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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 9th March 2017

Singapore Economy

Singapore Business Federation urges larger firms to help smaller players
Less than three weeks after voicing disappointment with Budget 2017 for the “inadequate” short-term support for companies, the Singapore Business Federation (SBF) yesterday was keen to move on from its remarks: Its chief executive told TODAY that businesses here have “expressed comfort” in the government measures, and called for a mindset shift in the community.

Traditional coffee shop operator offers 173.8m shares at S$0.25 each in Singapore IPO
Kimly Limited, a traditional coffee shop operator in Singapore, is offering 173.8 million new shares at S$0.25 each for listing on the Catalist Board in its initial public offer (IPO).  Of the total share offer, only 3.8 million shares will be made available for public subscription. The remaining 170 million shares will be placement shares.  At S$0.25 a share, Kimly is expected to have a market value of S$288.7 million after the IPO.

Bukit Panjang LRT system to get complete overhaul
Plans to overhaul the problematic Bukit Panjang LRT (BPLRT) system have been set in motion, but commuters are likely to have to wait a few more years for a new and more reliable ride.  Transport Minister Khaw Boon Wan said in Parliament yesterday that the Government intends to call a tender this year for the “complete replacement” of the LRT’s ageing components and an upgrade of its systems.  The Land Transport Authority (LTA) said it would be sourcing new trains, power rail, signalling system and various other critical components.

Singapore Real Estate

Government to plug loophole in residential property stamp duty
The Government intends to plug a loophole that allows property buyers to avoid stamp duty by purchasing shares in a holding firm rather than buying the property directly.  In recent times, some major developers have made bulk purchases of condo units in this way.  National Development Minister Lawrence Wong told Parliament on Tuesday: “In principle, we should treat transactions in residential property on the same basis, regardless of whether a property is transferred directly or through a transfer of shares in a company whose primary business is in residential property in Singapore.”

Bungalow at Dunearn Close up for sale
An old three-storey bungalow at 11 Dunearn Close will go on sale via an auction on March 29, said its marketing agent Edmund Tie & Company.  The indicative price of the property at Dunearn Close is S$17 million, or about S$1,205 per sq ft of land area.  The freehold property in District 11 is situated within the prestigious Chee Hoon Good Class Bungalow Area (GCBA).

‘Composition of Punggol site a factor’ for JTC appointment
Despite strong interest from the private sector in the Government’s new urban planning approach, analysts TODAY interviewed were not surprised that JTC — a statutory board — was appointed as the first Master Developer for the Punggol Enterprise District.  Among other factors, they noted yesterday the composition of the site — which includes the new Singapore Institute of Technology campus as well as commercial and business parks — and concurred that the authorities would seek to proceed more cautiously at the start, especially when Punggol has been identified as a key area for Smart Nation initiatives.

New non-landed private homes will have to install recycling chutes
Domestic recycling rates have stagnated in recent years and in order to give this a boost, new non-landed residential developments will need to install dual chutes for refuse and recyclables, announced Senior Minister of State for the Environment and Water Resources Amy Khor on Wednesday (Mar 8).  Dr Khor said during her ministry’s Committee of Supply debate in Parliament that domestic recycling rates have stagnated at around 20 per cent in recent years and to help bring the country closer to its domestic recycling target of 30 per cent by 2030, MEWR will reshape the infrastructure in the physical environment to make recycling more convenient for households.

Changi Airport calls for T5 development tender
Changi Airport Group (CAG) has shortlisted three teams to design Terminal 5 (T5), including firms that are involved in the expansion of Heathrow Airport and a new terminal at Abu Dhabi Airport.  Announcing the tender for the provision of Master Architect consultancy services for the development of T5, CAG said on Wednesday (March 8) that the firms were selected based on their vision and design themes for the terminal, track record on previous airport terminal projects, team composition and experience of key personnel, as well as proposed approach for the delivery of the project.

Upgraded waste system for new private apartments
Plans are under way to encourage private apartment dwellers to recycle more and make it easier for cleaners to collect their trash.  All new private apartment blocks with more than four storeys must soon have two waste chutes – one for recyclables and the other for trash that will be incinerated.  Developments with at least 500 housing units must also have a pneumatic waste conveyance system (PWCS), which will transport waste from rubbish chutes to a central collection area via an underground network of vacuum-type pipes.

Companies’ Brief

GLP up 2.2% to S$2.73
Shares of Global Logistic Properties (GLP) ended trading on Wednesday at S$2.73, up 2.2 per cent or six cents from the previous day’s closing price.  This was off its peak of S$2.80 earlier in the day, which exceeded its 52-week high of S$2.78. Some 26.5 million shares changed hands.  GLP’s unusual price movement led to a trading query from Singapore Exchange (SGX).

GLP signs 69,000 sqm of new leases in China and Japan
Modern logistics provider GLP has signed 69,000 square metres (743,000 square feet) of new leases in China and Japan over the past three months.  The customers are using the facilities to service growing demand from online and offline retail distribution channels, GLP announced on Thursday (March 9).

2 China firms to invest US$10.14m in Pavillon Financial Leasing
Pavillon Holdings said on Wednesday that it has entered into agreements with two investors from China for investments worth US$10.14 million in its wholly-owned subsidiary Pavillon Financial Leasing (PFL).  The principal activities of PFL are financial leasing or leasing of all types of goods, property and assets, as well as providing financial leasing transaction consultation services.

TTJ’s Q2 net profit slides 43 per cent
Structural steel provider TTJ Holdings Ltd posted a 43 per cent drop in net profit for the second quarter ended Jan 31 to S$3.1 million, as revenue and margins took a hit.  Revenue slipped 30 per cent to S$19.98 million during the quarter.  Gross profit margin for the quarter dipped to 26.2 per cent from 26.6 per cent a year ago, mainly due to a decrease in profits derived from dormitory business as a result of the expiry of tenure for the dormitory at Terusan Lodge I.

Views, Reviews & Forum

Fall in VC investment in Singapore fintechs not necessarily a bad sign
Is the fintech (financial technology) industry in Singapore losing its appeal for investors?  This is a valid question when one looks at the numbers crunched by KPMG from its global fintech study called Pulse of Fintech. According to KPMG, in 2016 there was a 65 per cent drop in overall investment in Singapore-based fintech companies, down from 2015’s US$605 million to US$214 million.

Global Economy & Global Real Estate

Investors optimistic, more looking to buy property in 2017

Airbnb CEO offers property hosts bigger role in company

Where have all the Manhattan tenants gone?

Foxtons warns London home sales market will remain ‘challenging’

China posts rare trade deficit as February imports surge 44.7% in yuan terms

No housing bubble in Australia, say heads of big banks

Iskandar Waterfront Holdings offers to buy Iskandar Waterfront City

Luxury tycoon Arnault to revamp Paris museum

Dubai developer ‘proud’ to work with Trump Organization

Japan’s Q4 growth better than expected

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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