DAILY NEWS

Daily News – 7, 8 & 9 Dec 2019

Singapore Real Estate

Commercial, residential buildings to find new life as hotels
Developers continue to jump on the hotel-conversion bandwagon, with Fragrance Group for its flagship office building in Alexandra Road and Lian Beng for Wilkie Edge among the latest to have received nods from the Urban Redevelopment Authority (URA). The trend is being fuelled by the rise in hotel land values and a perceived shortage of hotel room supply on the island; this follows URA generally having disallowed…
https://www.businesstimes.com.sg/real-estate/commercial-residential-buildings-to-find-new-life-as-hotels

Singapore Economy

Geopolitics, activism among top business risks in 2020
Fractious geopolitics in an election year for the United States, rising activism, and cyber warfare are the top risks for firms in 2020, according to the annual RiskMap forecast by specialist risk consultancy Control Risks. Notwithstanding these challenges, Asia “will remain a global bright spot for growth, in relative terms” amid broader gloom, said the report.
https://www.businesstimes.com.sg/government-economy/geopolitics-activism-among-top-business-risks-in-2020

Companies’ Brief

Hoi Hup Realty bags maiden S$332.5m green loan
Singapore property developer Hoi Hup Realty has secured a S$332.5 million green club loan to partially finance its S$475 million acquisition of Andaz hotel. The loan was obtained through Hoi Hup’s subsidiary, Ophir-Rochor Hotel, and is the group’s first green loan.
https://www.businesstimes.com.sg/banking-finance/hoi-hup-realty-bags-maiden-s3325m-green-loan
https://www.straitstimes.com/business/companies-markets/hoi-hup-realty-bags-maiden-3325m-green-loan

Low Keng Huat posts Q3 loss, warns of poor sentiment from property cooling measures
Mainboard-listed builder Low Keng Huat (Singapore) has warned that property market softness from cooling measures lingers on, even as it sank into the red on the back of a sole private-home launch in the third quarter. It posted a net loss of S$774,000 for the three months to Oct 31, reversing earnings of S$2.63 million previously, despite revenue surging by 34.1 per cent to S$12.4 million…
https://www.businesstimes.com.sg/companies-markets/low-keng-huat-posts-q3-loss-warns-of-poor-sentiment-from-property-cooling-measures

Perennial donates $100k to ST school pocket money fund
A real estate and healthcare company has donated $100,000 to The Straits Times School Pocket Money Fund (STSPMF). Perennial Real Estate Holdings made the donation yesterday as part of celebrations for various milestones, including its 10th anniversary, at a charity gala dinner at Capitol Theatre.
https://www.straitstimes.com/singapore/perennial-donates-100k-to-st-school-pocket-money-fund

IReit Global ventures into Spain, acquires four office buildings
IReit Global has partnered with Tikehau Capital to enter the Spanish market with an acquisition of four freehold office buildings in Madrid and Barcelona. The Europe-focused real estate investment trust (Reit) and its key unit-holder Tikehau Capital will enter into a 40:60 joint venture to buy out the property holding companies of the Spanish portfolio. IReit, through the joint venture, will be “actively involved in all key…
https://www.businesstimes.com.sg/companies-markets/ireit-global-ventures-into-spain-acquires-four-office-buildings

Centurion to acquire its 2nd student dorm in Nottingham for £15.1m
Dormitory developer Centurion Corp has agreed to buy a 177-bed student accommodation asset in the British city of Nottingham for £15.1 million (about S$26.98 million). The asset, dwell Archer House – located at 14-22 Castle Gate, is in the city centre and near the University of Nottingham and Nottingham Trent University. It is also within walking distance to dwell Castle Gate Haus…
https://www.businesstimes.com.sg/companies-markets/centurion-to-acquire-its-2nd-student-dorm-in-nottingham-for-%C2%A3151m

Views, Reviews, Forum & Others

Singapore has a property glut that could take years to clear
[Singapore] Singapore has a property glut that could take years to clear, threatening to kill a nascent price recovery amid an already uncertain economic outlook. The city-state had an overhang of 31,948 units as of Sept 30, according to the Urban Redevelopment Authority. Sales have averaged about 2,500 homes per quarter this year, and at that rate it will take almost four years to clear the backlog, according to Christine…
https://www.businesstimes.com.sg/real-estate/singapore-has-a-property-glut-that-could-take-years-to-clear
https://www.straitstimes.com/business/property/singapore-has-a-property-glut-that-could-take-years-to-clear