DAILY NEWS

Daily News – 27 July 2022 (Wed)

SINGAPORE REAL ESTATE

Euro-Asia Apartments sold to KSH Holdings’ indirect subsidiary for S$222.18 million
An indirect subsidiary of property firm KSH Holdings has won the tender for Euro-Asia Apartments in Serangoon, which was put up for collective sale last month, according to an exchange filing on Tuesday (Jul 26).
https://www.businesstimes.com.sg/companies-markets/euro-asia-apartments-sold-to-ksh-holdings-indirect-subsidiary-for-s22218-million
https://www.straitstimes.com/business/property/euro-asia-apartments-sold-en-bloc-for-222m-above-guide-price-of-218m

Orchard Bel Air up for sale by tender at S$587.5m
Orchard Bel Air, located at the doorstep of the soon-to-open Orchard Boulevard MRT Station, is up for sale by public tender at S$587.5 million. Built in 1984, Orchard Bel Air comprises 71 residential units across 25 storeys. In its vicinity are high-end residential developments, hotels, offices and shopping malls, including Tanglin Mall, ION Orchard and The Forum.
https://www.businesstimes.com.sg/real-estate/orchard-bel-air-up-for-sale-by-tender-at-s5875m

Buying frenzy at AMO Residence drives debate on need for more property cooling measures
Champagne may be flowing in the boardrooms of UOL Group and its consortium partners Singapore Land Group and Kheng Leong Group. The UOL-led consortium sold over 98 per cent of the 372 units of 99-year leasehold private residential development, AMO Residence, the year’s first major new launch in the Outside Central Region (OCR), by the first day of its launch on Jul 23. Based on market talk, pricing achieved was roughly around the S$2,100 per square foot level.
https://www.businesstimes.com.sg/opinion/buying-frenzy-at-amo-residence-drives-debate-on-need-for-more-property-cooling-measures

ACT Holdings said to be selling shophouse portfolio to SilkRoad Property Partners
A portfolio of conservation shophouses along Mosque Street, Pagoda Street and Craig Road, owned by home-grown ACT Holdings, is being sold to SilkRoad Property Partners, The Business Times understands.
https://www.businesstimes.com.sg/real-estate/act-holdings-said-to-be-selling-shophouse-portfolio-to-silkroad-property-partners

Craig Road shophouse put on market with S$12m guide price
A shophouse located at Craig Road in the central business district has been put up for sale via expression of interest with a S$12 million guide price. This translates to around S$3,445 per square foot (sq ft) on an estimated floor area of 3,483 sq ft, according to a press statement released by sole marketing agent Savills Singapore on Wednesday (Jul 27).
https://www.businesstimes.com.sg/real-estate/craig-road-shophouse-put-on-market-with-s12m-guide-price

Clarke Quay to undergo S$62m asset enhancement initiative
Singapore’s heritage landmark Clarke Quay is due for a S$62 million asset enhancement initiative (AEI) to bring about new warehouse facades, refreshed dining areas and spaces, as well as improved infrastructure for thermal comfort. Clarke Quay is owned by CapitaLand Integrated Commercial Trust and managed by CapitaLand Investment Limited(CLI).
https://www.businesstimes.com.sg/companies-markets/clarke-quay-to-undergo-s62m-asset-enhancement-initiative
https://www.straitstimes.com/singapore/consumer/nightlife-destination-clarke-quay-to-have-day-and-night-offerings-in-2023-after-year-long-revamp

Scape to be revamped to draw youth of different ages, with completion slated for 2024
Singapore – Orchard Road youth hangout *Scape will undergo a revamp to become a space that appeals young people of different ages. In a statement on Wednesday (July 27), Scape said it will unveil in early 2024 its new space and concept, which will cater to the creativity and innovativeness of young people.
https://www.straitstimes.com/singapore/scape-to-be-revamped-to-draw-youth-of-different-ages-with-completion-slated-for-2024

SINGAPORE ECONOMY

Singapore factory output growth cools to 2.2% in June amid electronics slowdown, chemicals decline
Singapore’s factory production growth slowed to 2.2 per cent in June, down from 10.4 per cent in May, as the sector was dragged down by softer electronics output and declines in pharmaceuticals and chemicals.
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-growth-cools-to-22-in-june-amid-electronics-slowdown
https://www.straitstimes.com/business/economy/singapore-factory-output-disappoints-with-22-rise-in-june-as-chip-production-falls

Fresh funds of S$20m injected to expand EDB’s corporate venture programme
The Singapore Economic Development Board (EDB) has committed fresh funds of S$20 million over the next 2 years to expand its corporate venture programme, where it partners large companies to identify and spin off new businesses in high-growth areas.
https://www.businesstimes.com.sg/government-economy/fresh-funds-of-s20m-injected-to-expand-edbs-corporate-venture-programme
https://www.straitstimes.com/business/companies-markets/companies-to-get-20m-over-next-two-years-to-venture-into-new-growth-areas-edb

