans, marking the first time such financing will be used in Singapore for new property developments, the mainboard-listed developer announced on Friday.  A three-year green loan of S$400 million will be provided by DBS Bank, which is also the adviser for the loan.

OUE Commercial Reit, OUE Hospitality Trust in merger talks
OUE Commercial Real Estate Investment Trust and OUE Hospitality Trust are in discussions to merge in a cash and stock deal, the Wall Street Journal reported on Sunday, citing people with knowledge of the deal.  OUE Commercial will offer to buy OUE Hospitality to create a single entity that will remain listed on the Singapore stock exchange and hold assets totalling S$6.7 billion, the report added, citing sources. OUE Commercial Real Estate Investment Trust…

SPH Reit’s second quarter DPU up 0.7% to 1.41 cents
SPH Reit’s distribution per unit (DPU) for the second quarter ended Feb 28, 2019 edged up 0.7 per cent to 1.41 Singapore cents, from 1.4 cents a year ago.  Gross revenue increased 8.5 per cent year on year to S$58.12 million, thanks to contributions from The Rail Mall and Figtree Grove Shopping Centre which were acquired in June and December last year, respectively. Net property income (NPI) was also 8.5 per cent higher, at S$45.86 million, while income available for distribution clocked S$37.02 million, representing a 2.5 per cent gain from a year ago.

Wing Tai wins Middle Rd site with S$492m bid, to develop residence with commercial uses
Wing tai Holdings’ Wingcharm Investment Pte Ltd won a state tender for a 99-year leasehold site in Middle Road for private residential with commercial at first storey use, beating out nine others with its nearly S$492 million bid.  Spanning over 80,000 square feet, the site will be developed into two 20-storey residential towers and one block of low rise residences atop a row of commercial units, said Wing Tai on Friday.

Singapore’s integrated resorts: Genting stays cool as it expands over decades
Tourist attractions in the region come and go, but in Malaysia, the Genting casino-resort has somehow managed to keep its pole position for years as a cool place to visit.  The mountain-top Resorts World Genting (RWG) was visited by more than 20 million people last year, putting it again as the most-visited tourist spot in Malaysia.  While other integrated resorts can boast about being by the sea or in the middle of bustling cities, Genting has natural cool weather…

Singapore’s integrated resorts: Marina Bay Sands’ game plan
Chinese national Jessica does not bat an eyelid dropping $5,000 for a T-shirt or $100,000 for a watch during her weekly shopping jaunts.  And her favourite destination is the Shoppes at Marina Bay Sands (MBS), which offers an array of her favourite luxury brands – Hermes, Chanel, Van Cleef & Arpels, Louis Vuitton, Patek Philippe.  “I am quite an impulsive shopper. There are many things that I bought here last year which I still have not used, including two “Ai Ma Shi”…

Singapore’s integrated resorts: Resorts World Sentosa woos with family-oriented attractions, Michelin Star eateries
While Marina Bay Sands (MBS) is known for its high-end shops, the stars at Resorts World Singapore (RWS) are its family-oriented attractions such as Universal Studios Singapore and S.E.A. Aquarium.  These have become huge hits with visitors over the years, as the numbers attest.  The integrated resort on Sentosa island has pulled in around 20 million people annually over the past three years. The bottom line has thrived as well with RWS, which opened 10 weeks…


Views, Reviews, Forum & Others

URA’s Draft Master Plan 2019: Make Singapore’s CBD great again
The announcement of Singapore’s Draft Master Plan 2019 last month cast the spotlight on the central area.  The blueprint is the Government’s effort to ensure that the “work, live and play” concept fully takes root, to enhance the country’s status as a talent hub.  The plans for the Central Business District (CBD) present tremendous opportunities for place-making, curating experiences around working, living and playing in the zone.

A question of time: The great HDB lease decay debate
Old flats – once the storehouse of wealth for owners should their homes be chosen for en-bloc redevelopment – have become a source of anxiety for residents after the government two years ago cautioned against speculation of state buyouts of these assets. The idea that the value of one’s home can eventually run down to zero is a terrifying thought, one which increasingly more researchers are studying in an attempt to quantify the relationship…

Jazzing up the CBD
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
It is imperative that the older parts of our CBD be constantly rejuvenated and refreshed so that the principal business district of Singapore remains cutting-edge and competitive. It should be able to meet the expectations and aspirations of the new breed of global capital, highly innovative and technology-savvy companies, emerging businesses…

More can be done with integrated resorts’ expansion plans
The two integrated resorts (IRs) have certainly done a very good job raising the quality of our tourism and lifestyle sector over the last decade.  Kudos in particular to the Marina Bay Sands (MBS) team for constantly striving for offerings that are unique or exclusive to Singapore in the Indo-Pacific region.  While I have long supported Las Vegas Sands chairman and chief executive Sheldon Adelson’s call for more land to expand MBS’ meeting, incentives, conferences and exhibitions operations…

Address social impact of gambling before expanding casinos
While the Government harbours great plans for extensive expansion of the two integrated resorts (IRs) (IRs to invest $9b in new attractions, April 4), one cannot help but notice that there is a parallel concern about the social impact of gambling (Casinos’ social impact under continued scrutiny: Chan, April 4).  If the Government has been closely monitoring the social impact and problems of gambling ever since the casinos started operating here almost 10 years ago…

Commentary: Behind dashed hopes of Mandarin Gardens en bloc sale, unbridled speculation and wishful thinking
Singapore: Hailed as a bright spot in 2017, the strong recovery in the en bloc sector received a rude shock after the property market was slapped with a fresh round of property cooling measures in July 2018.  On the surface, the latest casualty of this sledgehammer were the more than 1,000 residential unit owners of Mandarin Gardens, who seemed to be making steady progress towards what would have been Singapore’s priciest collective sale agreement…

Link Up with IT provides solutions to real estate work
Mr Jason Tan joined the real estate industry as a property agent right after he graduated from Monash University with a bachelor’s degree in information technology in 2006. He has never looked back.  Not only did he find his career fulfilling, he also met his real estate agent wife Alice Loh, 37, on the job.  Mr Tan, 38, is senior associate executive director at OrangeTee & Tie, which he joined in April 2017. He recalled that he has always regarded his real estate sales and management role as a business.


Global Economy & Global Real Estate

Employment growth accelerates in March; wage gains slow

Illinois to sell landmark Chicago office building

Barclays, RBS join blockchain trial to speed up property sales

Asean’s growth driven by demographics

India fights to save its heritage havelis in the desert

Saudi private sector keeps momentum but employment shrinks

Thousands of Germans protest against soaring rents


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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