The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 14 Apr 2023 (Fri)

Singapore Real Estate


GuocoLand-led JV wins tender of Lentor Gardens land parcel at bid price of $486.8 mil
The joint venture (JV) between GuocoLand and Hong Leong Holdings’ wholly-owned subsidiary, Intrepid Investments, has been awarded the Lentor Gardens land parcel. The interest holdings of GuocoLand and Intrepid are 60% and 40% respectively.


En bloc offers for Lakeside Towers fall short of S$350 million reserve price
Owners at Jurong condominium Lakeside Towers will move into private treaty negotiations with potential buyers, following the closing of the collective sale tender on Wednesday (Apr 12). There were formal submissions and expressions of interest from local developers, but even the “best offer” fell short of the reserve price, sole marketing agent JLL told The Business Times.


The Giverny Residences debuts six ‘sky villas’ starting from $5.5 mil
The Giverny Residences, a boutique development with just six apartments, is set to preview on April 15. The property is at 6 Robin Drive in prime District 10 and sits on a 10,245 sq ft freehold site. Developer Lian Huat Group purchased the plot in an en bloc deal for $17 million in 2021, jointly with 2E Capital and “a few other close friends”, says Patrick Kho, group managing director of Lian Huat Group.


Cosford Road site to be redeveloped into food and beverage container park
Singapore (EdgeProp) – A new development is underway at 30 Cosford Road. The site, formerly occupied by Thai restaurant 555 Villa Thai, is located next to Changi Airport’s Runway One and is adjacent to Johore Battery. Scheduled to open sometime in 3Q2023, the new space will be home to one of Singapore’s largest food and container parks.



Singapore Economy


Singapore Q1 GDP up by 0.1%: flash estimates
Singapore’s economy grew 0.1 per cent year on year in the first quarter, dragged down by weakness in manufacturing, according to advanced estimates from the Ministry of Trade and Industry (MTI) released on Friday morning (Apr 14).


MAS leaves monetary policy settings unchanged for first time in over a year in surprise move
Singapore’s central bank has left monetary policy settings unchanged for the first time in more than a year, contrary to market expectations of a tightening. The Monetary Authority of Singapore (MAS) on Friday (Apr 14) said it will maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.



Companies’ Brief


Colliers builds its centre of excellence in Singapore
Singapore (EdgeProp) – Colliers has made a number of appointments to its leadership bench based out of Singapore in the last six months. On Jan 10, the real estate services and investment management company announced the appointment of Bastiaan van Beijsterveldt as its managing director for Singapore.


ESR-Logos Reit tenant renews lease at a rental reversion of 20 per cent
The manager of ESR-Logos real estate investment trust (ESR-Logos Reit) announced on Friday (Apr 14) that one of its tenants renewed its property’s lease for a three-year term, at a rental reversion of 20 per cent.



Global Economy & Real Estate


WHO monitoring new Covid-19 sub-variant Arcturus, which is driving surge of cases in India


What is Arcturus and what are the symptoms of the new Covid-19 sub-variant?


IMF chief says global economy mired in weak growth, sticky inflation


Credit investors expect defaults to rise; most anticipate US recession this year


Manhattan rents reach record high with busy season yet to come


UK lenders see weak mortgage lending, but no wider credit crunch


UK economy shows no growth in February as strikes weigh


IMF urges Asia to keep monetary policy tighter for longer


Southeast Asian property markets to rebound in 2023, benefiting from China’s reopening: Cushman & Wakefield


China’s reopening and engagement with partners can benefit Asean: economists


China’s economy to grow around 5% this year, central bank head says


China exports unexpectedly rise in positive sign for economy


China’s largest trade fair to reopen in full glory but mood could be sombre


Property crisis pummels Chinese developers’ bottom lines


China home builder Country Garden gets HK$900 million private loan


Hong Kong developers cut housing project prices as outlook dims


Malaysia’s pension fund refutes speculation of cash crunch crisis


A platinum opportunity to enter Phnom Penh’s property market



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