Proportion of private homes grows to 27%
The number and proportion of private properties in Singapore grew in the decade between 2006 and last year, Parliament was told on Monday. The total number of private condominium units and landed homes went up from 243,000 to 372,000 in that time, taking their share of the overall dwelling units from the 22 per cent in 2006 to 27 per cent last year. Meanwhile, the number of Housing Development Board (HDB) flats grew from 880,000 units to 1,011,000 during the period. But despite this increase, the proportion of HDB flats out of the total housing stock went down from 78 per cent to 73 per cent.
MAS a strong supporter of fintech: Ong Ye Kung
The Monetary Authority of Singapore (MAS) does not have to choose between financial institutions (FIs) and new players in the financial technology (fintech) industry, a board member of the central bank said on Monday. Ong Ye Kung, who is Education Minister (Higher Education and Skills) and Second Defence Minister, said: “We take an even-handed approach, encouraging established and new players to compete, collaborate and innovate.”
BT seminar to highlight CFE strategies for SMEs, innovation
The push for business transformation continues with a seminar organised by The Business Times on May 18, where Senior Minister of State for Trade and Industry Sim Ann will deliver the keynote address. Put together especially for SMEs, the seminar will also see academic and industry leaders speak about innovation and transformation.
Singapore tech startups shift gear to tap region’s exploding e-commerce
Singapore tech startups are pursuing regional expansion more aggressively than ever. On Monday, three companies unveiled major plans to deepen their presence across South-east Asia – three months after Grab announced its US$700-million investment in Indonesia to support the country’s goal of becoming the region’s largest digital economy by 2020.
Higher water, car park charges to have ‘small’ impact on inflation: Koh Poh Koon
The government’s moves to raise the water tariff and car park charges will contribute to a “temporary increase” in inflation this year, said Senior Minister of State for Trade and Industry Koh Poh Koon on Monday. He stressed that the impact of such administrative price adjustments was expected to be “small”, contributing about 0.2 percentage point to inflation this year.
Singapore Real Estate
Singapore real estate investment deals jump 67.4% in Q1 from a year ago: JLL
Some S$4.99 billion worth of real estate investment deals were closed in the first three months of this year, a 67.4 per cent surge from the year-ago period. This was, however, 40.9 per cent lower compared to the fourth quarter of last year, JLL estimates. The private sector accounted for 90 per cent of the total sales value in the first quarter. JLL Singapore head of research and consultancy Tay Huey Ying said: “The engine of growth for Singapore’s private investment sales market in Q1 2017 was the office sector which took the lion’s share at 47.5 per cent.”
Divestment gains bolster Q1 bottom line of Perennial Real Estate Holdings
Perennial Real Estate Holdings posted a more than four-fold jump in first-quarter net profit to S$38.7 million from a year ago, bolstered by divestment gains from the sale of a 20.2 per cent stake in TripleOne Somerset and the remeasurement gain from the retained 30 per cent stake in the same property.
Global Premium Hotels Q1 earnings down 4.9%
The continuing decline in hotel room rates put pressure on Global Premium Hotels’ (GPH) first quarter results. Net profit for the three months ended March 31 fell 4.9 per cent to S$3.19 million from the preceding year’s S$3.36 million, the group said in a Singapore Exchange filing on Monday.
Top Global swings into the back in Q1
Boutique property developer Top Global swung into the black in the first quarter ended March 31 with a net profit of S$326,000, from a net loss of S$857,000 a year ago. Lower cost of sales for development properties offset a 21 per cent drop in revenue to S$25.46 million. The group is helmed by executive chairman Sukmawati Widjaja, who is also vice-chairman of the family-run Indonesian conglomerate Sinar Mas Group that was founded by her father Eka Tjipta Widjaja.
Oxley prices US$100m four-year notes with 6.375% interest
Oxley Holdings said its wholly owned unit, Oxley MTN Pte Ltd, had on Monday priced its US$100 million notes that mature in four years’ time. These notes, which bear an interest rate of 6.375 per cent and due in 2021 (Tranche 2), form a single series with the US$200 million notes issued on April 21 under its US$1 billion guaranteed Euro medium-term note programme. They are irrevocably guaranteed by the group.
Debao Property’s Q1 profit triples to 108.3m yuan
Chinese developer Debao Property Development reported a tripling of its net profit for the first quarter ended March 31 to 108.3 million yuan (S$22 million) from 34.5 million yuan a year ago, on the back of higher revenue and higher other income. Revenue for the three-month period grew 44 per cent to 24.2 million yuan as the developer sold more gross floor area (GFA) and achieved higher average selling prices.
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Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article