GIC’s 20-year annualised return at 4.2%; rebalances portfolio to keep up with inflation
GIC reported a 4.2 per cent annualised rolling 20-year real rate of return for the latest period ended Mar 31, and is rebalancing its portfolio — by shoring up on private equity and real assets — as recession risks grow.
https://www.businesstimes.com.sg/government-economy/gics-20-year-annualised-return-at-42-rebalances-portfolio-to-keep-up-with
https://www.straitstimes.com/business/economy/gic-posts-stable-real-return-above-inflation

GIC sees rental opportunity in China property
Singapore (Bloomberg) – Singapore sovereign wealth fund GIC sees pockets of opportunity in the beleaguered China real estate market as Beijing tries to make homes more accessible for the middle class.
https://www.straitstimes.com/business/economy/gic-sees-rental-opportunity-in-china-property
https://www.businesstimes.com.sg/real-estate/singapore-wealth-fund-spots-rental-opportunity-in-china-property

Sustainability on the verge of becoming ‘very economically impactful’: GIC group CIO
Sustainability investments are on the cusp of becoming “very economically impactful” as the effects of climate change are becoming more obvious, GIC’s group chief investment officer Dr Jeffrey Jaensubhakij said.
https://www.businesstimes.com.sg/government-economy/sustainability-on-the-verge-of-becoming-very-economically-impactful-gic-group-cio

GIC sets up office to better roll out sustainability push
Singapore – Sovereign wealth fund GIC has set up a dedicated sustainability office to deepen its research into key issues. The Sustainability Office, set up in June, will drive sustainability integration across GIC’s investments and corporate processes.
https://www.straitstimes.com/business/economy/gic-sets-up-new-office-to-better-roll-out-sustainability-push

Emerging stronger with smart and sustainable cities
Economic growth can no longer be pursued at the expense of climate change and environmental degradation. The theme of the upcoming World Cities Summit, “Liveable and Sustainable Cities: Emerging Stronger”, aptly reflects this.
https://www.businesstimes.com.sg/opinion/emerging-stronger-with-smart-and-sustainable-cities

COMPANIES’ BRIEF

Shopper traffic at Frasers Centrepoint Trust malls hits 79% of pre-Covid levels in Q3
The manager of Frasers Centrepoint Trust (FCT) on Tuesday (Jul 26) reported a slight dip in retail portfolio committed occupancy for the third quarter ended Jun 30, but said shopper traffic had reached about 79 per cent of pre-pandemic levels.
https://www.businesstimes.com.sg/companies-markets/shopper-traffic-at-frasers-centrepoint-trust-malls-hits-79-of-pre-covid-levels-in

Keppel Reit H1 DPU up 1% on Keppel Bay Tower contribution
Keppel Reit reported a 1 per cent year-on-year increase in H1 2022 distribution per unit (DPU) to S$0.0297 from S$0.0294 previously. The Reit manager announced a 4.6 per cent growth in H1 distribution to unitholders to S$110.5 million from S$105.7 million in a regulatory filing after market close on Tuesday (Jul 26).
https://www.businesstimes.com.sg/companies-markets/keppel-reit-h1-dpu-up-1-on-keppel-bay-tower-contribution

ESR-Logos Reit posts 6% drop in H1 DPU on higher utility expenses, enlarged unit base
ESR-Logos Reit on Wednesday (Jul 27) posted a distribution per unit of S$0.0146 for the first half ended June, 6 per cent lower than the S$0.01554 recorded in the year-ago period. This was mainly due to higher utility expenses and the full impact of an enlarged unit base, according to the first set of financial results released after ESR-Reit and Ara Logos Logistics Trust (ALog Trust) completed their merger in April 2022.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-posts-6-drop-in-h1-dpu-on-higher-utility-expenses-enlarged-unit

Suntec Reit’s H1 DPU up 15.8% on higher income
Suntec real estate investment trust’s (Reit) distribution per unit (DPU) grew 15.8 per cent year on year to S$0.0481 for its 6-month period ended Mar 31, 2022, from S$0.04154 last year. Gross revenue rose 22.1 per cent to S$203.5 million for the first half of this year, from S$166.8 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/suntec-reits-h1-dpu-up-158-on-higher-income

Hwa Hong directors to accept Sanjuro United’s offer
Hwa Hong directors have announced their decision to accept Sanjuro United’s revised offer of S$0.40 per share for their stakes in the company. In a bourse filing after market close on Tuesday (Jul 26), Hwa Hong directors Ong Eng Loke, Ong Eng Hui David, Ong Eng Keong and Ong Mui Eng – known as the current Ong directors – announced their intention to sell the approximately 29.3 per cent stake in the company to offeror Sanjuro United. The move will turn the Sanjuro United offer unconditional.
https://www.businesstimes.com.sg/companies-markets/hwa-hong-directors-to-accept-sanjuro-uniteds-offer