DAILY NEWS

Daily News – 09th July 2019

Singapore Real Estate

Singapore condo resale prices down 0.4% in June, break 4-month uptrend: SRX flash data
Singapore’s condo resale prices were down 0.4 per cent in June from its May peak, breaking an upward trend that had lasted four months, according to monthly flash figures from real estate portal SRX Property released on Tuesday. The decline in June follows a 0.4 per cent gain in May.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-prices-down-04-in-june-break-4-month-uptrend-srx-flash-data
https://www.straitstimes.com/business/property/condo-resale-prices-down-04-in-june-break-4-month-uptrend-srx-flash-data

Hoa Nam Building going for en bloc sale with S$160m asking price
Hoa Nam Building, a freehold mixed-development in the Jalan Besar/Lavender Street locale, has been put up for collective sale with an asking price of S$160 million. Marketing agent Huttons Asia said that this works out to S$1,866 per square foot based on the building’s existing gross floor area (GFA) of 85,744 sq ft.
https://www.businesstimes.com.sg/real-estate/hoa-nam-building-going-for-en-bloc-sale-with-s160m-asking-price
https://www.straitstimes.com/business/property/two-mixed-use-developments-up-for-collective-sale

About 500 buildings required to install critical fire safety features
Older buildings as well as those whose occupants are at a higher risk in the event of a fire may soon be required by law to install critical fire safety features to keep up with the latest Fire Code. So far, some 500 buildings have been identified as requiring these features. This is based on the fact that they were built before the 1991/2002 Fire Code and have a higher occupancy load.
https://www.businesstimes.com.sg/real-estate/about-500-buildings-required-to-install-critical-fire-safety-features

Companies’ Brief

Frasers Property’s new unit to combine industrial, logistics ops in Australia, Europe in FY2020
Frasers Property will form a new business unit that will combine its industrial and logistics operations in Australia and Europe, representing S$5.4 billion in assets under management. The unit will work closely with Singapore-listed Frasers Logistics & Industrial Trust (FLT) in terms of asset and property management. The new platform is expected to start reporting as a strategic business unit in FY2020.
https://www.businesstimes.com.sg/companies-markets/frasers-propertys-new-unit-to-combine-industrial-logistics-ops-in-australia-europe

Oxley asks UE to explain share sale
The decision by United Engineers (UE) to sell all of its treasury shares for S$56 million to undisclosed third parties last Friday was a board decision, managing director Roy Tan said on Monday. Mr Tan was responding to concerns raised by UE shareholder and Oxley chief executive Ching Chiat Kwong, who questioned if UE had fetched the best price possible when it sold off the 3.14 per cent stake in the company at S$2.58 per share.
https://www.businesstimes.com.sg/companies-markets/oxley-asks-ue-to-explain-share-sale

Prime US Reit is listing now because ‘conditions have stabilised’
The manager of Prime US Reit is choosing to list the Reit now, after a long delay from earlier attempts last year, because market conditions have somewhat stabilised, said Barbara Cambon, chief executive officer and chief investment officer of the manager. The third US office Reit to list here if successful – following in the footsteps of predecessors Manulife US Reit and Keppel-KBS US Reit…
https://www.businesstimes.com.sg/companies-markets/prime-us-reit-is-listing-now-because-conditions-have-stabilised
https://www.straitstimes.com/business/companies-markets/prime-us-reit-prices-ipo-at-us088-per-unit

Datapulse to take 5% stake in Bay Hotel Singapore for S$12.1m
Datapulse Technology will acquire a 5 per cent stake in Bay Hotel Singapore for about S$12.1 million, the disc producer said in a Singapore Exchange filing on Monday night. Its wholly owned subsidiary, Datapulse Investment Pte Ltd (DIPL), has formed a consortium with PAM Holdings I (BVI) Ltd to purchase the hotel from Fiesta Development Pte Ltd and Bay Hotel & Resort Pte Ltd for S$235 million.
https://www.businesstimes.com.sg/companies-markets/datapulse-to-take-5-stake-in-bay-hotel-singapore-for-s121m
https://www.straitstimes.com/business/companies-markets/datapulse-to-take-5-stake-in-bay-hotel-singapore-for-121m