DAILY NEWS

Daily News – 9 Jan 2020

Singapore Real Estate

2020 building demand likely to stay robust after reaching 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) on Wednesday. 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. The robust showing was mainly due to a stronger…
https://www.businesstimes.com.sg/government-economy/2020-building-demand-likely-to-stay-robust-after-reaching-5-year-high-last-year
https://www.straitstimes.com/business/economy/construction-demand-in-singapore-expected-to-stay-strong-this-year-after-rising-95
https://www.channelnewsasia.com/news/singapore/construction-demand-hit-5-year-high-in-2019-to-remain-strong-in-12243254

Construction sector must attract more Singaporeans to build strong local core
The construction industry must do more to attract Singaporeans so that the sector is anchored by a skilled and competent local workforce at the core, said Zaqy Mohamad, Minister of State for National Development and Manpower on Wednesday. He called on the private sector to invest in local graduates in order for business growth to be sustainable for the future.
https://www.businesstimes.com.sg/government-economy/construction-sector-must-attract-more-singaporeans-to-build-strong-local-core
https://www.straitstimes.com/business/getting-locals-to-take-on-pmet-jobs-in-construction

The Avenir condo in River Valley to launch this weekendApartments at The Avenir in District 9’s River Valley area, jointly developed by Hong Leong Holdings Limited, mainboard-listed GuocoLand and Hong Realty (Private) Limited, will be available for sale to the public on Jan 11. Early-bird prices for the 376-unit freehold condominium start from S$2,930 per square foot (psf) for one- to three-bedroom units, and from S$3,030 psf for four-bedroom units including those with a family room.
https://www.businesstimes.com.sg/real-estate/the-avenir-condo-in-river-valley-to-launch-this-weekend

11 retail shops in Sim Lim Square up for sale at S$22m
A portfolio of 11 retail shops in Sim Lim Square is up for sale via expression of interest for S$22 million, sole marketing agent Knight Frank Singapore said on Wednesday. The total strata area of the shops is about 5,000 square feet (sq ft), with unit sizes ranging from 291 sq ft to 506 sq ft. The shops, which can be bought collectively or as individual units, face the central podium on the fifth floor of Sim Lim Square mall.
https://www.businesstimes.com.sg/real-estate/11-retail-shops-in-sim-lim-square-up-for-sale-at-s22m
https://www.straitstimes.com/business/sim-lim-square-fails-in-collective-sale-bid-11-shops-on-market

Companies’ Brief

Frasers Property raises stake in co-working startup JustCo for US$12.4m
Frasers Property, through its wholly-owned subsidiary, has bought additional shares in JustCo Holdings for US$12.4 million, the developer said in a filing on Wednesday night. The move raises its stake in the co-working space operator to 22.2 per cent – held through Frasers Property Ventures I and Frasers Property Ventures II (FPL VII). The share acquisition was made by FPL VII, and the resulting 22.2 per cent stake does not take into account the proposed investment by Daito Trust Construction Co announced on Nov 28.
https://www.businesstimes.com.sg/companies-markets/frasers-property-raises-stake-in-co-working-startup-justco-for-us124m

JLL hires ex-CBRE veteran as head of valuation and advisory services for S-E Asia
JLL has hired former CBRE executive director James Crawford as head of valuation and advisory services for South-east Asia. He starts work this month, the property consultancy said on Wednesday. Mr Crawford has 20 years of experience in valuation and advisory services, including 13 years in Asia. His work spans all major asset classes and alternative asset classes, with a focus on data centres.
https://www.businesstimes.com.sg/real-estate/jll-hires-ex-cbre-veteran-as-head-of-valuation-and-advisory-services-for-s-e-asia-0

Elite Commercial Reit to lodge prospectus next week
Elite Commercial Real Estate Investment Trust (Reit) plans to lodge its listing prospectus next week before the Chinese New Year break. If successful, it will be the first initial public offering (IPO) of 2020, and the first Reit denominated in British pound to be listed in Singapore.
https://www.businesstimes.com.sg/companies-markets/elite-commercial-reit-to-lodge-prospectus-next-week

Goat farm Hay Dairies wins tender for Lim Chu Kang land parcel
The Singapore Food Agency (SFA) has awarded the tender for one of three land parcels at Lim Chu Kang to goat farm Hay Dairies for S$500,000. The 10,000-square-metre land parcel is for general agriculture (food) farming, which means it may be used to farm food crops, seafood, quail eggs, cattle or goats for dairy milk, and/or frogs reared for food.
https://www.businesstimes.com.sg/real-estate/goat-farm-hay-dairies-wins-tender-for-lim-chu-kang-land-parcel
https://www.straitstimes.com/singapore/goat-farm-to-multiply-its-herd-at-new-site

Views, Reviews, Forum & Others

Despite flat office rents, Reits set to enjoy positive rental reversions
After an impressive two-and-a-half year run, Singapore CBD Grade A office rentals appear to be taking a breather. JLL’s gross average monthly rental value for its CBD Grade A office rental basket stood at S$10.81 per square foot (psf) in the fourth quarter of 2019, unchanged from the preceding quarter.
https://www.businesstimes.com.sg/companies-markets/despite-flat-office-rents-reits-set-to-enjoy-positive-rental-reversions